§ 19-34-2. Reporting suspected financial exploitation of elder adults.
(a) If an employee of a regulated institution has reasonable cause to believe that financial
exploitation of an elder adult who is an account holder with the regulated institution
has occurred, is occurring, or has been attempted, the employee shall notify the regulated
institution of the suspected financial exploitation.
(b)(1) If a regulated institution is notified of suspected financial exploitation under subsection
(a) of this section or otherwise has reasonable cause to believe that financial exploitation
of an elder adult who is an account holder with the regulated institution has occurred,
is occurring, or has been attempted, the regulated institution shall assess the suspected
financial exploitation and submit a report to the department identifying the name,
address and, if known, the age of the elder adult; the name and address of any person
responsible for the care of the elder adult; the nature and extent of the facts of
the suspected activity; the basis of the reporter's knowledge; and any other relevant
information; or any other reporting requirements consistent with the provisions of
§ 42-66-8.
(2) The regulated institution shall submit the required report no later than the earlier
of:
(i) The second business day following the date the regulated institution completes the
regulated institution's assessment of the suspected financial exploitation; or
(ii) The seventh business day after the date the regulated institution is notified of the
suspected financial exploitation under subsection (a) of this section or otherwise
has reasonable cause to believe that the suspected financial exploitation has occurred,
is occurring, or has been attempted.
(c) A regulated institution that submits a report to the department of suspected financial
exploitation of an elder adult under subsection (b) of this section is not required
to make any additional report of suspected abuse, neglect, or exploitation for the
same conduct constituting the reported suspected financial exploitation.
(d) Each regulated institution shall adopt internal policies, programs, plans, or procedures
for:
(1) The employees of the regulated institution to make the notification required under
subsection (a) of this section; and
(2) The regulated institution to conduct the assessment and submit the report required
under subsection (b) of this section.
(e) The policies, programs, plans, or procedures adopted under subsection (d) of this
section may authorize the regulated institution to report the suspected financial
exploitation to other appropriate agencies and entities in addition to the department,
including the attorney general, the Federal Trade Commission, and the appropriate
law enforcement agency.