SB3621 - Protect Vulnerable Adults from Financial Exploitation Act

• Creates the Protect Vulnerable Adults from Financial Exploitation Act requiring investment advisers, salespersons, and financial personnel to promptly notify the Securities Director if they reasonably believe financial exploitation of an eligible adult (defined as persons meeting the Adult Protective Services Act definition or age 65+) may have occurred, been attempted, or is being attempted.

• Grants immunity from administrative or civil liability to qualified individuals who in good faith make disclosures to the Securities Director or to previously designated third parties (excluding suspected abusers) regarding suspected financial exploitation.

• Permits qualified individuals to delay fund disbursements from accounts of eligible adults if they reasonably believe the disbursement may result in financial exploitation, with delays lasting no more than 15 business days unless the Securities Director requests an extension (up to 25 business days maximum).

• Requires written notification within 2 business days of delayed disbursements to authorized account parties and the Securities Director, with internal investigation results reported within 7 business days, and grants immunity for good faith delays under the act.

• Requires qualified individuals to provide access to or copies of relevant records concerning suspected financial exploitation to State adult protective services agencies and law enforcement; records are exempt from public disclosure under the Freedom of Information Act.