RICHMOND, Va., July 1, 2024
/PRNewswire/ -- House Bill 692, or "Larry's Law," took effect today
in Virginia. Larry's Law lays the
groundwork for financial institutions to train their employees to
identify potential financial exploitation of senior citizens,
report it to the authorities, and notify a senior's trusted
contacts of such exploitation. The law also directs the Bureau of
Financial Institutions of the Virginia State Corporation Commission
to establish training guidelines for detecting and preventing elder
financial fraud by 2026.
HB 692 is known as "Larry's Law" to honor the late Larry Cook of Herndon,
Va., a retired Navy commander who lost millions of dollars
in a phishing scam in the final months of his life. Elder
fraud prevention advocate Janine Williamson, Cook's niece and the
administrator of his estate, testified in front of a Virginia Senate committee before Larry's Law was
brought to a vote. Today, she issued the following statement:
"The criminal landscape has changed. Americans' savings are no
longer safe in our institutions. The Larry W. Cook Estate believes
every dollar placed in U.S. banks, credit unions, and financial
institutions must be protected and guarded from criminal financial
exploitation, fraud, theft and scams.
"Larry's Law is first-of-its-kind legislation that increases the
frontline defenses of every financial institution in the state.
Virginia is leading the way for necessary change."
"As a frontline financial services employee for 33 years, I know
the heart and soul of tellers, bankers, managers, and customer
service partners is to fiercely protect, safeguard, and shield our
clients and customers from exploitation and financial harm. This
law gives them increased awareness and tools."
"The Estate knows U.C.C. Article 4A wire laws ultimately need to
change to protect financial institutions as well as their elderly,
vulnerable clients. This country cannot have $3.6 million leave its borders and go to
criminals ever again."
"We appreciate Virginia and Delegate Maldonado and her team for
HB 692."
Introduced by Del. Michelle
Maldonado (D-Manassas),
Larry's Law unanimously passed the Virginia General Assembly in
February and was signed into law by Governor Glenn Youngkin in April.
"I was honored to work with Commander Cook's family to pass
Larry's Law to help make sure what happened to Commander Cook never
happens to anyone in Virginia
again," said Del. Maldonado. "It is time for tougher laws and
better protections for our seniors and vulnerable adults. Passing
Larry's Law is a first step, but we have more work to do."
To learn more about elder financial exploitation and policy
changes that will protect seniors, visit www.larryslaw.org. The
website includes an interactive map with state-by-state FBI data on
elder fraud and a form to share your story if you've
been personally affected by financial exploitation.
Cook's story and Williamson's $3.6
million negligence lawsuit against Navy Federal Credit Union
and Wells Fargo have been profiled in USA Today, Yahoo! News, NBC Washington, CBS
Seattle, Law.com, and more.
MEDIA CONTACT:
Cooper
Rumrill
(202) 980-4968
cooper@keybridge.biz
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content:https://www.prnewswire.com/news-releases/elder-fraud-prevention-advocate-janine-williamson-issues-statement-as-hb-692-larrys-law-takes-effect-in-virginia-302186052.html
SOURCE Larry W. Cook Estate