Welcome to Bressler's 50 state survey of senior/vulnerable investor laws. Bressler provides end to end advisory and compliance solutions and litigation support for investment advisers and broker dealers confronting senior/vulnerable investor issues.

Puerto Rico Hawaii Florida Maine New York Pennsylvania Virginia West Virginia Ohio Indiana Illinois Wisconsin North Carolina Tennessee Missouri Georgia South Carolina Louisiana Kentucky Arkansas Alabama Alaska Mississippi Iowa Minnesota Oklahoma Texas New Mexico Kansas Wyoming Washington South Dakota Oregon Nevada Nebraska North Dakota Michigan Montana Utah Idaho Colorado California Arizona Rhode Island New Hampshire New Jersey Maryland Connecticut Massachusetts Vermont Delaware District of Columbia

Financial Exploitation Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: A person 65 years of age or older; or 18 and older who, because of a physical or mental impairment, is unable to protect himself or herself from abuse, neglect, or exploitation; see statute for additional criteria.[1]
  • ReportingMandatory for any agent, investment adviser representative, or person who serves in a supervisory, compliance, legal or associated member capacity of a broker-dealer or investment adviser ("Qualified Individual") to report to the Department of Human Resources and the Alabama Securities Commission if the Qualified Individual reasonably believes that financial exploitation may have occurred, may have been attempted, or is being attempted.[2]
    • Timing:  The report should be made “promptly” after the Qualified Individual develops a reasonable belief of financial exploitation.
    • Manner of Reporting: A form (with accompanying instructions) is available to submit by e-mail to the Department of Human Resources (aps@dhr.alabama.gov) and the Alabama Securities Commission (adultprotect@asc.alabama.gov) or by fax (334-353-4690).
    • Contents of Report: The contents of the report can be found in the form above.
    • Right to Agency Investigation Status: No.
    • Immunity:  A Qualified Individual receives immunity from administrative and civil liability when making a report in good faith and with reasonable care.[3]
  • Third Party Disclosures
    • Disclosure: Permissive disclosure by a Qualified Individual to any (i) third party previously designated by the vulnerable adult; (ii) conservator; (iii) co-trustee; (iv) successor trustee; (v) agents under a power of attorney; or (vi) third party reasonably associated with the vulnerable adult.[4]
    • Immunity: A Qualified Individual receives immunity from administrative and civil liability when making a disclosure in good faith and with reasonable care.[5]
  • Disbursement Only HoldPermissive, if the firm, after an internal review, reasonably believes that a disbursement may result in financial exploitation.[6]
    • Written Notification with Reason for Hold: Immediately, but not more than 2 business days after the hold to account holders, parties authorized to transact business on the account, the Department of Human Resources and the Alabama Securities Commission (using the form linked above). Within 7 days after the requested disbursement the firm should report any additional results of its internal review to the agencies above. 
    • Length of Hold: The temporary hold may last up to 15 business days provided (i) the firm’s ongoing, internal review supports its initial belief of financial exploitation; and (ii) the hold is not terminated by government agencies or court order.
      • Extension of Hold: Government agencies can authorize the firm to extend the hold for an additional 10 business days for a total of 25 business days. A court of competent jurisdiction may enter an order extending the delay of the disbursement of funds or may order other protective relief based on the petition of the Securities Commission, Department of Human Resources, broker-dealer, investment adviser, or other interested party.
    • Immunity: A firm receives immunity from administrative and civil liability when holding a disbursement in good faith and with reasonable care.[7]
  • Required Training: No.

Adult Protective Services Statute: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers should refer to the financial exploitation statute above.



[1] Code of Ala. § 8-6-171(10).

[2] Code of Ala. § 8-6-172.

[3] Code of Ala. § 8-6-173.

[4] Code of Ala. § 8-6-174.

[5] Code of Ala. § 8-6-175.

[6] Code of Ala. § 8-6-176. 

[7] Code of Ala. § 8-6-177.


