PROTECT VIRGINIA’S ADULTS FROM FINANCIAL EXPLOITATION
SUPPORT HB 1945 (Peace)
In the fiscal year 2015 alone, Virginia’s Adult Protective Services (APS) substantiated 1,016 claims of financial exploitation and estimates a potential collective loss of over $28 million. This calculation refers to substantiated claims, but research indicates adult financial exploitation is a significantly underreported issue. Taking underreporting into account, the estimated loss to Virginians could have exceeded $1.2 billion in SFY 2015.
2016 HB 676 directed the Department for Aging and Rehabilitation Services to spearhead a study on adult financial exploitation in Virginia. The resulting report suggests, among others, two approaches to curbing the problem of financial exploitation:
1. Broaden the definition of “adult exploitation” in § 63.2-100 of the Code of Virginia to include “improper” and “unauthorized” use of an adult’s finances, including acts that breach a fiduciary duty to the adult and those involving undue influence
2. Broaden the definition of “financial institution staff” in § 63.2-1603 to increase the number of people who may report suspected financial exploitation to APS
HB 1945 adopts both of these recommendations.
Support HB 1945.
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