CT SB01088

Amends Connecticut law effective July 1, 2024 to define financial exploitation of seniors (age 60+) and establishes reporting requirements for broker-dealers and investment advisers who suspect exploitation.

Permits broker-dealers and investment advisers to place temporary holds on account transactions for up to 15 business days (extendable to 50 days) when reasonable cause exists to believe financial exploitation is occurring, with immunity from liability if acting in good faith.

Authorizes financial institutions to suspend transactions on accounts of eligible adults for up to 7 business days (extendable to 52 total days) when suspected financial exploitation is reasonably believed to be occurring.

Allows eligible adults to designate trusted contact persons (age 18+) on accounts, whom financial institutions may contact to discuss account security and confirm contact information or conservator/fiduciary status.

Establishes Probate Court procedure allowing eligible adults or their representatives to petition for removal of financial holds, with courts able to order release if no reasonable cause for exploitation exists or modify holds for up to 30 days pending conservatorship appointment.