(Sacramento) - Assembly Member Mark DeSaulnier (D-Concord) joined senior advocates and public safety officials from across the state to push for the passage of Assembly Bill 2105 in the Assembly Public Safety committee today. The bill—that would require finance lenders, brokers, and real estate brokers to become mandated reporters of financial elder abuse—received party-line passage with votes of support from five Democratic members.

AB 2105 would require mortgage brokers and lenders as well as real estate brokers to report any suspected financial elder abuse to a local adult protective services agency or law enforcement agency. This bill adds to the current list of mandated reporters which includes law enforcement, educators, health practitioners and depository institution employees.

“We’re at a desperate time in our society and many people are willing to defraud seniors for their last dime. We’re asking that mortgage brokers, much like bank tellers, do their best to recognize an abusive situation and make a report to authorities,” said DeSaulnier. “We owe this to seniors. I’m glad that my colleagues were willing to stand with me and say that we think it’s important to protect those who are vulnerable.” 

The National Center on Elder Abuse projects that “Only 1 out of 25 cases of financial elder abuse are actually reported which suggests that there may be around 5 million financial abuse victims each year.”

Persons over the age of 50 hold 70% of the nation’s wealth. AB 2105 provides an extra protection for seniors and their assets from abusers who are often times close family members and friends. Perpetrators use seniors’ vulnerability to swindle them out of savings that have taken them a lifetime to acquire. In light of the rise in unscrupulous lending practices, AB 2105 is a necessary step to keep seniors and their assets safe from financial abusers.