LANSING, Mich. (WLNS)— New protections under The Financial Exploitation Act will go into effect on Sunday. The goal of this legislation is to help struggling adults protect themselves from abuse, neglect, or exploitation due to mental or physical impairment or old age.
The Financial Exploitation Prevention Act requires financial institutions to develop policies and training to identify and report the exploitation. The act also allows financial institutions to freeze customer transactions under certain circumstances.
“Victims of financial exploitation do not usually know they are being taken advantage of, which is why it is so important that our financial instructions have the tools and training they need to help keep vulnerable individuals safe,” said Governor Gretchen Whitmer. “This Act increases protections for Michiganders from unscrupulous individuals trying to exploit them. I am proud of the partnership between several government agencies and private sector entities to ensure Michiganders are protected from fraud.”
“This Act is the result of prioritizing our vulnerable adults through consumer protection measures and education, and financial institutions will play a vital role in preventing exploitation,” said Attorney General Dana Nessel.”The partnership between financial institutions, prosecutors, Adult Protective Services, and law enforcement will result in earlier detection and successful prosecution of those that prey on our vulnerable citizens.”
“With the appropriate training and procedures in place, Michigan’s financial institutions will be better equipped to identify and report exploitation to protect our state’s seniors and other vulnerable adults,” said DIFS Director Anita Fox.
If you would like to learn more information The Department of Attorney General offers an educational presentation on the act and elder financial exploitation prevention.