SB 1483 Summary

• Adds Article 2 to Arizona Revised Statutes Title 46, Chapter 4, establishing provisions for detecting and responding to financial exploitation of eligible adults (persons age 65+ or vulnerable adults).

• Permits qualified individuals (broker-dealers, investment advisers, and supervisory/compliance personnel) to report suspected financial exploitation to Adult Protective Services and the Corporation Commission without violating confidentiality requirements.

• Allows broker-dealers and investment advisers to delay disbursements or transactions up to 15 business days (extendable to 25 days) if they reasonably believe financial exploitation may occur, with immunity from liability for good faith actions.

• Requires broker-dealers and investment advisers to provide records related to suspected financial exploitation to Adult Protective Services and law enforcement upon request, with such records exempt from public disclosure requirements.

• Provides immunity from administrative and civil liability for qualified individuals and financial institutions acting in good faith when reporting suspected exploitation or delaying transactions.