DE HB162

Requires qualified individuals (agents, broker-dealers, investment advisers, and supervisory/compliance personnel) to promptly notify the Director of Investor Protection and Adult Protective Services if they reasonably believe financial exploitation of an eligible adult may have occurred, been attempted, or is occurring.

Defines "eligible adult" as either an elderly person (per Title 11 § 222) or vulnerable adult (per Title 11 § 1105), and defines "financial exploitation" to include deceptive or coercive appropriation of property/funds, breach of fiduciary duty, and unauthorized use of property when the adult lacks capacity to consent.

Authorizes broker-dealers and investment advisers to delay disbursements from accounts of eligible adults when suspected financial exploitation is detected, with notifications required within two business days to account parties and authorities, and internal investigations to be completed within seven business days.

Limits disbursement delays to the sooner of 15 business days (or up to 25 business days if the Director requests an extension) unless extended by court order, and permits courts to order additional protective relief.

Grants immunity from administrative and civil liability to qualified individuals and broker-dealers acting in good faith when making required notifications or delaying disbursements, and requires firms to provide relevant records to adult protective services and law enforcement upon request.