Financial Exploitation Statute

  • Included Firms: Broker-dealers and state-registered investment advisers.
  • Protected Class: A person 60 years of age or older; or a vulnerable adult.[1]
  • ReportingMandatory for a broker-dealer, investment adviser, or Qualified Individual[2] to report to Adult Protective Services and the Commissioner of Commerce, Community, and Economic Development if the reporter reasonably believes that financial exploitation or attempted financial exploitation has occurred, may have occurred, or is being attempted.[3]   
    • Timing:
      • Not later than five (5) days after the firm develops a reasonable belief of financial exploitation. 
      • Immediately after a firm confirms that financial exploitation occurred or was attempted.
    • Manner of Reporting:
      • Adult Protective Services provides an online form to report exploitation.
      • The Commissioner of Commerce, Community, and Economic Development does not provide any form but can be contacted by e-mail at dbsc@alaska.gov.
    • Contents of Report: None specified in the statute.
    • Rights to Agency Investigation Status: No.
    • Immunity: A broker-dealer, investment adviser or Qualified Individual receives immunity from administrative and civil liability when a report is made in good faith and with reasonable care.[4]
  • Third Party Disclosures
    • Disclosure: Permissive disclosure by a broker-dealer, investment adviser or Qualified Individual to third parties previously designated by the vulnerable adult or any person allowed under state law, federal law or regulation, or the rules of a self-regulatory organization.[5]
    • Immunity:  A broker-dealer, investment adviser or Qualified Individual receives immunity from administrative and civil liability when a disclosure is made in good faith and with reasonable care.
  • Disbursement Only HoldPermissive, if the firm, after an internal review, reasonably believes that a disbursement may result in financial exploitation.[6]
    • Written Notification with Reason for Hold: Within 2 business days after the hold, notification must be provided to all parties authorized on the account, Adult Protective Services and the Commissioner of Commerce, Community, and Economic Development. Within 7 business days after the disbursement request, the firm must report the status of the investigation to Adult Protective Services and the Commissioner of Commerce, Community, and Economic Development (the contact information can be found above).
    • Length of Hold: The temporary hold may last up to 15 business days unless (i) the firm determines that the disbursement will not result in financial exploitation or (ii) the investigation is terminated before then by Adult Protective Services, the Commissioner of Commerce, Community, and Economic Development or the Superior Court.
      • Extension of Hold: Adult Protective Services and the Commissioner of Commerce, Community, and Economic Development can authorize the firm to extend the hold for an additional 10 business days for a total of 25 business days. Adult Protective Services, the Commissioner of Commerce, Community, and Economic Development, the firm or another interested person may petition the Superior Court for an order extending the hold.
    • Immunity: A firm receives immunity from administrative and civil liability when a disbursement hold is made in good faith and with reasonable care.[7]
  • Required Training: No.

Adult Protective Services Statute  

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: A person 18 or older who, because of incapacity, mental illness, mental deficiency, physical illness or disability, advanced age, chronic use of drugs, chronic intoxication, fraud, confinement, or disappearance, is unable to meet their own needs or to seek help without assistance.
  • Reporting: Permissive for any person to report if they have reasonable cause to suspect financial exploitation.[8]
    • Manner of Reporting: Adult Protective Services provides an online form to report exploitation.
    • Contents of Report: None specified in the statute but firms can use the form provided by Adult Protective Services.
  • Immunity: A person who makes a report in good faith is immune from resulting civil or criminal liability.[9]
  • Required Training: No.

[1] Alaska Stat. § 45.56.430(j)(2).

[2] The statute defines a “Qualified Individual” as an agent, investment adviser representative, or other person who is acting in a supervisory, compliance or legal capacity for a broker-dealer or investment adviser.

[3] Alaska Stat. § 45.56.430(a).

[4] Alaska Stat. § 45.56.430(i).

[5] Alaska Stat. § 45.56.430(c).

[6] Alaska Stat. § 45.56.430(d).

[7] Alaska Stat. § 45.56.430(h).

[8] Alaska Stat. § 47.24.010.

[9] Alaska Stat. § 47.24.120.

