Florida Senate - 2024                        COMMITTEE AMENDMENT
       Bill No. SB 556
       
       
       
       
       
       
                                Ì2792727Î279272                         
       
                              LEGISLATIVE ACTION                        
                    Senate             .             House              
                  Comm: RCS            .                                
                  01/18/2024           .                                
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       The Committee on Banking and Insurance (Rouson) recommended the
       following:
       
    1         Senate Amendment (with title amendment)
    2  
    3         Delete lines 110 - 152
    4  and insert:
    5         (4) A delay on a disbursement or transaction under
    6  subsection (3) expires 15 business days after the date on which
    7  the delay was first placed. However, the financial institution
    8  may extend the delay for up to 30 additional business days if
    9  the financial institution’s review of the available facts and
   10  circumstances continues to support the reasonable belief that
   11  financial exploitation of the specified adult has occurred, is
   12  occurring, has been attempted, or will be attempted. The length
   13  of the delay may be shortened or extended at any time by a court
   14  of competent jurisdiction. This subsection does not prevent a
   15  financial institution from terminating a delay after
   16  communication with the parties authorized to transact business
   17  on the account and any trusted contact on the account.
   18         (5) A financial institution that acts in good faith and
   19  exercises reasonable care to comply with this section is immune
   20  from any administrative or civil liability that might otherwise
   21  arise from such delay in a disbursement or transaction in
   22  accordance with this section. This subsection does not supersede
   23  or diminish any immunity granted elsewhere in this chapter.
   24         (6) Before placing a delay on a disbursement or transaction
   25  pursuant to this section, a financial institution must do all of
   26  the following:
   27         (a) Develop training policies or programs reasonably
   28  designed to educate employees on issues pertaining to financial
   29  exploitation of specified adults.
   30         (b) Conduct training for all employees as soon as
   31  reasonably practicable and maintain a written record of all
   32  trainings conducted. With respect to an individual who begins
   33  employment with a covered financial institution after July 1,
   34  2024, such training must be conducted within 1 year after the
   35  date on which the individual becomes employed by or affiliated
   36  or associated with the covered financial institution.
   37         (c) Develop, maintain, and enforce written procedures
   38  regarding the manner in which suspected financial exploitation
   39  is reviewed internally, including, if applicable, the manner in
   40  which suspected financial exploitation is required to be
   41  reported to supervisory personnel.
   42         (7) Absent a reasonable belief of financial exploitation as
   43  provided in this section, this section does not otherwise alter
   44  a financial institution’s obligations to all parties authorized
   45  to transact business on an account and any trusted contact named
   46  on such account.
   47         (8) This section does not create new rights for or impose
   48  
   49  ================= T I T L E  A M E N D M E N T ================
   50  And the title is amended as follows:
   51         Delete lines 7 - 9
   52  and insert:
   53         specified adult; specifying that a delay on a