LexisNexis ( January 9, 2019, 1:16 PM EST) -- Like a number of other states, New Jersey has a statute that permits banks to report instances of suspected abuse against “senior” or “vulnerable” customers. To be “senior,” the customer must be at least 60; to be “vulnerable,” the customer must be at least 18 and “appear to have a physical or mental illness, disability or deficiency, or [lack] a sufficient understanding of, and the capacity to make, communicate or carry out decisions concerning the management of the customer’s savings or resources....” N.J.S.A. 17:16T-1 to 17:16T-4. In a notable decision, a New Jersey court has ruled that the statute permits financial institutions to report instances of abuse of senior or vulnerable customers, but does not require the institution to investigate or report suspected scams. The primary purpose of the statute is to encourage reporting by protecting the bank from liability for violating the customer’s right of privacy. The decision seems correct....