FOR IMMEDIATE RELEASE: Senate Republican Leader Kevin Kelly Praises Passage of Bill Providing Financial Protection for Senior Citizens

May 31, 2023
FOR IMMEDIATE RELEASE
May 31, 2023
Media Contact:
Laura Parete
860-874-5182
[email protected]

Senate Republican Leader Kevin Kelly Praises Passage of Bill Providing Financial Protection for Senior Citizens

HARTFORD, CT – Connecticut Senate Republican Leader Kevin Kelly (R-Stratford) applauds the passage of Senate Bill 1088, which aims to establish procedures to protect senior citizens from financial exploitation. The bill would better protect Connecticut residents 60 and older from fraudulent and criminal banking activity. Almost 20% of the state’s residents are 65 and older and more than 23% are 60 years of age or older. The legislation makes it easier for financial institutions to identify, act, and protect senior citizens from financial fraud.
According to the Consumer Financial Protection Bureau, the number of suspicious activity reports filed by banks concerning elder financial exploitation between 2013 and 2017, quadrupled. In addition:
  • More than 1 in 10 elderly people fell victim to fraud in 2022.
  • Over 8.68 million incidents of elder fraud occur every year in total.
  • Average loss per case is $20,015.
  • In all 50 states, losses due to elder fraud total $113.7 billion.
Sen. Kelly said, “With the passage of this bill, Connecticut is doing its part to better protect one of the most valued and vulnerable populations in our state – our senior citizens. Every senior citizen deserves to be protected from financial exploitation and provided with resources to maintain financial health.”
What does the bill do?
  • Allows bank staff who suspect fraudulent activity to place a “hold” on the account in question.
  • Outlines how “holds” are removed by the financial institution or petitioned to be removed by account hold or lawful designee.
  • Describes scenarios in which petition filing fees may be reimbursed.
  • Requires financial institutions to adhere to various federal and state law regulations related to providing electronic or paper periodic statements.
To learn more about Sen. Kelly, please visit www.SenatorKevinKelly.com.
*Sen. Kelly represents the 21st District of Stratford, Shelton, Seymour, and Monroe. 
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Laura Parete
Director of Digital Communications
Senate Republican Office
Email: [email protected]