Financial Exploitation Statute

  • Included Firms: Broker-dealers, state registered investment advisers and SEC-registered investment advisers.
  • Protected Class: Any person who is 65 or older or any person who is any person who is 18 or older and who is unable to protect himself or herself from abuse, neglect, or exploitation by others because of a physical or mental impairment; or an incapacitated person; see statute for additional criteria.[1]
  • ReportingPermissive for any broker-dealer, investment adviser, or person who serves in a supervisory, compliance, legal or senior investor protection capacity for a broker-dealer or investment adviser ("Qualified Individual") to report to Adult Protective Services and the Securities Division of the Corporation Commission (the “Securities Division”) if the Qualified Individual reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted.[2]
    • Timing: Not specified.
    • Manner of Reporting: A form is available to submit online through the Securities Division’s website.  A copy of the form is automatically forwarded to Adult Protective Services.  If you are unable to complete the form online, you can contact the Securities Division at sec-va@azcc.gov or 602-542-0662.
    • Contents of Report: The contents of the report can be found in the form above. 
    • Rights to Agency Investigation Status: No
    • Immunity:  A Qualified Individual receives immunity from administrative and civil liability when making a report in good faith and with reasonable care.[3]
  • Third-Party Disclosures
    • Disclosure: Permissive for the Qualified Individual to disclose to third parties previously designated or reasonably associated with the eligible adult.[4]
    • Immunity: A Qualified Individual receives immunity from administrative and civil liability when making a disclosure in good faith and with reasonable care.[5]
  • Disbursement and Transaction HoldPermissive, if the firm, after an initial review, reasonably believes that a transaction or disbursement may result in financial exploitation.[6]
    • Written Notification with Reason for Hold: Immediately, but not more than 2 business days, to all persons authorized to transact business on the account, Adult Protective Services and the Securities Division.  The firm should, as necessary, provide a report of its investigation to the agencies above.
    • Length of Hold: The temporary hold may last up to 15 business days provided (i) the firm’s ongoing, internal review supports its initial belief of financial exploitation; and (ii) the hold is not terminated before then by government agencies or court order.
      • Extension of Hold: Upon request of the Securities Division or Adult Protective Services the firm can extend the hold for an additional 10 business days for a total of 25 business days. Adult Protective Services, the Securities Division or a court may terminate or extend the timeframe of the hold as described above.
    • Immunity: A firm receives immunity from administrative and civil liability when holding a transaction or disbursement in good faith and with reasonable care.[7]
  • Required Training: No.

Adult Protective Services Statute 

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: Any person who is 18 or older and who is unable to protect himself from abuse, neglect, or exploitation by others because of a physical or mental impairment; or an incapacitated person; see statute for additional criteria.[8]
  • Reporting: Mandatory for any person who is responsible for "any action concerning the use or preservation of a vulnerable adult's property" to immediately report to a peace officer or to the adult protective service central intake unit, if there is a reasonable basis to believe that exploitation of the vulnerable adult's property has occurred or that abuse or neglect of the vulnerable adult has occurred.[9]
    • Manner of Reporting: A report can be filed online or by phone (1-877-767-2385)
    • Contents of Report: (i) name and address of adult and any person having control or custody of the adult, if known; (ii) adult's age and nature and extent of adult's vulnerability; (iii) nature and extent of adult's injuries, physical neglect or exploitation; and (iv) any other helpful information to establish cause of adult's injuries, physical neglect or exploitation. 
  • Immunity: A person who makes a report is immune from any resulting civil or criminal liability.[10] 
  • Required Training: No.

[1] Ariz. Rev. Stat. § 46-471(2); Ariz. Rev. Stat. § 46-451(A)(9).

[2] Ariz. Rev. Stat. § 46-472(A).

[3] Ariz. Rev. Stat. § 46-472(B).

[4] Ariz. Rev. Stat. § 46-472(C).

[5] Ariz. Rev. Stat. § 46-472(D).

[6] Ariz. Rev. Stat. § 46-473(A).

[7] Ariz. Rev. Stat. § 46-473(D).

[8] Ariz. Rev. Stat. § 46-451(10).

[9] Ariz. Rev. Stat. § 46-454(C).

[10] Ariz. Rev. Stat. § 46-453(A).

