|Posted:||May 31, 2018 11:03 AM|
|From:||Representative Steven C. Mentzer|
|To:||All House members|
|Subject:||Vulnerable Adult Financial Exploitation Protection|
|In the very near future, I plan on introducing legislation protecting vulnerable adults from financial exploitation.
If a financial advisor believes that exploitation of an eligible adult has occurred or has been attempted, the legislation would require the advisor to report the activity to the State Securities Commissioner’s Office, Adult Protective Services or other named authority, and would also allow the advisors to delay (not prevent) questionable withdrawals from a client’s account. The language would also provide immunity from civil and administrative liability for making a disclosure to the government or 3rd party designated by the eligible adult.
Often, financial planners may be in the position to see signs of financial exploitation. With the changes proposed in this legislation, financial advisors would be able to better protect their clients’ assets.
Please consider joining me in cosponsoring this important legislation protecting vulnerable adults from financial exploitation.
Introduced as HB2455