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Protections needed for older
adults
Rep. Barbara Bailey, Attorney General Rob McKenna
and Sen. Dale Brandland
Once a thriving 89
year-old with $2 million in assets, Francis Taylor is now bankrupt. She
owned only one credit card and had willed her assets to her church. That
was before she hired Tyrone Dash to look after her finances.
Many
sub-prime mortgages and high-interest loans later, Dash had crushed her
nest egg by mortgaging her house, accessing her credit lines and by
becoming her sole beneficiary.
Taylor’s story underscores a
growing problem: the growing level of abuse and financial exploitation
of older Americans. On Jan. 1, 2006, baby boomers began turning 60 at
the rate of one every 7.5 seconds. At this rate, more than 11,000 people
a day become potential victims for those who prey on the vulnerable.
In response to this growing problem, the Attorney General’s Office
created the Vulnerable Adult Initiative in June of 2007. Representatives
of financial institutions, victim advocates and members of law
enforcement agencies came together to propose protections for seniors
and those with disabilities. Based on their recommendations, we’ve
introduced legislation to require employees of financial institutions to
receive training to recognize and report financial exploitation, and
strengthen their ability to “freeze” an account if thievery is
suspected.
The bill also strengthens penalties for people who
prey on vulnerable adults, and allows the public to have access to a
database of information about those who have committed abuse.
We’re asking for the Legislature’s support of our work to ensure that
susceptible members of our population get the protections they deserve.
Rob McKenna is Washington
State’s Attorney General. Sen. Dale Brandland, R-Bellingham and Rep.
Barbara Bailey, R-Oak Harbor are sponsors of the vulnerable adult
legislation.
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For more information, contact:
John
Handy, Assistant Director: (360) 786-5758
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