US HB2478

Amends the Investment Company Act of 1940 to allow registered open-end investment companies and transfer agents to delay redemption payments beyond the standard 7 days when they reasonably believe financial exploitation of a "specified adult" has occurred or been attempted

Defines "specified adults" as individuals age 65 or older, or those 18+ with mental or physical impairments that prevent them from protecting their own interests

Permits an initial delay of up to 15 business days, extendable by an additional 10 business days if exploitation concerns persist, with state regulators or courts able to extend further

Requires participating companies to request emergency contact information from customers, establish internal procedures for identifying and reporting exploitation, maintain records of all delayed redemptions, and notify designated contacts within 2 days of extending a delay

Directs the SEC to submit a report to Congress within 1 year with recommendations on regulatory and legislative changes to address financial exploitation of specified adults, in consultation with CFTC, CFPB, FINRA, and banking regulators