Nguyen’s California Right to Financial Privacy Act Signed Into Law by Governor Newsom

SACRAMENTO, CA – Assembly Bill 386, authored by Assemblymember Stephanie Nguyen (D-Elk Grove) passed by the California State Assembly on a 68-0 vote, and in the California State Senate on a 39-0 vote, is now signed into law by Governor Newsom.

AB 386 will help financial abuse investigators to better protect the assets of California’s older and dependent adults by extending the time frame investigators can access records and increasing the amount of information that can be received.

“As our older adult community continues to be targeted financially, we must do something to protect them,” said Assemblymember Nguyen. “AB 386 ensures that financial abuse investigators will have improved access to information and can better protect older adults like my parents.”

Financial attacks and scams against older adults have increased nearly 75% since 2020. County adult protective service programs are struggling to effectively address the rise in financial scams targeting older adults. AB 386 helps financial abuse investigators safeguard the older adult community.

“The County Welfare Directors Association of California (CWDA) is pleased that AB 386 (Nguyen) has been signed into law,” said Executive Director, Eileen Cubanski. “With the signing of this bill, counties will have more tools to effectively investigate financial abuse of older adults and those with disabilities. CWDA thanks Governor Newsom for his signature and Asm. Nguyen for her authorship of this important measure.”

AB 386 will take effect on January 1, 2024.

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Assemblymember Stephanie Nguyen represents the Cities of Sacramento and Elk Grove