FOR IMMEDIATE RELEASE
Date: June 2, 2004
 CONTACT :
Craig Reynolds
(916) 319-2008

Assembly Passes Elder Financial Abuse Bill

Measure would require financial institutions to report abuse cases to law enforcement
Sacramento— The State Assembly approved legislation last week to assist law enforcement agencies in investigating and prosecuting cases of elder and dependent adult financial abuse. The measure, AB 2474, authored by Assemblymembers Lois Wolk (D-Davis) and Patty Berg (D-Mendocino), would extend reporting of elder and dependent adult financial abuse to banks, credit unions, and savings and loan companies. The bill passed the Assembly on a 51-27 vote with 44 Democrats and 7 Republicans supporting the measure.

“This was a big win today,” said Wolk. “Today the State Assembly sent a strong message that it wants to do something serious to help law enforcement stop this growing trend. Our district attorneys have asked for our help and for the help of financial institutions to identify these cases early in the process so they can prevent someone’s life savings from being taken away by a scam artist or even a family member who chooses to take advantage of an elderly person’s vulnerability.”

Wolk pointed to cases in her own county that were brought to her attention by the Yolo County District Attorney’s office, the sponsors of the legislation.

“A 90 year old Woodland man – in my district – cashes out a $100,000 CD – complete with the myriad of tax and early withdrawal penalties, solely for the purpose of investing in an annuity which exceed his lifespan. An 85 year old refinances his free-and-clear home three times in two years and loses his home through a default. There are cases like these every day in every county in this state. It’s time we do something about it,” concluded Wolk.

The bill now goes to the State Senate.
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