Chamber advances project that toughens the fight against financial violence against the elderly

The Committee for the Defense of the Rights of Elderly Persons of the Chamber of Deputies approved a bill that provides measures to prevent and punish financial violence against the elderly. The proposal creates rules for financial institutions, establishes new crimes and protection mechanisms to protect this group.

The approved text is a substitute for Bill 1973/25 and determines that banks, credit unions and notary offices train their employees to identify signs of abuse or financial exploitation. It will also be mandatory to immediately report suspected fraud to authorities such as the Civil Police and the Public Prosecutor’s Office.

The proposal also prohibits financial institutions from carrying out credit operations with elderly people exclusively via telephone or digital means. According to the text, contracts must have a physical contract available for the client to read and sign.

The project also creates a specific crime for anyone who obtains an illicit advantage against the elderly through fraud, abuse of trust or use of electronic or banking resources. The expected penalty is imprisonment for four to eight years, in addition to a fine. If committed by relatives, legal representatives or people in a position of trust of the victim, the sentence may increase to five to ten years in prison.

The original project provided for the creation of the “Protege 60+” fund, but the approved version chooses to integrate the actions with the already existing National Elderly Fund. The substitute also provides for the promotion of assistive technologies and alert systems to protect people with sensory or cognitive limitations and elderly people against fraud.

The proposal will still be analyzed by the Finance and Taxation and Constitution and Justice and Citizenship committees before going to a vote in the Chamber Plenary. To become law, the text must be approved by deputies and senators and then sanctioned by the President of the Republic.