IA HF2232

Broker-dealers and investment advisers may delay disbursements for up to 15 business days when they reasonably believe a transaction will result in financial exploitation of an eligible adult, with extensions up to 25 or 55 business days if internal reviews support continued concern.

Insurers and qualified individuals may notify the commissioner when they believe financial exploitation of an eligible adult has occurred, was attempted, or is being attempted.

"Eligible adult" and "financial exploitation" definitions are incorporated from existing Iowa Code section 502.801 for consistency across insurance and securities regulations.

Insurance producers must complete at least 2 hours of continuing education focused on identifying suspected or attempted exploitation of eligible adults, including common signs of financial exploitation.

"Permissible third parties" who may be contacted about an eligible adult's policy include individuals previously designated by the eligible adult or persons otherwise permitted under state or federal law to receive notifications.