SB1551 allows broker-dealers and investment advisors to delay disbursements from accounts of eligible adults if financial exploitation is suspected.
SB1551 amends the Adult Protective Services Act to include broker-dealers and investment advisors among mandated reporters of suspected abuse, abandonment, neglect, or financial exploitation of eligible adults. Broker-dealers and investment advisors may delay disbursements from accounts of eligible adults if they suspect financial exploitation, provided they notify the Department on Aging and continue their internal review. Immunity from civil or criminal liability is granted to those who report in good faith.
Included in complete analysis
- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
See what it does, who it affects, and the critical issues in plain language. Free, 30 seconds.