2019 Senate Bill 464 / 2020 Public Act 344

Authorize more financial abuse safeguards in financial institutions

Introduced in the Senate

Aug. 28, 2019

Introduced by Sen. Pete Lucido (R-8)

To require financial institutions to adopt various procedures, protocols, staff training, reports and more intended to reveal and prevent financial exploitation of individuals. The bill also prescribes the responses that law enforcement or other relevant agencies must adopt for responding to reports of financial exploitation. Among other things bank and financial institutions would have the authority to delay the disbursement of funds or freeze accounts in some cases, subject to procedures and limits specified in the bill.

Referred to the Committee on Insurance and Banking

Dec. 3, 2020

Reported without amendment

With the recommendation that the substitute (S-1) be adopted and that the bill then pass.

Dec. 9, 2020

Passed in the Senate 37 to 0 (details)

Received in the House

Dec. 10, 2020

Referred to the Committee on Judiciary

Dec. 15, 2020

Reported without amendment

Without amendment and with the recommendation that the bill pass.

Dec. 17, 2020

Passed in the House 103 to 2 (details)

To require financial institutions to adopt various procedures, protocols, staff training, reports and more intended to reveal and prevent financial exploitation of individuals. The bill also prescribes the responses that law enforcement or other relevant agencies must adopt for responding to reports of financial exploitation. Among other things bank and financial institutions would have the authority to delay the disbursement of funds or freeze accounts in some cases, subject to procedures and limits specified in the bill.

Signed by Gov. Gretchen Whitmer

Dec. 30, 2020