Enrolled Senate Bill (S)

DIGEST

Securities and financial protection. Defines "financially endangered adult" as an individual who is: (1) at least 65 years of age; or (2) at least 18 years of age and is incapable, by reason of certain mental or physical incapacities, of managing the individual's property. Defines "qualified individual" as an individual associated with a broker-dealer who serves in a supervisory, compliance, or legal capacity as part of the individual's job. Provides that "protective agencies" refers to the adult protective services unit and the securities commissioner. Requires that a qualified individual who has reason to believe that financial exploitation of a financially Securities and financial protection. Defines "financially endangered adult" as an individual who is: (1) at least 65 years of age; or (2) at least 18 years of age and is incapable, by reason of certain mental or physical incapacities, of managing the individual's property. Defines "qualified individual" as an individual associated with a broker-dealer who serves in a supervisory, compliance, or legal capacity as part of the individual's job. Provides that "protective agencies" refers to the adult protective services unit and the securities commissioner. Requires that a qualified individual who has reason to believe that financial exploitation of a financially endangered adult has occurred, has been attempted, or is being attempted shall make a report and notify the protective agencies. Allows a qualified individual to refuse a request for disbursement of funds from an account: (1) owned by a financially endangered adult; or (2) of which a financially endangered adult is a beneficiary or beneficial owner; if the qualified individual has reason to believe that the requested disbursement will result in financial exploitation of the financially endangered adult. Establishes requirements for notification by a broker-dealer or qualified individual if a qualified individual refuses a request for disbursement of funds. Provides for expiration of the refusal of disbursement. Provides broker-dealers and qualified individuals certain immunity from administrative or civil liability. Allows broker-dealers to provide to certain entities access to or copies of records relevant to a suspected financial exploitation. Requires the securities commissioner to develop and make available on the secretary of state's Internet web site information that includes training resources to assist in the prevention and detection of financial exploitation of financially endangered adults. Changes deposits into the securities division enforcement account and state general fund from 50%, to each fund, of the first $2,000,000 of amounts recovered from: (1) civil penalties; (2) settlements of actions; and (3) judgments awarded; in the enforcement of the securities law to 50%, to each fund, of the first $4,000,000. Specifies that any amount exceeding $4,000,000 is deposited into the state general fund. ... View more