IA SSB3094

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 possible extensions to 25 or 55 business days if internal review supports the concern.

Life insurance companies and qualified individuals may notify the commissioner when they reasonably believe financial exploitation of an eligible adult has occurred or is being attempted.

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

"Permissible third party" is defined as an individual previously designated by the eligible adult to be contacted about their policy, or a person otherwise permitted by state or federal law to receive notifications.

The bill expands the commissioner's jurisdiction to include investigations under Chapter 508 (life insurance) alongside existing chapters covering securities, investment advisers, and other financial services.