Nevada SB 369: Revises provisions relating to increasing the cost of prescription drugs under a pharmacy benefits plan. (BDR 57-735)

Bill Text

S.B. 369
- *SB369*

SENATE BILL NO. 369–SENATORS STONE,
BUCK, HANSEN AND ELLISON

MARCH 17, 2025
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Referred to Committee on Commerce and Labor

SUMMARY—Revises provisions relating to financial institutions.
(BDR 55-225)

FISCAL NOTE: Effect on Local Government: No.
Effect on the State: No.

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EXPLANATION – Matter in bolded italics is new; matter between brackets [omitted material] is material to be omitted.

AN ACT relating to financial institutions; requiring certain financial
institutions, credit unions, savings banks and thrift
companies to take certain actions relating to the use of an
emergency financial contact for certain accounts and
transactions which involve an older person or vulnerable
person; authorizing certain persons to temporarily delay
certain financial transactions involving the suspected
exploitation of an older person or vulnerable person;
exempting certain persons from liability for certain
actions relating to the suspected exploitation of an older
person or vulnerable person; creating a civil cause of
action to recover damages for certain violations of certain
requirements relating to the use of an emergency financial
contact which result in exploitation of an older person or
vulnerable person; and providing other matters properly
relating thereto.
Legislative Counsel’s Digest:
Existing law requires certain financial institutions, credit unions, savings banks 1
and thrift companies to: (1) provide training concerning the identification and 2
reporting of the exploitation of older persons and vulnerable persons to certain 3
directors, officers and employees who may interact with or review information of 4
an older person or vulnerable person in providing financial services; and (2) 5
designate a person to whom a director, officer or employee must report known or 6
suspected exploitation of an older person or vulnerable person. (NRS 657.220-7
657.290, 672.767-672.779, 673.773-673.807, 677.673-677.707) Existing law 8
requires a designated reporter, under certain circumstances, to report known or 9

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- *SB369*
suspected exploitation of an older person or vulnerable person to the Aging and 10
Disability Services Division of the Department of Health and Human Services, a 11
police department or sheriff’s office and any county office for protective services. 12
(NRS 657.290, 672.779, 673.807, 677.707) 13
Existing law also: (1) authorizes a designated reporter for certain financial 14
institutions to delay a requested disbursement or transaction involving an older 15
person or vulnerable person if the designated reporter knows or has reasonable 16
cause to believe that the older person or vulnerable person has been exploited; and 17
(2) sets forth procedures and requirements for the imposition of such a delay. 18
Additionally, existing law provides that a financial institution and its officers, 19
employees and designated reporters are immune from criminal, civil and 20
administrative liability for: (1) making a report concerning the known or suspected 21
exploitation of an older person or vulnerable person in good faith; (2) delaying a 22
requested disbursement or transaction involving such exploitation; and (3) taking 23
certain other actions relating to such exploitation. (NRS 657.290) Sections 20, 30 24
and 40 of this bill make those provisions similarly applicable to credit unions, 25
savings banks and thrift companies. 26
Sections 2, 12, 22 and 32 of this bill define “covered account” to mean an 27
account for which a financial institution, credit union, savings bank or thrift 28
company has actual knowledge is an account of an older person or vulnerable 29
person or to which an older person or vulnerable person is a beneficiary. Sections 30
5, 15, 25 and 35 of this bill require a financial institution, credit union, savings 31
bank and thrift company, before opening any covered account, to require the 32
prospective account holder to either complete a form designating a person to serve 33
as an emergency financial contact or complete a form declining to designate an 34
emergency financial contact. Sections 6, 16, 26 and 36 of this bill authorize the 35
account holder of a covered account that was opened in a financial institution, 36
credit union, savings bank or thrift company before October 1, 2025, to, upon 37
request of the account holder, designate an emergency financial contact. Sections 6, 38
16, 26 and 36 authorize a financial institution, credit union, savings bank or thrift 39
company to notify and provide information to account holders of covered accounts 40
that were opened before October 1, 2025, concerning the designation of an 41
emergency financial contact. 42
Sections 3, 13, 23 and 33 of this bill define “covered transaction” to mean a 43
requested disbursement from or a requested transaction involving a covered 44
account that exceeds $5,000. Sections 7, 17, 27 and 37 of this bill require a 45
financial institution, credit union, savings bank and th