Florida Legislative Update

February 1, 2019

 

On January 21 and 22, 2019, a legislative delegation from the Florida Securities Dealers Association, one of the country's oldest, largest and most respected state securities associations, met with Florida legislators, staff attorneys from the Florida Cabinet, and state securities regulators to discuss vulnerable adults legislation.

In 2018, the Florida House of Representatives passed a vulnerable adults protection bill by a vote of 112-3. The same bill sailed through three committees of the Florida Senate without a single no vote. Unfortunately, the bill died during the last week of session in the Senate when it never made its way to the Florida Senate floor for a vote. The Florida Legislature will consider the legislation again during the 2019 legislative session, which runs from March 5, 2019, through May 3, 2019.

If passed by the Florida House of Representatives and Senate, and signed into law by Florida’s Governor in 2019, the legislation will become part of the Florida Securities and Investor Protection Act found in Chapter 517 of the Florida Statutes. The proposed law is similar to FINRA Rule 2165 and the NASAA Model Act to Protect Vulnerable Adults from Financial Exploitation. However, Florida’s version differs in that it extends to transactions in an account, as well as to distributions from an account.

The FSDA delegation had very good meetings with all concerned and left Tallahassee with a positive outlook regarding passage of vulnerable adults protection legislation this year. We will keep you posted as further developments occur.

You may learn more about the FSDA by visiting https://floridasecurities.com/.