Arkansas

Back To Main Map

Financial Exploitation Statute:

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: A person 65 years of age or older or 18 years of age or older who (i) is in a situation or condition that poses a danger to himself or herself; or (ii) demonstrates a lack of capacity to comprehend the nature and consequence of remaining in that situation or condition; see statute for additional criteria.[1]
  • Reporting: An individual should report to Adult Protective Services and the Securities Commissioner if the individual reasonably believes financial exploitation of a member of the protected class may have occurred, may have been attempted, or is being attempted.[2]
    • Timing: The report should be made “promptly” after the individual develops a reasonable belief of financial exploitation.
    • Manner of Reporting:
      • Securities Commissioner: There is a form is available to report to the Securities Commissioner by e-mail at lstreit@securities.arkansas.gov.  Questions can be directed to the Securities Commissioner by phone at 501-324-8672. 
      • Adult Protective Services: Adult Protective Services can be contacted by phone at 1-800-482-8049.
    • Contents of Report: The contents of the report can be found in the form above.
    • Right to Agency Investigation Status: No.
    • Immunity: An individual receives immunity from administrative and civil liability when making a report in good faith and with reasonable care.[3]
  • Third Party Disclosures
    • Disclosure: Permissive disclosure to any third party previously designated by the eligible adult.[4]
    • Immunity: An individual receives immunity from administrative and civil liability when making a disclosure in good faith and with reasonable care.[5]
  • Disbursement Only HoldPermissive, if the firm, after an internal review, reasonably believes that a disbursement may result in financial exploitation.[6]
    • Written Notification with Reason for Hold: Immediately, but not more than 2 business days after the requested disbursement to parties authorized to transact business on the account, Adult Protective Services and the Securities Commissioner. Within 7 business days after placing the hold, the firm should, as necessary, provide a report of its investigation to the agencies above.
    • Length of Hold: The temporary hold may last up to 15 business days provided the firm’s ongoing, internal review supports its initial belief of financial exploitation.
      • Extension of Hold: Upon the request of the Securities Commissioner or Adult Protective Services the firm can extend the hold for an additional 10 business days for a total of 25 business days. A court of competent jurisdiction may enter an order extending the delay of the disbursement of funds or may order other protective relief upon application by the agencies listed above, the firm that initiated the delay or any other interested party.
    • Immunity: A firm receives immunity from administrative and civil liability when making a report in good faith and with reasonable care.[7]
  • Required Training: No.

Adult Protective Services Statute 

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: Any person who is 18 or older and is found to be in a situation or condition that poses a danger to himself/herself and demonstrates a lack of capacity to understand the situation; see statute for additional criteria.
  • Reporting: Mandatory for an employee of a financial institution[8] to immediately report if he/she has reasonable cause to suspect that a vulnerable adult has been subject of exploitation.[9]
    • Manner of Reporting: Adult Protective Services can be contacted by phone at 1-800-482-8049.
    • Contents of Report: Not specified.
  • Immunity: A person who makes a report in good faith shall have immunity from civil or criminal liability.[10] 
  • Required Training: No.

[1] Ark. Code § 23-42-309(a)(2).

[2] Ark. Code § 23-42-309(b).

[3] Ark. Code § 23-42-309(b)(2).

[4] Ark. Code § 23-42-309(b)(3)(A).

[5] Ark. Code § 23-42-309(b)(3)(C).

[6] Ark. Code § 23-42-309(c).

[7] Ark. Code § 23-42-309(c)(4).

[8] The term “financial institution” is not defined in the statute.

[9] Ark. Code § 12-12-1708(a)(1).

[10] Ark. Code § 12-12-1713.



