Hawai'i banks and other financial institutions are now required to report suspected financial abuse of senior citizens aged 62 or older, while investment violations involving seniors could face an extra $50,000 fine under new laws signed by Gov. Lingle.

The statutes were part of a package of legislative bills aimed at stemming financial abuse and fraud against senior citizens by scam artists. The measures address concerns about older citizens falling prey to schemes that cheat them out of investments and cash. An AARP survey this year found that one quarter of its members had either suffered or known someone hit by fraud.

"It's definitely something that's on the minds of the elderly here in Hawai'i," said Bruce Bottorff, spokesman for AARP, a group for people at least 50 years old.

Under Act 94, local financial institutions are now required to report to the state Department of Human Services or a law enforcement agency any suspected financial abuse committed against someone who is aged 62 or older.

In a recent court case, the former security director of American Savings Bank alleged he was told by bank officials not to report to federal regulators a case in which a bank employee allegedly defrauded a 92-year-old customer out of more than $600,000. The bank denied the allegations.

Another measure, Act 95, allows an extra $50,000 fine to be added to existing civil or administrative levies for securities violations against people who are at least 62 years old. The law takes effect on July 1.

Lingle earlier signed Act 50, which imposes fines of up to $10,000 for each violation by mortgage brokers against senor citizens.