House Bill 692, or "Larry's Law," took effect today in Virginia. Larry's Law lays the groundwork for financial institutions to train their employees to identify potential financial exploitation of senior citizens, report it to the authorities, and notify a senior's trusted contacts of such exploitation. The law also directs the Bureau of Financial Institutions of the Virginia State Corporation Commission to establish training guidelines for detecting and preventing elder financial fraud by 2026.

HB 692 is known as "Larry's Law" to honor the late Larry Cook of Herndon, Va., a retired Navy commander who lost millions of dollars in a phishing scam in the final months of his life. The fraudulent transactions ran through Navy Federal Credit Union and Wells Fargo. Elder fraud prevention advocate Janine Williamson, Cook's niece and the administrator of his estate, testified in front of a Virginia Senate committee before Larry's Law was brought to a vote. Today, she issued the following statement:

"The criminal landscape has changed. Americans' savings are no longer safe in our institutions. The Larry W. Cook Estate believes every dollar placed in U.S. banks, credit unions, and financial institutions must be protected and guarded from criminal financial exploitation, fraud, theft and scams.

"Larry's Law is first-of-its-kind legislation that increases the frontline defenses of every financial institution in the state. Virginia is leading the way for necessary change."

"As a frontline financial services employee for 33 years, I know the heart and soul of tellers, bankers, managers, and customer service partners is to fiercely protect, safeguard, and shield our clients and customers from exploitation and financial harm. This law gives them increased awareness and tools."

"The Estate knows U.C.C. Article 4A wire laws ultimately need to change to protect financial institutions as well as their elderly, vulnerable clients. This country cannot have $3.6 million leave its borders and go to criminals ever again."

"We appreciate Virginia and Delegate Maldonado and her team for HB 692."

Introduced by Del. Michelle Maldonado (D-Manassas), Larry's Law unanimously passed the Virginia General Assembly in February and was signed into law by Governor Glenn Youngkin in April.

"I was honored to work with Commander Cook's family to pass Larry's Law to help make sure what happened to Commander Cook never happens to anyone in Virginia again," said Del. Maldonado. "It is time for tougher laws and better protections for our seniors and vulnerable adults. Passing Larry's Law is a first step, but we have more work to do."

To learn more about elder financial exploitation and policy changes that will protect seniors, visit www.larryslaw.org. The website includes an interactive map with state-by-state FBI data on elder fraud and a form to share your story if you've been personally affected by financial exploitation.

Cook's story and Williamson's $3.6 million negligence lawsuit against Navy Federal Credit Union and Wells Fargo have been profiled in USA Today, Yahoo! News, NBC Washington, CBS Seattle, Law.com, and more.