A Kentucky state representative is sponsoring legislation that would strengthen protections for older adults against financial abuse, increasing penalties for those who exploit senior citizens.State Rep. Matt Lockett of Nicholas ville is behind House Bill 794, which prioritizes protection for Kentuckians especially older adults from financial exploitation."I see the issues that seniors deal with," Lockett said.The bill includes several key amendments. It would add people aged 65 and older to the list of victims of exploitation. It would also raise the threshold for the amount of money lost to a person who knowingly exploits a victim, increasing it from more than $300 to more than $500. The penalty for such exploitation would increase from a Class C felony to a Class B felony."That's where the motivation for the bill comes. It's to say we need to take an extra step or additional steps to protect our senior adults," Lockett said."In order to correct it, to make a dent, the penalties for doing it have to go up," Lockett added.As Lockett puts it, "to ensure that those who prey on others for financial gain are held fully accountable," the bill would require any registered investment adviser representative to complete continuing education."We want to make sure that those that would be on the other end... In other words, a financial adviser, a banker, that would handle those withdrawals, are trained to spot exploitation," Lockett said.To put the issue in perspective, Kentuckians lost $72 million to scams in 2024, according to federal data, with the majority of reported victims over 60.Lockett stressed the impact of a senior fraud and scams workshop in October where Chase partnered with the Lexington Senior Center and Lexington Police."The more information that gets out, the more we can make our seniors aware," Lockett said.HB 794 was passed Wednesday by the House Standing Banking and Insurance Committee. Lockett is hopeful it will pass out of the House next week and head to the Senate. ...read more read less