North Carolina requires financial institutions to report suspicious financial behavior of older and disabled adults and bans late fees during reviews

Original title: Enhance Financial Protections/Older Adults.

Last action · April 29, 2025: Re-ref Com On Rules, Calendar, and Operations of the House (House action)Sponsors: David Willis and 11 others

Bill progressHistory & official text ↓

Introduced

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Floor Vote

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What This Bill Would Do

Financial institutions and electronic payment processors must report suspected harmful financial behavior or six months of silence regarding older or s to county social services and designated contacts, while freezing late fees, penalties, and loan interest during the review period starting October 1, 2025.

Why it matters

Banks and credit providers lose the ability to collect interest, late fees, or penalties from vulnerable adults during periods of cognitive decline or communication blackouts, shifting financial burdens during flagged investigations.

Background

North Carolina state legislation is processed through the General Assembly, consisting of the House of Representatives and the Senate. context

Who It Would Affect

Groups the bill's text would affect if enacted, as described in the record. Being affected is not a position for or against it.

Directly affected

Older adults

Individuals aged 65 or older have their accounts monitored for harmful patterns and receive relief from late fees, penalties, and loan interest during reporting periods.

Directly affected

Disabled adults

Disabled adults are subject to financial monitoring and are protected from accumulating late fees, penalties, and interest during investigations or cognitive care residency.

Directly affected

Financial institutions

Banks and payment processors are mandated to report suspicious patterns or long communication gaps and are barred from collecting certain fees and interest.

Key Facts

You don't have to trust us. Each fact below is taken straight from the official document - click any one to see the exact passage, highlighted in the original.

Frequently Asked Questions

What triggers a financial institution's duty to report under this bill?

A must report if it observes or suspects a disabled or older adult is exhibiting a pattern of behavior materially harmful to their financial well-being, or if the adult stops all communication with the institution for six months.

Are financial institutions allowed to charge interest on loans given during the review period?

No. If a makes a loan or extends credit to a disabled or older adult during the protected reporting period, it cannot charge any interest on that loan during that time.

What else do you want to know?

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Where This Stands

Currently in committee. The next step in the legislative lifecycle is Floor Vote.

Procedural history

5 actions

Apr 29, 2025House
Re-ref Com On Rules, Calendar, and Operations of the House
Apr 29, 2025House
Reptd Fav
Apr 14, 2025House
Ref to the Com on Judiciary 1, if favorable, Rules, Calendar, and Operations of the House
Apr 14, 2025House
Passed 1st Reading
Apr 10, 2025HouseIntroduced
Filed

Version history

Only one version on file - nothing to compare yet. As later stages (committee substitute, engrossed, enrolled) are captured, the redline appears here.

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