SUPPORT HB 1945
Tuesday, January 24th, 2017
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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