California

Back To Main Map

Adult Protective Services Statute 

  • Included Firms: Broker-dealers and state-registered investment advisers.
  • Protected Class: Any person residing in California that is 65 years of age or older[1]; or any person between the ages of 18 and 64 years who resides in California and who has physical or mental limitations that restrict his or her ability to carry out normal activities or to protect his or her rights, including, but not limited to, persons who have physical or developmental disabilities, or whose physical or mental abilities have diminished because of age; See statute for additional criteria.[2]
  • ReportingMandatory for a broker-dealer or investment adviser (1) who has direct contact with the adult or who reviews or approves the adult’s financial documents, records, or transactions, and (2) who, within the scope of their employment or professional practice, has observed or has knowledge of an incident that is directly related to the transaction that reasonably appears to be financial abuse, or who reasonably suspects that abuse, based solely on the information before them at the time of reviewing or approving the document, record, or transaction, to report the known or suspected instance of financial abuse to the local adult protective services agency, the local law enforcement agency, and the Department of Business Oversight (the "Agencies"). See statute for additional criteria.[3]
    • Timing: The report should be made “immediately, or as soon as practicably possible” after the firm develops a reasonable belief of financial abuse.
    • Manner of Reporting: The report should first be made by telephone[4], followed by a written report using the provided form within 2 working days to the local adult protective services agency, local law enforcement and the Department of Business Oversight.[5]
    • Contents of Report: The contents of the report can be found in the form above.
    • Right to Agency Investigation Status: The Agencies may disclose to the firm, upon request, the general status or final disposition of any investigation that arose from a mandatory report made by the firm.
    • Immunity: None.
  • Third Party Disclosures
    • ReportingPermissive disclosure by a firm to any trusted contact person who had previously been designated by the adult.[6]
    • Immunity: A firm receives immunity from administrative and civil liability when making a disclosure with professional judgment.[7]
  • Disbursement and Transaction HoldPermissive, if the firm, after an initial review, reasonably believes that a disbursement or transaction may result in financial abuse.[8] 
    • Written Notification with Reason for Hold: Immediately, but not more than 2 business days after the hold, to all parties authorized to conduct business on the account and the Agencies. The firm should provide any relevant updates of its internal review to the Agencies.
    • Length of Hold: The temporary hold may last up to 15 business days provided (i) the firm’s ongoing, internal review supports its initial belief of financial exploitation; and (ii) the hold is not terminated before then by the Agencies or court order. If the firm seeks to terminate the hold prior to 15 business days, it must consult with the Agencies and receive no objection. 
      • Extension of Hold: The Agencies can authorize the firm to extend the hold for an additional 10 business days for a total of 25 business days. The local adult protective services agency, the firm or any interested person may petition the court for an order extending the hold.
    • Immunity: A firm receives immunity from administrative and civil liability when holding a disbursement or transaction in good faith and with reasonable care.[9]
  • Required Training: No.

Financial Exploitation Statute: The report and hold law is found in the above statute.


[1] Cal. Wel. & Inst. Code § 15610.27.

[2] Cal. Wel. & Inst. Code § 15610.23.

[3] Cal. Wel. & Inst. Code § 15630.2(b).

[4] Although not specified by statute, the form provided by the Department of Business Oversight implies that the initial telephone report should be made to the local adult protective services agency.

[5] The Department of Business Oversight can be contacted by e-mail at askdbo@dbo.ca.gov or by phone at 1-866-275-2677.

[6] Cal. Wel. & Inst. Code § 15630.2(h)(1).

[7] Cal. Wel. & Inst. Code § 15630.2(h)(2).

[8] Cal. Wel. & Inst. Code § 15630.2(j).

[9] Cal. Wel. & Inst. Code § 15630.2(j)(4).

