Virginia Senior Safe Act Signed into Law ("Larry's Law")

The Virginia Senior Safe Act, sponsored by Chief Patron Michelle Maldonado and Chief Co-Patron Irene Shin, was signed into law this week by Gov. Youngkin. The bill has also been referred to as "Larry's Law" in honor of a local Navy veteran who it is believed lost more than $3 million in 2022 through an alleged wire fraud scheme.

"We have more work to do," said Maldonado, "but this is a good step forward to protect our seniors and vulnerable adults."

The legislation incentivizes banks and credit unions to train employees on the detection and prevention of elder financial fraud, and directs them to report suspected fraud to local and federal agencies. It also requires the VA Bureau of Financial Institutions to establish training guidelines and allow customers to designate trusted contacts on their account.