Client Alert: Financial Institutions Have New Responsibilities in the New Year
By EsqSocial Corporation 27/12/24
Florida Senate Bill 556, passed in May of 2024 and set to go into effect on January 1, 2025, establishes the new Florida Statute § 415.10341, which is intended to better protect “specified adults” from financial exploitation. To protect these specified adults, the new law allows financial institutions to delay disbursements or transactions of funds from an account of a specified adult, provided that the financial institution reasonably believes that financial exploitation of the specified adult...
By: Shumaker, Loop & Kendrick, LLP