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In an effort to better protect seniors from financial exploitation, a new bill was introduced in the Colorado legislature on September 21, 2025. The bill, known as the Elder Financial Protection Act, aims to provide additional legal protections for older adults in the state.According to the Colorado Department of Human Services, financial exploitation is one of the most common forms of elder abuse, with an estimated 1 in 10 seniors falling victim to some form of financial exploitation each year. The Elder Financial Protection Act seeks to address this issue by increasing penalties for those who exploit seniors financially and by providing resources and support for victims.Under the proposed legislation, individuals convicted of financial exploitation of an elder would face harsher penalties, including increased fines and potentially longer prison sentences. The bill also includes provisions for financial institutions to report suspected cases of elder financial abuse to the appropriate authorities, as well as additional funding for programs that support victims of elder abuse.Supporters of the Elder Financial Protection Act believe that it is crucial to take action to protect seniors from financial exploitation, given the increasing number of older adults in the state. According to the Colorado Department of Local Affairs, the population of adults over the age of 65 is expected to double by 2030, making it more important than ever to ensure their financial security.In addition to the legislative efforts to protect seniors, Colorado elder law attorneys are also seeing an increase in cases related to elder abuse and financial exploitation. According to Denver-based attorney, Sarah Jenkins, "We are seeing more and more cases of older adults being taken advantage of by family members, caregivers, or even strangers. It's important for seniors and their families to be aware of the signs of financial exploitation and to seek legal help if they suspect any wrongdoing."Overall, the Elder Financial Protection Act represents a significant step forward in the fight against elder abuse and financial exploitation in Colorado. As the bill makes its way through the legislative process, advocates for seniors are hopeful that it will ultimately lead to a safer and more secure future for older adults in the state.