Michelle for US Congress
Mar 25, 2024
Virginia HB692, passed unanimously by the House and Senate, was sent to the Governor for signature on March 3. Del. Michelle Maldonado (HD-20) sponsored the legislation to help prevent the financial exploitation of elderly or vulnerable adults, inspired by the story of a local Navy veteran who wired more than $3 million overseas.
The Virginia Senior Safe Act, also known as “Larry’s Law,” provides guidelines for financial institutions to identify and report suspected exploitation. The bill ensures cooperation between these institutions and relevant authorities, extending immunity to institutions acting in good faith. Provisions in the bill also permit elderly or vulnerable individuals to provide financial institutions with a list of trusted contacts in case of suspected financial exploitation. Any disclosed information would not be considered a public record.
The FBI estimates that elders lose more than $3 billion annually to financial fraud, while the U.S. Department of Justice estimates that elder abuse affects at least 10 percent of older adults each year. The bill’s namesake, the late Larry Cook, made over 75 wire transfers that his family believed should have been flagged by his credit union.
“Scams that target our more trusting elders are on the rise,” notes Maldonado. “Many of these Virginians have worked their whole lives in order to own a home or build some savings. I’m proud of our work to put some critical protections in place for them and for their families.”
DOWNLOAD PRESS RELEASE