HB 17-1253: Protection of Vulnerable Adults from Financial Exploitation Act

• Requires securities professionals (broker-dealers, investment advisers, and their representatives) to report suspected financial exploitation of vulnerable adults to the Colorado Securities Commissioner within one business day.

• Defines "eligible adults" as persons age 70 or older, or individuals 18+ unable to perform necessary services for health/safety due to incapacity or lack of understanding.

• Grants immunity from administrative and civil liability for good faith reporting of suspected exploitation and for good faith failure to report.

• Allows broker-dealers and investment advisers to delay account disbursements for up to 15 business days (extendable to 25 days) if they reasonably believe a withdrawal may result in financial exploitation, with notification required within 2 business days.

• Takes effect July 1, 2017 and applies to suspected or attempted financial exploitation occurring on or after that date.