(Host) The Vermont House gave its strong preliminary approval [Wednesday] to legislation that its sponsors hope will help reduce the financial exploitation of elderly people in the state. The bill creates a new form of checking account that will allow an elderly person to authorize another individual to sign checks for a specific purpose.
Now, when someone is allowed to sign checks for an elderly person, the designated individual has access to the entire account. Orwell Representative Mark Young, who works as a bank president, says the new bill is needed because current procedures sometimes lead to fraud:
(Young) “So many times at the bank I have seen people put someone on their account. Very shortly thereafter the family member, the neighbor, the cousin or whatever, begins to take money from the account for something. And I have seen it as egregious as a brand new conversion Dodge van being purchased by someone who was supposed to be acting to help an elder.”
(Host) The measure comes up for final approval in the House today.