MI SB0315

Amends the Uniform Securities Act (2008 PA 551) by adding Article 5A to address financial exploitation of specified adults, defined as persons 65 years or older or those 18+ with mental or physical impairments affecting their ability to protect their interests.

Authorizes broker-dealers and investment advisers to place temporary holds on account disbursements or transactions when they reasonably believe financial exploitation is occurring, has occurred, or is being attempted, with holds lasting up to 15 business days (extendable to 40 business days).

Requires broker-dealers and investment advisers to notify within 2 business days all authorized account parties, designated beneficiaries, and competent jurisdiction agencies of temporary holds, and to conduct internal reviews of suspected exploitation.

Mandates written compliance procedures identifying supervisory or compliance personnel authorized to place holds, and requires maintenance of detailed records of suspected exploitation incidents, notifications, and internal reviews available to state agencies and law enforcement.

Provides good faith immunity from civil and administrative liability for broker-dealers and investment advisers that comply with the article's provisions; takes effect 90 days after enactment.