Legislators sent Senate Bill 244 to Gov. Jay Nixon on May 27. If signed, the bill would create the Senior Savings Protection Act. The act would allow professionals in financial institutions to delay or refuse disbursements from the accounts of qualified individuals if they suspect financial exploitation. Qualified individuals include people older than the age of 60 and individuals between the ages of 18-59 who have a disability.
Secretary of State Jason Kander says the bill is meant to protect people who are often the targets of scams. He says 42 percent of investigations in his securities office involve victims who are senior citizens. His concern for the protection of disabled individuals’ finances encouraged him to meet with advocates for senior services and create the bill.
“It’s a really good bipartisan piece of legislation that empowers financial industry professionals to stop exploitation when they see it,” Kander said. “It establishes a reporting structure that really encourages reporting on the part of these professionals.”
The bill has received support from senior services groups across the state, including the Alzheimer’s Association. Carroll Rodriguez, the vice president of public policy and communications of the association’s St. Louis Chapter, said the bill is a step forward in protecting vulnerable seniors and the disabled from scammers.
Both Kander and Rodriguez added that families should pay close attention to the finances of their elderly or disabled relatives.
“Certainly, for each individual, we cannot stress enough the importance of families looking at their financial situation and planning decisions in advance,” Rodriguez said. “This includes having a power of attorney for both financial decision making as well as healthcare decision making.”
If Nixon signs the bill into law, Kander’s website would offer an educational portal for financial institutions to inform them on both the law and the signs of possible cognitive impairment.