bill that the banks claimed was the answer to every single financial fraud problem for older adults ever. Complete with a fake grasstops campaign RMFE.
The bill is an utter POS. I loathe it, and loathe it more every time I re-review it and its underlying code section.
It literally attempts to reverse standing law that makes financial institutions mandated reporters for elder and dependent adult abuse. It puts in these hold times for suspected fraud for up to 30 days and then absolves banks from liability if they screw up and the transaction wasn't fraudulent. Newsom vetoed a GOOD bill last year over a 3 day hold time saying it was too long.
Happily, this bill - which seems to have been copied and pasted from another state's bill because it doesn't even understand CA already has definitions for elder and dependent abuse - is now held for the year.
May it never be passed. I cannot believe how *****ty this effin bill is. HATE.
