Today's Law As Amended

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AB-797 Financial abuse of elder adults.(2019-2020)

As Amends the Law Today


 Section 15631.5 is added to the Welfare and Institutions Code, to read:

 (a) A business licensed under the Money Transmission Act (Division 1.2 (commencing with Section 2000) of the Financial Code) whose primary business function is transmitting money, that operates out of a physical storefront or location, rather than an online portal, and that does not engage in other transactions, such as the sale of goods and services, shall provide notice regarding the potential for financial elder adult abuse in the manner described in subdivision (b).
(b) A business that is subject to this section shall provide notice to a customer in either electronic or paper form in the following manner:
(1) The business shall ask each customer, before the customer is permitted to initiate a transaction to transmit money, whether the customer is 65 years of age or older.
(2) If the customer responds in the affirmative to the question described in paragraph (1), a notice making the customer aware that fraud has been committed in recent years by means of money transmittals shall appear on screen or the business shall provide the notice to the customer in paper form, as applicable.
(3) At the bottom of the screen or paper form, as applicable, the customer shall be instructed to provide confirmation that the customer has read and understood the notice by clicking on a box onscreen or by signing the form, as applicable. After confirming that the customer has read and understood the notice, the customer may proceed with the transaction.
(c) The notice shall be in a form prescribed by the Commissioner of Business Oversight. The commissioner shall prescribe that form.
(d) A civil penalty in the amount of five thousand dollars ($5,000) shall be imposed for the willful failure to provide notice pursuant to this section. The civil penalty shall be recovered only in a civil action brought against the business by the Attorney General, district attorney, or county counsel. Multiple actions for the civil penalty may not be brought for the same violation.
(e) A business that is subject to this section is not a mandated reporter for purposes of this chapter.
(f) Subdivision (h) of Section 15630 does not apply to a violation of this section.