SB220 Summary

• Requires qualified individuals (agents, advisers, supervisory/compliance staff) to promptly notify the Department of Senior Services and Alabama Securities Commission 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, designated third parties, conservators, trustees, or agents under power of attorney, except those suspected of the exploitation themselves.

• Permits broker-dealers and investment advisers to delay fund disbursements from vulnerable adult accounts for up to 15 business days (extendable to 25 days by department or commission request) if they reasonably believe a disbursement would result in financial exploitation.

• Provides immunity from administrative and civil liability for good faith disclosures and delayed disbursements made under this act by qualified individuals, broker-dealers, and investment advisers exercising reasonable care.

• Requires broker-dealers and investment advisers to provide relevant account records to state adult protective services agencies and law enforcement upon request during investigations of suspected financial exploitation.