FL H0813

Securities dealers, investment advisers, and associated persons are added to the list of mandatory reporters who must immediately report known or suspected abuse, neglect, or exploitation of vulnerable adults to the Department of Children and Families' central abuse hotline

Dealers and investment advisers may delay disbursements or transactions for up to 15 business days (with possible 10-day extension) when they reasonably believe a "specified adult" (persons 65+ or vulnerable adults) is being financially exploited

Within 3 business days of placing a delay, dealers/advisers must notify all authorized account parties, any trusted contact, and the Office of Financial Regulation in writing

Dealers and investment advisers who comply with the section in good faith receive immunity from administrative and civil liability for delaying transactions

Dealers and investment advisers must develop training programs on financial exploitation, conduct annual training for associated persons, and maintain written procedures for reviewing suspected exploitation