In a move to protect the elderly population in Michigan from financial exploitation, new legislation has been introduced that aims to strengthen the state's elder law protections. On February 19, 2026, Governor Gretchen Whitmer signed into law a bill that enhances penalties for those who exploit vulnerable seniors and mandates increased reporting requirements for financial institutions.The legislation, known as the Elder Financial Protection Act, was crafted in response to a rising number of reported cases of financial abuse targeting elderly individuals in Michigan. According to data from the Michigan Department of Attorney General, there were over 2,000 reported cases of elder financial abuse in the state in 2025, with a total estimated loss of over $10 million.Under the new law, individuals found guilty of financially exploiting an elderly person will face harsher penalties, including increased fines and potential jail time. In addition, financial institutions are now required to report any suspected instances of financial exploitation of seniors to the appropriate authorities, in an effort to curtail fraudulent activities targeting this vulnerable population."This legislation is a crucial step in protecting our elderly population from those who seek to take advantage of them for financial gain," said Governor Whitmer during the bill signing ceremony. "We must do everything in our power to ensure that our seniors are safe and secure in their financial dealings, and this new law will help us achieve that goal."The Elder Financial Protection Act also includes provisions for increased education and outreach efforts to raise awareness about the signs of elder financial abuse and provide resources for seniors who may be at risk. The Michigan Department of Health and Human Services will be tasked with implementing these initiatives in collaboration with local agencies and community organizations.Advocates for the elderly have lauded the new legislation as a significant step forward in protecting Michigan's seniors from exploitation and fraud. "Elder financial abuse is a serious and pervasive issue that affects thousands of seniors in our state every year," said Sarah Johnson, director of the Michigan Elder Law Center. "This new law sends a strong message that financial exploitation of the elderly will not be tolerated, and that those who engage in such activities will be held accountable."With the implementation of the Elder Financial Protection Act, Michigan joins a growing number of states across the country that are taking proactive measures to safeguard their elderly populations from financial exploitation. The new law is set to go into effect on July 1, 2026, and is expected