On June 9, the governor of Maine approved SP 586, which contains provisions related to how financial institutions can address suspected elder abuse. The legislation permits financial institutions and credit unions to disclose financial records to the state attorney general when there is suspected exploitation of vulnerable adults. The act also allows financial institutions to delay disbursements from an account if exploitation is suspected, provided that the affected customer and funds recipient are notified within two business days, the attorney general is notified within two business days, and the results of the review are reported to the attorney general within seven business days. The delay may last up to 15 business days if exploitation is suspected, and a court can order an extension of the delay or other relief if the institution requests it. Finally, the statute provides civil immunity to any financial institution that takes any good-faith action pursuant to the statute.
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