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IN SB0221
Bill
AI Summary
Senate Enrolled Act 221 - Senior Savings Protection
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Creates Chapter 4.1 of IC 23-19 establishing the "Senior Savings Protection" framework, effective July 1, 2016.
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Defines "financially endangered adult" as individuals age 65 or older, or individuals age 18+ incapable of managing property due to mental illness, intellectual disability, dementia, or other physical/mental incapacity.
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Requires qualified individuals (broker-dealer employees in supervisory, compliance, or legal roles) to report suspected financial exploitation to adult protective services and the securities commissioner, and may notify family members, guardians, conservators, trustees, and power of attorney agents.
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Authorizes qualified individuals to refuse fund disbursement requests from accounts of financially endangered adults if they reasonably believe the disbursement may result in financial exploitation, with refusals lasting up to 15 business days (extendable to 30 days by commissioner).
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Provides immunity from civil and administrative liability for broker-dealers and qualified individuals acting in good faith under the chapter, and requires the commissioner to develop training resources on exploitation indicators by September 1, 2017.
Legislative Description
Securities and financial protection. Defines "financially endangered adult" as an individual who is: (1) at least 65 years of age; or (2) at least 18 years of age and is incapable, by reason of certain mental or physical incapacities, of managing the individual's property. Defines "qualified individual" as an individual associated with a broker-dealer who serves in a supervisory, compliance, or legal capacity as part of the individual's job. Provides that "protective agencies" refers to the adult protective services unit and the securities commissioner. Requires that a qualified individual who has reason to believe that financial exploitation of a financially
Last Action
Public Law 39
3/21/2016