Maine lawmakers have passed a bill authorizing financial institutions to delay disbursements if they suspect financial exploitation of residents aged 62 or older.
Legislation recently introduced in Maine grants financial institutions new authority to delay transactions and report suspected financial exploitation involving residents aged 62 or older.
Legislative Document No. 1445, introduced during the state’s First Special Session in 2025, permits financial institutions and credit unions authorized to do business in Maine to delay a disbursement from an account if they have reasonable cause to believe that the disbursement may result in financial exploitation. The bill defines an “eligible adult” as an individual 62 years of age or…
