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In a move to address the growing issue of financial exploitation among seniors, California lawmakers have passed new legislation aimed at strengthening protections for elderly residents. The bill, known as the Elder Financial Protection Act, was signed into law by Governor Rebecca Alvarez on Tuesday.The act introduces a range of measures designed to safeguard older adults from scams, fraud, and abuse. Among its provisions are enhanced penalties for those convicted of targeting seniors for financial gain, as well as increased funding for elder abuse prevention programs and services."Financial exploitation of our seniors is a serious and growing problem that demands our attention," said Governor Alvarez in a statement. "With the passage of this legislation, we are sending a clear message that we will not tolerate any form of abuse or exploitation of our elderly population."Under the new law, financial institutions and other entities will be required to report suspected instances of elder financial abuse to the appropriate authorities. Additionally, mandatory training will be implemented for employees who work with older adults to help them recognize the signs of exploitation and respond appropriately.The Elder Financial Protection Act also establishes a task force dedicated to investigating and prosecuting cases of elder financial abuse. The task force will work in collaboration with law enforcement agencies, social services organizations, and other stakeholders to combat this pervasive issue.Supporters of the legislation have lauded it as a crucial step towards protecting California's aging population. "Elder financial abuse is a devastating crime that can have far-reaching consequences for its victims," said Patricia Wong, a spokesperson for the California Elder Advocacy Coalition. "This new law represents a significant step forward in our efforts to prevent and address this form of exploitation."According to the National Council on Aging, financial exploitation costs older Americans an estimated $3 billion annually. With the passage of the Elder Financial Protection Act, California is taking proactive measures to combat the exploitation of its senior citizens and ensure their financial security.The legislation is set to go into effect on January 1, 2027, and will be enforced statewide. Lawmakers and advocates hope that the new law will serve as a model for other states seeking to protect their elderly populations from financial abuse and exploitation.