Colorado

Back To Main Map

Financial Exploitation Statute

  • Included Firms: Broker-dealers and state-registered investment advisers.
  • Protected Class: 70 years of age or older; or 18 years of age or older and susceptible to mistreatment or self-neglect because the individual is unable to perform or obtain services necessary for his or her health, safety, or welfare; see statute for additional criteria.[1]
  • ReportingMandatory for any sales representative, investment adviser representative, or person who serves in a supervisory, compliance, or senior investor protection capacity for a broker-dealer or investment adviser ("Qualified Individual") to report to the Commissioner of Securities if the Qualified Individual reasonably believes that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted.[2]
    • Timing: The report should be made “promptly” after the Qualified Individual develops a reasonable belief of financial exploitation.
    • Manner of Reporting: A form is available online that should be submitted by e-mail to dora_securitieswebsite@state.co.us or by fax to 303-861-2126.
    • Contents of Report: The contents of the report can be found in the form above.
    • Right to Agency Investigation Status: No.
    • Immunity: A Qualified Individual receives immunity from administrative and civil liability when making a report in good faith and with reasonable care.[3]
  • Third Party Disclosures
    • Reporting: Permissive disclosure by a Qualified Individual to any third party previously designated by or reasonably associated with the protected adult.[4]
    • Immunity: A Qualified Individual receives immunity from administrative and civil liability when making a disclosure in good faith and with reasonable care.[5]
  • Disbursement Only HoldPermissive, if the firm, after an internal review, reasonably believes that a disbursement may result in financial exploitation.[6]
    • Written Notification with Reason for Hold: Immediately, but not more than 2 business days after the requested disbursement to parties authorized to transact business on the account and the Commissioner of Securities.  Within 7 days after the requested disbursement the firm should report any additional results of its internal review to the Commissioner of Securities.
    • Length of Hold: The temporary hold may last up to 15 business days provided (i) the firm's ongoing, internal review supports its initial belief of financial exploitation; and (ii) the hold is not terminated before then by the Commissioner of Securities or court order.[8]
      • Extension of Hold: The Commissioner of Securities can authorize the firm to extend the hold for an additional 10 business days for a total of 25 business days.  A court of competent jurisdiction may enter an order extending the delay of the disbursement of funds or may order other protective relief based on the petition of the Commissioner of Securities, protective services for eligible adults, the firm that initiated the delay or any other interested party.
    • Immunity: A firm receives immunity from administrative and civil liability when holding a disbursement in good faith and with reasonable care.[7]
  • Required Training: No.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: 70 years of age or older or 18 years of age or older with an intellectual and developmental disability; see statute for additional criteria.
  • Reporting: Firms are not required to report suspected financial exploitation to a law enforcement agency.  However, firms that report are immune from any criminal or civil liability that might otherwise be incurred or imposed as a result of the report.[8]
    • Manner of Reporting: The report should be made to the Adult Protective Services intake number for the county department of human services where the at-risk adult lives.
    • Contents of Report: At a minimum, a reporter should have the following information: (1) name and address of the at-risk adult; (2) a description of the alleged mistreatment and the situation; (3) the nature and extent of any injury; (4) the identity of the alleged perpetrator.
  • Immunity: A firm that makes a report in good faith is immune from damages in any civil action or criminal prosecution.
  • Required Training: No.

[1] Colo. Rev. Stat. § 11-51-1002(2).

[2] Colo. Rev. Stat. § 11-51-1003(1).

[3] Colo. Rev. Stat. § 11-51-1003(2).

[4] Colo. Rev. Stat. § 11-51-1004(1).

[5] Colo. Rev. Stat. § 11-51-1004(3).

[6] Colo. Rev. Stat. § 11-51-1005.

[7] Colo. Rev. Stat. § 11-51-1005(4).

[8] Colo. Rev. Stat. § 18-6.5-108(3).

Connecticut

Back To Main Map

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: Any resident of Connecticut who is 60 years of age or older.
  • ReportingPermissive for all persons to report in any reasonable manner to the Department of Social Services Protective Services for the Elderly (the "Department") not later than 72 hours after one has reasonable cause to suspect or believe that an elderly person has been exploited or is in need of protective services.[1]
    • Manner of Reporting: Any reasonable manner. An optional reporting form is available.
    • Contents of Report: (i) the name and address of the involved elderly person; (ii) information regarding the nature and extent of the abuse, neglect, exploitation or abandonment; and (iii) any other information which the reporter believes might be helpful in an investigation.
  • Immunity: Any person who makes a report is immune from any resulting civil or criminal liability.[2]
  • Required TrainingMandatory training for registered representatives and investment adviser representatives who have direct contact with an elderly person within the scope employment or who review or approve an elderly person's financial documents, records or transactions to detect financial fraud, exploitation and financial abuse of an elderly person.[3]
    • Training must be completed within six months of employment.
    • Employees may utilize the module available on the Commission on Women, Children and Seniors portal to fulfill the training requirement. 

[1] Conn. Gen. Stat. § 17b-451(c).  The Department must disclose the results of its investigation to the firm within 45 days after its completion of the investigation.

[2] Conn. Gen. Stat. § 17b-451(d)(1).

[3] Conn. Gen. Stat. § 17b-463.

