Bill to protect senior finances passes Senate
Legislation from State Sen. Mark Obenshain (R-Rockingham) protecting seniors by allowing a financial institution to delay or refuse transactions if they believe they may facilitate financial abuse or exploitation passed the Senate unanimously.
“Sadly, financial exploitation of the elderly is on the rise,” Obenshain said. “Last year alone, at least $28.2 million was lost to financial abuse in Virginia, and that is not even taking into account the number of cases that go unreported.”
This bill has the support of the Virginia Bankers Association. Often the tellers at bank branches are in the best position to identify and stop these crimes, but too often they feel helpless because they cannot stop or delay suspicious transactions. This bill will empower these bank employees to help protect vulnerable older Virginians.
“I’m pleased many of my colleagues have supported this bill so far,” Obenshain said. “I look forward to this bill getting its fair hearing in the House of Delegates in the coming days.”
Senator Obenshain represents the twenty-sixth district in the Senate of Virginia. The district includes the city of Harrisonburg and the counties of Warren, Shenandoah, Page Rappahannock and Rockingham (part). He serves as Chairman of the Senate Courts of Justice Committee and Chairman of the Virginia State Crime Commission.