1. Each financial institution shall provide training concerning the identification and reporting of the suspected exploitation of an older person or vulnerable person to each officer and employee of the financial institution who: (a) May, as part of his or her regular duties for the financial institution, come into direct contact with an older person or vulnerable person; or (b) May review or approve the financial documents, records or transactions of an older person or vulnerable person in connection with providing financial services to the older person or vulnerable person. 2. The training required pursuant to subsection 1 must be provided as soon as reasonably practicable, but not later than 6 months after the officer or employee is employed by the financial institution. 3. The training required pursuant to subsection 1 must include, without limitation: (a) An explanation of the conduct which constitutes exploitation of an older person or vulnerable person; (b) The manner in which exploitation of an older person or vulnerable person may be recognized; (c) Information concerning the manner in which reports of exploitation are investigated; and (d) Instruction concerning when and how to report known or suspected exploitation of an older person or vulnerable person. 4. An officer or employee who has observed or has knowledge of an incident that is directly related to a transaction or matter which is within his or her scope of practice and which reasonably appears to be exploitation of an older person or vulnerable person shall report the known or suspected exploitation to the designated reporter.
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