3.__Two or more mandated reporters.__When 2 or more mandated reporters jointly have knowledge of or reasonably suspect that financial abuse of an elder or a dependent adult for which a report under subsection 2 is mandated has occurred, and when the mandated reporters are in agreement, the telephone report may be made by a member of the reporting team who is selected by mutual agreement. A single report may be made and signed by the selected member of the reporting team. Any member of the team who has knowledge that the member designated to report has failed to do so shall thereafter make that report.

4.__Elder or dependent adult resides in long-term care facility.__If the mandated reporter under subsection 2 knows that the elder or dependent adult resides in a long-term care facility, the report under subsection 2 must be made to the long- term care ombudsman or a designee pursuant to Title 22, section 5106, subsection 11-C or to a local law enforcement agency.

5.__Allegation not sufficient for reporting requirement.__An allegation by an elder or a dependent adult, or any other person, that financial abuse has occurred is not sufficient to trigger the reporting requirement under this section if both of the following conditions are met.

A.__The mandated reporter is aware of no other corroborating or independent evidence of the alleged financial abuse of the elder or dependent adult. The mandated reporter is not required to investigate any accusations.

B.__In the exercise of the mandated reporter's professional judgment, the mandated reporter reasonably believes that financial abuse of the elder or dependent adult did not occur.

6.__Failure to report.__A person who fails to report financial abuse under this section commits a civil violation for which a fine of not more than $1,000 may be adjudged or, if the failure to report is willful, a civil violation for which a fine of not more than $5,000 may be adjudged.__A financial institution that is the employer of the mandated reporter shall pay a fine adjudged under this subsection to the party bringing the action.

7.__Fine payable to Attorney General or District Attorney.__ The fine provided for in subsection 6 is recoverable only in a civil action brought against the financial institution.__An action may not be brought under this section by any person other