HF3833 Summary

• Defines "financial exploitation" of eligible adults (65+ or vulnerable persons) as wrongful taking of money/assets or acts using power of attorney, guardianship, or conservatorship to control or convert their property through deception, intimidation, or undue influence.

• Permits broker-dealers and investment advisers to notify the commissioner of commerce and common entry point if they reasonably believe financial exploitation of an eligible adult may have occurred, been attempted, or is being attempted.

• Allows broker-dealers and investment advisers to notify third parties reasonably associated with the eligible adult about suspected financial exploitation, excluding suspected perpetrators, and grants immunity from liability for good faith disclosures.

• Requires broker-dealers and investment advisers to delay disbursements or place holds on transactions if law enforcement or the commissioner provides information suggesting financial exploitation, or if the firm reasonably believes exploitation may result; delays must be reported within two business days and expire within 15-25 business days unless extended by authorities.

• Provides immunity from administrative or civil liability for broker-dealers and investment advisers acting in good faith when complying with disclosure, notification, and hold provisions of this chapter.