An Act to Prevent Financial Exploitation of Maine Residents 62
Maine Legislature, Session 132, LD 1445
Committee: Health Coverage, Insurance and Financial Services
Sponsors: CARNEY, BOYER, FECTEAU
Amends: 9-B MRSA §162, 9-B MRSA §245

Legislative Document
No. 1445
S.P. 586
In Senate, April 3, 2025
An Act to Prevent Financial Exploitation of Maine Residents 62 
Years of Age or Older
Reference to the Committee on Health Coverage, Insurance and Financial Services 
suggested and ordered printed.
DAREK M. GRANT
Secretary of the Senate
Presented by Senator CARNEY of Cumberland.
Cosponsored by Representative BOYER of Cape Elizabeth and
Senators: BAILEY of York, BENNETT of Oxford, DUSON of Cumberland, GROHOSKI of 
Hancock, MOORE of Washington, Representatives: BABIN of Fort Fairfield, Speaker 
FECTEAU of Biddeford, STOVER of Boothbay.
Be it enacted by the People of the State of Maine as follows:
Sec. 1.  9-B MRSA §162, sub-§5, as amended by PL 2009, c. 213, Pt. AAAA, §3, 
is further amended to read:
5.  Disclosure to the Department of Health and Human Services upon suspicion of 
financial exploitation.  The financial records are disclosed to the Department of Health 
and Human Services pursuant to Title 22, section 3479 because a financial institution 
authorized to do business in this State or its affiliate or a credit union authorized to do 
business in this State or its affiliate has reasonable cause to suspect that an incapacitated or 
dependent adult has been or is at substantial risk of abuse, neglect or exploitation; or
Sec. 2.  9-B MRSA §162, sub-§5-A is enacted to read:
5-A.  Disclosure upon suspicion of financial exploitation.  The financial records are 
disclosed to the Office of the Attorney General or a law enforcement agency pursuant to 
section 245 because a financial institution authorized to do business in this State or its 
affiliate or a credit union authorized to do business in this State or its affiliate has reasonable 
cause to believe that a disbursement requested by an individual 62 years of age or older 
may result in financial exploitation of that person; 
Sec. 3.  9-B MRSA §162, sub-§6, as enacted by PL 2009, c. 213, Pt. AAAA, §4, is 
amended to read:
6.  Disclosure in response to a request by the Department of Administrative and 
Financial Services, Bureau of Revenue Services.  The financial records are disclosed in 
response to a request for information by the Department of Administrative and Financial 
Services, Bureau of Revenue Services for purposes related to establishing, modifying or 
enforcing tax debts.; or
Sec. 4.  9-B MRSA §245 is enacted to read:
§245.  Protection of eligible adults from financial exploitation
1.  Definitions.  For purposes of this section, unless the context otherwise indicates, 
the following terms have the following meanings.
A.  "Eligible adult" means an individual 62 years of age or older.
B.  "Financial exploitation" means:
(1)  The wrongful or unauthorized taking, withholding, appropriation or use of 
money, assets or property of an eligible adult;
(2)  Any act or omission by a person to obtain control, through deception, 
intimidation or undue influence, over the eligible adult's money, assets or property 
to deprive the eligible adult of the ownership, use, benefit or possession of the 
eligible adult's money, assets or property; or
(3)  Any act or omission by a person to obtain or exercise unauthorized control 
over the eligible adult's property with the intent to deprive the eligible adult of the 
property.
C.  "Trusted contact person" means an individual whom an eligible adult identifies and 
authorizes a financial institution or credit union to contact and disclose information to 
about the eligible adult's account to address possible financial exploitation or to 
confirm the specifics of the account holder's current contact information or health status 
or the identity of any conservator, executor, trustee or holder of a power of attorney.
2.  Designation of trusted contact person.  A financial institution authorized to do 
business in this State or a credit union authorized to do business in this State may develop 
a written policy permitting a customer of the financial institution or member or the credit 
union who is an eligible adult to designate, upon each account wholly or partly owned by 
the customer or member:
A.  At least one trusted contact person other than a co-owner, beneficiary or fiduciary 
on the account; and
B.  Its procedure for communicating with the trusted contact person if the financial 
institution or credit union reasonably believes that financial exploitation of an eligible 
adult may have occurred, may have been attempted or is being attempted.
The financial institution or credit union shall provide a copy of any written policy 
developed in accordance with this subsection to the customer or member.
3.  Delay of account transactions.  A financial institution authorized to do business in 
this State or a credit union authorized to do business in this State may delay a disbursement 
from an account of an eligible adult if the financial institution or credit union reasonably 
believes that the requested disbursement may result in financial exploitation of an eligible 
adult and the financial institution or credit union:
A.  Not more than 2 business days after the requested disbursement, provides 
notification of the delay, the reason for the delay and the name of the primary employee 
of the financial institution or credit union that should be contacted regarding the delay 
to the customer or member and all parties authorized to transact business on the 
account, unless any such party is reasonably believed to have engaged in suspected or 
attempted financial exploitation;
B.  Provides notification of the delay to the Office of the Attorney General not more 
than 2 business days after the requested disbursement; and
C.  Continues its internal review of the suspected or attempted financial exploitation of 
the eligible adult, as necessary, and reports the results of the review to the Office of the 
Attorney General within 7 business days after the day the financial institution or credit 
union first delayed disbursement of the funds.
In any communication regarding a delay under this subsection, the financial institution or 
credit union shall use any method of communication that may be consistent with other time-
sensitive communications and that is reasonably calculated to ensure that the recipient is 
effectively alerted to the nature of the information.
A delay of a disbursement in accordance with this subsection may not continue past the 
time required by the financial institution or credit union to determine that the disbursement 
will not result in financial exploitation or 15 business days after the date on which the 
financial institution or credit union first delayed disbursement of the funds, whichever 
occurs earlier.  A court of competent jurisdiction may enter an order extending the delay of 
the disbursement of funds or may order other protective relief upon the petition of the 
financial institution or credit union or another interested party.
4.  Immunity.  A financial institution authorized to do business in this State or a credit 
union authorized to do business in this State that, in good faith, takes any action pursuant 
to this section is immune from administrative or civil liability that might otherwise arise 
from such an action or for any failure to take such an action.
5.  Report to law enforcement.  In addition to notifying the Office of the Attorney 
General, a financial institution authorized to do business in this State or a credit union 
authorized to do business in this State may make a referral to law enforcement agencies 
upon imposition of a delay pursuant to subsection 3.  A financial institution or credit union 
may provide access to or copies of records that are relevant to the suspected or attempted 
financial exploitation of an eligible adult to a law enforcement agency, either as part of a 
referral to law enforcement or upon request of a law enforcement agency pursuant to an 
investigation. The records may include historical records as well as records relating to the 
most recent transaction that may constitute financial exploitation of an eligible adult. Any 
records made available to a law enforcement agency under this section are confidential.
SUMMARY
This bill authorizes a financial institution or credit union authorized to do business in 
this State to report suspected financial exploitation of an adult 62 years of age or older to 
the Office of the Attorney General. The bill also authorizes a financial institution or credit 
union to delay, for a certain period of time and under certain conditions, a disbursement 
from an account if financial exploitation is suspected. A financial institution or credit union 
that takes action in good faith in response to suspected financial exploitation is immune 
from administrative or civil liability. The bill allows a financial institution or credit union 
to provide access to or copies of records related to suspected financial exploitation to a law 
enforcement agency and designates records provided to a law enforcement agency as 
confidential.