AUGUSTA, Maine (AP) — Maine senior citizens will get new protections from financial exploitation when transactions are made on their behalf.

Gov. John Baldacci on Friday signed into law a bill that allows banks and credit unions to disclose financial records to the Maine Department of Health and Human Services when they believe an incapacitated or dependent adult is at risk of abuse, neglect or exploitation.

The bill was supported by seniors’ advocates and Attorney General Steven Rowe, who said seniors are increasingly finding themselves the target of financial exploitation because they have liquid assets and good credit.

“The fundamental role of government is to protect the most vulnerable among us. By enacting this law we have done just that,” said Rowe, who submitted the legislation.

The sponsor, Rep. John Brautigam, D-Falmouth, said the state’s financial institutions embraced the bill and can now be “strong allies in the fight to protect a population that has too often been victimized.”

The bill will take effect later this year.