HB211 Summary

• Requires qualified individuals (agents, investment advisers, supervisory/compliance personnel) to promptly notify the Alabama Securities Commission and Department of Senior Services if they reasonably believe financial exploitation of a vulnerable adult has occurred, been attempted, or is being attempted.

• Allows qualified individuals to disclose suspected exploitation to reasonably associated individuals, legal guardians, conservators, trustees, or power of attorney agents, but prohibits disclosure to any third party suspected of the exploitation.

• Permits broker-dealers and investment advisers to delay account disbursements for vulnerable adults for up to 15 business days (extendable to 25 days if requested by authorities) when they reasonably believe a disbursement may result in financial exploitation, with notification requirements within 2 business days.

• Provides immunity from administrative and civil liability for qualified individuals and financial institutions that make disclosures or delay disbursements in good faith and with reasonable care under this act.

• Requires broker-dealers and investment advisers to provide relevant records to state adult protective services agencies and law enforcement investigating suspected financial exploitation of vulnerable adults.