Media contact: Lynsey Mukomel 517-599-2746
Public inquiries: 517-335-7622
November 1, 2021
LANSING - A rule set related to new requirements on financial institutions to report financial exploitation of vulnerable adults to adult protective services and law enforcement is now in effect in Michigan.
The Financial Exploitation Prevention Act (FEPA) took effect on September 26 following collaborative work led by the Department of Attorney General's Elder Abuse Task Force.
The rule set - Administrative Rule Set 2021-34 AG - implements the statute by establishing the following:
Signed into law on Dec. 30, 2020, by Governor Whitmer, FEPA requires financial institutions to develop and implement policies, training, and procedures for identifying and reporting the exploitation of their customers. It also allows financial institutions to freeze customer transactions or assets under certain circumstances; provides immunity from criminal, civil, or administrative liability to financial institutions for actions taken in good faith under the Act; and provides for the powers and duties of certain governmental officers and entities to enforce the Act.
The Department of Attorney General offers an educational presentation on the Act and elder financial exploitation prevention to interested groups. Eligible groups include but are not limited to elder abuse coalitions, area agencies on aging, law enforcement, and financial institution professionals.
Groups interested in attending a presentation are asked to email AG-PA@michigan.gov with the following information:
If the group is below 50 attendees, the Department of Attorney General asks, to preserve time and resources, that the interested group allow another group to join their event upon request.
The Elder Abuse Task Force, which Attorney General Dana Nessel launched shortly after taking office, consists of more than 55 different organizations in the public, private and nonprofit sections - all working together to combat elder abuse.
The Department of Attorney General provides a library of resources for consumers to review anytime on a variety of topics.
Your connection to consumer protection is just a click or phone call away. Consumer complaints can be filed online at the Attorney General's website, or by calling 877-765-8388.