AB 871: Mandated reporters of suspected financial abuse of an elder or dependent adult.

This bill aims to enhance the reporting of suspected financial abuse of elderly and dependent adults. Mandated reporters of suspected financial abuse, including financial institution employees, are required to report financial abuse immediately or as soon as possible. Reports must be made to both local and federal authorities, including the Federal Bureau of Investigation Internet Crime Complaint Center. Financial institutions are required to provide annual training to their mandated reporters on how to escalate internal reports and report suspected financial abuse to both local and federal authorities. If financial abuse is discovered within 48 hours of a transaction, financial institutions must share information on reporting mechanisms with the impacted individual within 24 to 48 hours. Violations of these provisions are exempt from civil penalties.