Section 8-6-190 – Short Title.

Section 8-6-190 Short title. This article shall be known and may be cited as the Elderly and Vulnerable Adult Financial Protection Act of 2021. (Act 2021-78, §1.)

Section 8-6-191 – Legislative Findings.

Section 8-6-191 Legislative findings. The Legislature finds that instances of financial exploitation are on the rise in Alabama and elsewhere, particularly among elderly and vulnerable adults. The Legislature recognizes that while financial institutions are uniquely positioned to potentially uncover instances of financial exploitation, they are also subject to duties imposed by contract and law to […]

Section 8-6-192 – Definitions.

Section 8-6-192 Definitions. As used in this article, unless the context requires otherwise, the following terms have the following meanings: (1) ACCOUNT. Funds or assets held by a financial service provider, including, but not limited to, a deposit account, checking account, money market account, savings account, share account, certificate of deposit, trust account, individual retirement […]

Section 8-6-193 – Authority to Refuse or Delay Execution of a Financial Transaction.

Section 8-6-193 Authority to refuse or delay execution of a financial transaction. (a)(1) If a financial service provider has reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted, the financial service provider may, but is not required to, refuse or delay the execution of a financial […]

Section 8-6-194 – Financial Service Provider Authorized to Contact Certain Individuals or Entities Upon Suspicion of Financial Exploitation; Disclosure of Information.

Section 8-6-194 Financial service provider authorized to contact certain individuals or entities upon suspicion of financial exploitation; disclosure of information. (a) A financial service provider may offer to a customer who is an elderly or vulnerable adult the opportunity to submit and periodically update a list of individuals or entities that the elderly or vulnerable […]

Section 8-6-195 – Construction and Application of Article.

Section 8-6-195 Construction and application of article. (a) All laws or parts of laws which conflict with this article are repealed. Notwithstanding the previous sentence, nothing in this article shall be construed as altering or amending Article 7, commencing with Section 8-6-170, of Chapter 6, the Protection of Vulnerable Adults from Financial Exploitation Act, which […]