Sacramento – Legislation by Assemblywoman Lois Wolk (D-Davis) to provide prosecutors and law enforcement with better resources to fight the growing problem of elder financial abuse has passed the Assembly Public Safety Committee.
The bill, AB 2474, would make employees of banks, credit unions and savings and loans “mandatory reporters” of elder financial abuse. Failure to report could result in a fine of $1,000 or six months in jail. The bill also provides liability for those who report suspected cases of elder financial abuse as well as providing training for the mandated reporters. “There are good people out there in the financial community who see elder financial abuse as it occurs but they have no idea where to go and report the crime,” said Wolk. “The people looking to stop elder financial abuse – law enforcement, prosecutors, elder abuse specialists – need to know about the abuse at the beginning, not the end. My bill will make sure this reporting happens early, not after the fact.” Testimony at the Public Safety Committee was also provided by Yolo County District Attorney David Henderson and Yolo County Public Guardian, Cass Sylvia. Said Henderson, also the sponsor of the bill, “People need to realize that elder financial abuse is growing, and not just in Yolo County. We need to take aggressive steps – learn about these cases when they begin to develop, from the people on the front lines – not from a newspaper article giving us another tragic story of some senior who’s life savings have been lost.” Said Sylvia, “My office is the last stop for seniors who are victims of financial abuse, drained of their life savings by someone who has tricked them. We need to stop this abuse before it starts. Give the people in the best position to see elder financial abuse a clear, safe opportunity to report the crime to the professionals that can do something to stop it.” Wolk’s bill is supported by the Yolo County Board of Supervisors, the Congress of California Seniors, the California Police Chiefs Association, the Yolo County Sheriff and the Older Woman’s League.