HARTFORD, Conn. (WTNH) — Starting next July, Connecticut banks will be able to step in if they think that an elderly person is being exploited.

“Cases of financial exploitation and fraud involving caretakers of seniors is far too common and can result in an older adult having their savings depleted or lost entirely,” Gov. Ned Lamont said in a written statement. “These cases are infuriating and heartbreaking, and we need to have strong laws in place that can prevent suspected abuse before a thief can access someone else’s money. By encouraging banks and credit unions to put a hold on transactions and report this kind of suspected abuse to authorities, we can add a strong layer of protections to prevent seniors from being financially exploited.”

Lamont signed the bill on Thursday. It unanimously passed both the state House and Senate.

Under the new legislation, banks can temporarily suspend or hold transactions if they think a customer who is over the age of 60 is being financially exploited. The banks are recommended to disclose the suspected abuse to the state.

Transactions can be held for up to 45 days. The law also makes banks immune from liability, as long as they acted in good faith.