CAL.Regulation
California makes financial-institution staff mandated reporters of elder financial abuse
AB 871 (Chapter 360), signed September 20, makes every officer and employee of a financial institution a mandated reporter of suspected financial abuse of an elder or dependent adult. Reports go immediately by phone or confidential internet tool, and in writing within two working days, to adult protective services or law enforcement, plus a report to the FBI Internet Crime Complaint Center. Institutions face civil penalties up to $1,000, or $5,000 if willful. The duties take effect January 1, 2028.
Enrolled text (California Legislative Information) → · Governor of California
Key points
- All officers and employees of financial institutions become mandated reporters of suspected elder or dependent-adult financial abuse.California Legislative Information
- Reports are due immediately by phone or confidential internet tool, and in writing within two working days.California Legislative Information
- A parallel report to the FBI Internet Crime Complaint Center is required within two working days.California Legislative Information
- Institutions face civil penalties up to $1,000, or $5,000 if willful, enforced only by the AG, DA, or county counsel.California Legislative Information
- Institutions must provide annual training and notify the elder or dependent adult within 48 hours of an FBI report.California Legislative Information
- The reporting and training duties are operative January 1, 2028.California Legislative Information
Sources2 articles across 2 outlets
California Legislative Information
Governor of California