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AR HB1391
Bill
Status
4/29/2021
Primary Sponsor
Carlton Wing
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AI Summary
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Adds "knowingly facilitating, assisting, intermediating, or aiding" deceptive trade practices as a violation, making facilitators jointly and severally liable for penalties and damages if they knew or reasonably should have known of the violation.
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Authorizes financial services providers to refuse or delay financial transactions for elder persons or persons with disabilities when there is reasonable cause to suspect financial exploitation, with immunity from liability for actions taken in good faith.
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Requires the Arkansas Adult Protective Services Unit to refer cases of suspected exploitation and financial exploitation to the Attorney General's Consumer Protection Division within 48 hours of receipt or close of next business day.
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Allows the Attorney General to petition courts to delay disbursement of funds to protect consumers from financial exploitation, with delays expiring after 10 business days unless extended by court order.
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Permits financial services providers to report suspicious activity involving violations of this chapter to local or state law enforcement and the Attorney General, with immunity from civil or criminal liability for such reports.
Legislative Description
To Amend The Law Concerning Consumer Protection Of Seniors From Predatory Practices; And Safeguarding Against Financial Exploitation Of Retirees For Arkansans.
Last Action
Notification that HB1391 is now Act 1015
4/29/2021