California AB 83: Personal data.

Bill Text

• 

• 

• 

• 

• 

• 
 Bill Text - AB-83 The California Elder Financial Abuse Prevention Act.

• 

• skip to content

• home

• accessibility

• FAQ

• feedback

• sitemap

• login

• x

 Quick Search:

 Bill Number
 Bill Keyword

• 

• 

• 

• 

• 

• Home

• Bill Information

• California Law

• Publications

• Other Resources

• My Subscriptions

• My Favorites

• Bill Information
 >>

• Bill Search
 >>

• Text

 Bill Text

 PDF2
 Bill PDF

 |Add To My Favorites |Track Bill | Version: 05/01/25 - Amended Assembly
 03/24/25 - Amended Assembly
 12/20/24 - Introduced

 AB-83 The California Elder Financial Abuse Prevention Act.(2025-2026)

 Text

 >>

 Votes

 >>

 History
 >>

 Bill Analysis
 >>

 Today's Law As Amended
 >>

 Compare Versions
 >>

 Status
 >>

 Comments To Author

 >>

 Track Bill
 >>

 Add To My Favorites
 >>

 SHARE THIS:

 Date Published: 05/01/2025 09:00 PM

AB83:v97#DOCUMENTBill Start

 Amended
 IN 
 Assembly
 May 01, 2025

 Amended
 IN 
 Assembly
 March 24, 2025

 CALIFORNIA LEGISLATURE—
 2025–2026 REGULAR SESSION

 Assembly Bill

No. 83

Introduced by Assembly Member Pacheco
(Principal coauthor: Assembly Member Ahrens)
(Coauthors: Assembly Members Aguiar-Curry, Alvarez, Hadwick, McKinnor, Nguyen, and Michelle Rodriguez)

December 20, 2024

An act to add Division 27 (commencing with Section 120000) to the Financial Code, relating to financial institutions.

LEGISLATIVE COUNSEL'S DIGEST

AB 83, as amended, Pacheco.
 The California Elder Financial Abuse Prevention Act.

Existing law establishes in the Business, Consumer Services, and Housing Agency a Department of Financial Protection and Innovation under the direction of the Commissioner of Financial Protection and Innovation. Under existing law, the department has charge of the execution of specified laws relating to various financial institutions and financial products and services.

This bill would enact the California Elder Financial Abuse Prevention Act, which would authorize a depository institution, as defined, to take specified actions when, based on their own observations or information received from a governmental or law enforcement agency, the institution believes that an eligible adult, as defined, is the victim or target of financial abuse, including delaying or refusing a transaction involving the eligible adult and preventing the transfer of
 funds from the eligible adult’s account. The bill would authorize a depository institution to notify an associated third party, as defined, if the depository institution believes an eligible adult may be the victim of financial abuse, and would exempt that disclosure from state privacy laws or requirements.

Digest Key

 Vote:
 MAJORITY 
 Appropriation:
 NO 
 Fiscal Committee:
 YES 
 Local Program:
 NO 

Bill Text

The people of the State of California do enact as follows:

SECTION 1.

 Division 27 (commencing with Section 120000) is added to the Financial Code, to read:

DIVISION 27. California Elder Financial Abuse Prevention Act

120000.

 This division may be cited as the California Elder Financial Abuse Prevention Act.

120001.

 For purposes of this section:

(a) “Account” means a contract of deposit of funds between the depositor and a depository institution that satisfies any of the following:

(1) The account is a consumer account owned by an eligible adult, whether individually or with one or more other persons.

(2) The account is a line of credit owned by an eligible adult, whether individually or with one or more other persons.

(b) “Associated third party” means an individual who is any of the following:

(1) An adult authorized by the eligible adult to be contacted by the depository institution or any individual who is a parent, spouse, or other adult family member of an eligible adult who the depository institution believes is closely associated with the eligible adult.

(2) A coowner, additional authorized signatory, agent under a power of attorney, or beneficiary on an eligible adult’s account.

(3) An attorney, trustee, conservator, guardian, or other fiduciary.

(c) “Depository institution” means a bank or credit union doing business in accordance with a license, certificate, or charter issued by the United States or any state, district, territory, or commonwealth
 of the United States. “Depository institution” includes officers and employees of the depository institution.

(d) “Eligible adult” means either of the following:

(1) A person 65 years of age or older.

(2) A person 18 years of age or older who satisfies both of the following:

(A) Has a substantial mental or functional impairment that significantly interferes with their ability to make financial decisions or for whom a guardian or conservator has been appointed under state law.

(B) The depository institution has actual knowledge that the person is a dependent adult.

(e) “Financial abuse” means:

(1) Taking, appropriating, obtaining, or retaining the property of an elder or dependent adult for a wro