MercuryNews.com | 01/02/2007 | Banks must report financial abuse of seniors: "After years of opposition from banks, a new law went into effect Monday that will give senior citizens stepped-up protection against financial abuse.
Written by state Sen. Joe Simitian, D-Palo Alto, and Assemblywoman Lois Wolk, D-Davis, Senate Bill 1018 requires bank employees to be ``mandated reporters'' of any financial scams or suspicious circumstances.
Workers in financial institutions will join the ranks of health care professionals, social workers, nursing home workers and clergy, who are already required to report any signs of elder abuse. Those newly accountable parties are not held liable if their suspicions prove unfounded.
Previously, employees ``on the front line'' of financial assets were not required to report suspicious circumstances, Simitian said."
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