HB 2317 Summary

• Adds a new part to Chapter 485A (Hawaii Revised Statutes) establishing protections for elders (age 62+) and vulnerable adults from financial exploitation in securities transactions.

• Requires qualified persons (agents, broker-dealers, investment advisers, and supervisory/compliance staff) to notify the commissioner if they reasonably believe financial exploitation of an elder or vulnerable adult may have occurred, been attempted, or is being attempted.

• Authorizes broker-dealers and investment advisers to delay disbursements or transactions from accounts of elders or vulnerable adults for up to 15 business days (extendable to 25 days by commissioner request) if suspected financial exploitation is reasonably believed, with required notification to authorized parties and the commissioner within 2 business days.

• Grants immunity from administrative or civil liability to qualified persons who, in good faith and with reasonable care, make required disclosures to the commissioner, notify third parties, or delay transactions under the new provisions.

• Requires broker-dealers and investment advisers to provide relevant records to the commissioner, department of human services, or law enforcement for investigations, with such records exempt from disclosure under Hawaii's public records law.