Proposed MI bill makes financial institutions mandatory reporters

Aimed at stopping elder abuse, the Elder Financial Protection Act was unveiled by House Speaker Michael Sak and State Representative Robert Dean today.  They said elder abuse can mean anything from physical and emotional abuse as well as financial exploitation.

The Elder Financial Protection Act would:

    * Make it mandatory for employees of financial institutions to report suspected elder abuse.
    * Require financial insitutions to provide joint accountholders with a written summary of their rights.
    * Prohibit those convicted of elder abuse from inheriting from a victim’s estate, and create an Elder Death Review Team to investigate suspicious deaths.
    * Allow a third party to file a criminal complaint on behalf of a victim of elder abuse.
    * Define financial exploitation as it relates to the Michigan Social Welface Act.
    * Define the right of those who are incapacitated.
    * Require a person who is granted power of attorney on behalf of a senior to sign a contract that details that person’s obligations and fiduciary duty to act in the senior’s best interest.

Of the elder abuse cases, 15 percent are from financial exploitation and 20 percent involve caregiver neglect.

Source/more: http://www.woodtv.com/Global/story.asp?S=7853359&nav=0RceX5j4