MI SB0346

Amends the Uniform Securities Act (2002) to add Article 5A establishing protections against financial exploitation of "financially endangered adults," defined as individuals age 65 or older or adults in need of protective services.

Requires qualified individuals (agents, investment adviser representatives, and supervisory/compliance personnel at broker-dealers and investment advisers) to promptly notify the state securities administrator and Department of Health and Human Services if they reasonably believe financial exploitation of a financially endangered adult has occurred, is attempted, or may be attempted.

Allows qualified individuals to notify immediate family members, legal guardians, conservators, trustees, power of attorney agents, or other designated individuals about suspected financial exploitation, with immunity from civil or administrative liability for good faith disclosures made with reasonable care.

Permits broker-dealers and investment advisers to delay account disbursements if they reasonably believe a withdrawal would result in financial exploitation, requiring notification to authorized account parties (except suspected perpetrators) and regulators within 2 business days, with delays expiring after 15 business days unless extended by regulators or court order (maximum 25 business days).

Provides immunity from liability for broker-dealers and investment advisers that comply with delay provisions in good faith and with reasonable care; takes effect 90 days after enactment and is contingent on enactment of Senate Bill 345.