Benson, Lagana, Mosquera & Eustace Bill to Help Curb Financial Fraud and Exploitation of Elderly Approved by Assembly Panel

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(TRENTON) – An Assembly panel released legislation on Monday sponsored by Assembly Democrats Daniel Benson, Joseph Lagana, Gabriela Mosquera and Timothy Eustace to revise current law in an effort to train agents of money transmitters how to properly recognize financial abuse and exploitation of elderly residents.

The bill (A-3948) revises the “New Jersey Money Transmitters Act” to require money transmitters to provide to their authorized delegated training materials on how to also respond appropriately if the delegate suspects that the delegate is being asked to engage in the business of money transmission for a transaction in which an elder adult is the victim of financial abuse or exploitation.

“Any agent handling financial transactions for elderly clients should be vigilant of scams and abuse aimed to entrap seniors,” said Benson (D-Mercer, Middlesex). “These crimes are the most devastating to the peace of mind, health and sometimes welfare of New Jersey’s seniors.”

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