State Senator Bill Dodd Proposes Bill Aiding Seniors Against Financial Abuse

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getty_012618_bank

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A new state bill is being introduced to protect seniors from financial scams. Senator Bill Dodd of Napa has introduced a bill that would strengthen elder and dependent adult financial abuse protections by clarifying the duties of banks and financial institutions to safeguard against fraud. Now, when victims attempt to sue their bank for assisting in a scam, the institution can avoid responsibility by claiming it did not have actual knowledge of fraud. But Dodd’s bill would clarify that victims of financial elder abuse can continue to hold institutions accountable when they should have known of the fraud but negligently assisted in the transfer anyway. The clarification would support victims of financial elder abuse in meeting their burden of proof. Senator Dodd says the bill will motivate banks to “detect predatory practices before victims are robbed of their resources, dignity and quality of life – losses from which they may never recover.”