KY HB794

Increases criminal penalties for financial exploitation of adults and persons 65 or older, upgrading offenses by one felony class and raising the threshold amount from $300 to $500

Expands the definition of "financial exploitation" to cover money, assets, or property (previously limited to "funds or securities") and includes acts using power of attorney, guardianship, or undue influence

Requires investment adviser representatives to complete at least 3 hours of continuing education on financial exploitation each reporting period, which cannot be waived by the commissioner

Mandates that qualified persons (broker-dealers, investment advisers, financial institutions) develop training programs and written procedures on financial exploitation before placing temporary holds on suspicious transactions

Requires qualified persons placing temporary holds to create and maintain written records for at least 5 years documenting the date, specified adult's information, employee details, and facts supporting the hold