Florida Senate Once Again Fails to Pass Senior and Vulnerable Investor Legislation

May 6, 2019

 

The State of Florida has the highest number of senior citizens of all states in the United States as a percentage of its population. Yet, for the second consecutive year, the Florida Senate has failed to consider, let alone pass, legislation designed to protect senior and vulnerable investors from financial exploitation. The marked difference between the treatment of the proposed legislation in the Florida House of Representatives versus the Florida Senate is most notable.

On April 17, 2019, the Florida House of Representatives voted to pass the legislation with 117 votes in favor of the bill; no Representative voted against the bill. In the Florida Senate, the bill made its way through the Children, Families and Elder Affairs Committee and the Banking and Insurance Committee without a single no vote. Unfortunately, when the bill got to the Rules Committee, it stalled and was never considered by the Rules Committee. As a result, for the second consecutive year, the Florida Senate did not have the opportunity to vote on the proposed legislation, which is modeled after FINRA Rules 2165 and 4512 and the NASAA Model Legislation to Protect Vulnerable Adults from Financial Exploitation.

The 2020 Legislative session in Florida begins in January 2020, two months earlier than this year’s Legislative session. Plans already are underway to introduce the legislation once again in 2020. Hopefully, as the proverb goes, “the third time’s the charm.”