On September 6, 2019, California became the latest state to pass legislation targeting financial abuse of elder and dependent adults. The new law, codified as Cal. Wel. & Inst. Code § 15630.2, expressly requires broker-dealers and investment advisers to report suspected financial abuse. Civil immunity is provided for those who report in good faith, and monetary penalties are imposed for those who fail to report under the legislative framework. Consistent with legislation enacted in other jurisdictions, California’s statute permits broker-dealers and investment advisers to delay disbursements or transactions from an account either owned by a suspected victim, or of which the suspected victim is a beneficiary, if certain conditions are met. Entities who take action pursuant to these provisions in good faith and with reasonable are granted civil immunity. The new law further authorizes broker-dealers and investment advisers to not honor powers of attorney whom they believe are the suspected abusers where a report of abuse has been made under the statute. The new law, which will impact one of the nation’s largest growing senior populations, becomes effective January 1, 2020.