SECTION 1. (a) The Massachusetts General Court shall initiate a commission to study and draft policies to combat the financial abuse of elders in the Commonwealth.
(1) Said Commission shall have three members of the Massachusetts House of Representatives, two appointed by the Speaker of the House and one appointed by the Minority Leader;
(2) Said Commission shall have three members of the Massachusetts Senate, two appointed by the President of the Senate and one appointed by the Minority Leader;
(3) Said commission shall have two attorneys, admitted to the Massachusetts Bar, who specialize in elder and estate law;
(4) Said Commission shall have a representative from an advocacy group, operating in Massachusetts, which has a history of advocating for the interests of the elder population in the Commonwealth;
(5) Said Commission shall have two representatives who are employed by Councils on Aging in the Commonwealth or any organization responsible for administering protective services to elders in the Commonwealth; and
(6) Said Commission shall have a representative from an association or advocacy group, operating in Massachusetts, which has a history of advocating on behalf of the real estate industry.
(7) Said Commission shall have a representative from an association or advocacy group, operating in Massachusetts, which has a background in the financial services industry
(b) The commission will specifically study
(1) The economic impact and mechanisms of financial abuse on those over age 60 in the Commonwealth;
(2) The lending and refinancing practices of companies who target customers above the age of 60;
(3) Exploitative transfers of real estate or other valuable property from dependent elders to fiduciaries for significantly less than market value;
(4) Fraudulent or deceptive schemes that target elderly persons in the Commonwealth through telemarketing, the internet, or other means; and
(5) Any other form of elder financial abuse.
(c) Said commission shall file a report that includes policy recommendations prevent or better protect elders from financial abuse. They shall file their report with the clerk of either chamber, as well as the Chairmen of the Joint Committee on Elder Affairs and the Joint Committee on Financial Services, no later than December 31st, 2021.
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