Arizona Became The 24th State to Adopt Report and Hold Laws Intended to Prevent Financial Exploitation of Senior and Vulnerable Adults

May 15, 2019

 

Arizona became the 24th state to adopt report and hold laws intended to prevent financial exploitation of senior and vulnerable adults and the ninth state to provide for a transactional hold. On May 13, 2019, Arizona amended its Adult Protective Services (APS) statute to add these provisions. Broker-dealers were previously required to immediately report exploitation of a vulnerable adult to a protective services worker, a peace officer, or to the county public fiduciary. The reporting duty did not apply to exploitation of seniors. Firms may now report suspected financial exploitation of a vulnerable adult or an individual who is 65 years old or older to adult protective services and the Securities Division of the Corporation Commission. It will be effective 90 days after the current legislative session ends.