Financial Exploitation Prevention Act becomes law Sunday

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LANSING, Mich. (WJRT) -A brand new legislation goes into impact in Michigan Sunday to assist defend individuals from being scammed.

The Monetary Exploitation Prevention Act will supply new protections for susceptible adults.

“It’s actually an epidemic and so we wished to discover a solution to greatest tackle the scenario that we see time and time once more. We have now seniors which have labored so onerous to construct up a life financial savings that they will retire on, after which you’ve got anyone who scams them they usually can actually lose every thing that they’ve labored so onerous to construct in a single transaction,” mentioned Michigan Legal professional Normal, Dana Nessel.

The brand new legislation requires monetary establishments like banks and credit score unions to coach staff and put in place procedures to raised acknowledge indicators of monetary exploitations and take motion to stop a rip-off from going down.

That features asking questions throughout a suspicious transaction putting a maintain on the transaction for as much as 10 days to present legislation enforcement a chance to ensure it’s legit.

They didn’t have this capability, they actually had no alternative. However now it actually does give them the authority to attempt to work with their prospects. I imply, they’ve the identical curiosity we do. Monetary establishments need to defend their prospects, legislation enforcement needs to guard our residents. And so it’s actually a approach for us to work collectively simply to make sure that individuals’s cash is protected,” Nessel mentioned.

The Legal professional Normal says there are at present about 73-thousand acts of elder abuse, neglect and financial exploitation annually.

Copyright 2021 WJRT. All rights reserved.



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