Delaware

Back To Main Map

Financial Exploitation Statute

  • Included Firms: Broker-dealers and state-registered investment advisers.
  • Protected Class: Any person who is 62 years of age or older; or a person 18 years of age or older who, because of mental illness or physical or mental disability, is easily susceptible to abuse, neglect, mistreatment, intimidation, manipulation, coercion or exploitation; see statute for additional criteria.[1]
  • ReportingMandatory for any agent, broker-dealer, investment adviser, investment adviser representative or person who serves in a supervisory, compliance, or legal capacity for a broker-dealer or investment adviser ("Qualified Individual") to report to the Fraud & Consumer Protection Division and the Delaware Department of Health and Social Services, if the Qualified Individual has a reasonable belief that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted.[2]
    • Timing: The report should be made “promptly” but in no event more than five business days after the suspicion of financial exploitation.
    • Manner of Reporting:
    • Contents of Report: The contents of the report can be found in the form above.
    • Right to Agency Investigation Status: No.
    • Immunity: A Qualified Individual receives immunity from administrative and civil liability when making a report in good faith and with reasonable care.[3]
  • Third Party Disclosures
    • Disclosure: Permissive disclosure by a Qualified Individual to any third party previously designated by the adult or as otherwise permitted by existing law, rule or regulation.[4] 
    • Immunity: A Qualified Individual receives immunity from administrative and civil liability when making a report in good faith and with reasonable care.[5]
  • Disbursement Only HoldPermissive if the firm, after an internal review, reasonably believes that a disbursement may result in financial exploitation.[6]
    • Written Notification with Reason for Hold: Immediately, but not more than 2 business days after the requested disbursement is held to all parties authorized on the account, the Fraud & Consumer Protection Division and the Delaware Department of Health and Social Services.  The firm should, as necessary, provide a status report to the agencies above. 
    • Length of Hold: The temporary hold may last up to 10 business days provided (i) the firm’s internal review supports its belief of financial exploitation; and (ii) the hold is not terminated by the Fraud & Consumer Protection Division or a court.
      • Extension of Hold: The Fraud & Consumer Protection Division can authorize the firm to extend the hold for an additional 30 business days for a total of 40 business days.  The hold can be terminated or extended by the Investor Protection Director or an order of the court.
    • Immunity: A firm receives immunity from administrative and civil liability when holding a disbursement in good faith and with reasonable care.[7]
  • Required Training: No.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: Any person 18 years of age or over who, because of physical or mental disability, is substantially impaired in the ability to provide adequately for the person’s own care and custody; or a person for whom a guardian of person or property, or both, shall be appointed; see statute for additional criteria.
  • ReportingMandatory for any person to report to the Delaware Department of Health and Social Services if the person has reasonable cause to believe that an adult person is impaired or incapacitated and is in need of protective services.[8]
    • Manner of Reporting: Reports can be made to Adult Protective Services by calling the Aging and Disability Resource Center at 1-800-223-9074.
    • Content of Reports: None specified. 
  • Immunity: A person who makes a report is immune from any civil, administrative or criminal liability.[9]
  • Required Training: None.

[1] 6 Del. Code § 73-103(5).

[2] 6 Del. Code § 73-307(a).

[3] 6 Del. Code § 73-307(e).

[4] 6 Del. Code § 73-307(b).

[5] 6 Del. Code § 73-307(e).

[6] 6 Del. Code § 73-307(c).

[7] 6 Del. Code § 73-307(e).

[8] 6 Del. Code § 3910(a).

[9] 6 Del. Code § 3910(d).

District of Columbia

Back To Main Map

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.[1]
  • Protected Class: An individual 18 years of age or older who is highly vulnerable to abuse, neglect, self-neglect, or exploitation because of a physical or mental impairment, self-neglect, or incapacity; see statute for additional criteria.[2]
  • ReportingMandatory for financial managers to report to the Department of Human Services if the financial manager has substantial cause to believe the vulnerable adult is in need of protective services because of abuse, neglect or exploitation by another; see statute for additional criteria.[3]
    • Timing: Report should be made immediately after the financial manager has substantial cause to believe vulnerable adult is in need of protective services.
    • Manner of Reporting: Should be by  phone at 202-541-3950.
    • Content of Reports: (i) the name, age, physical description, and location of the adult alleged to be in need of protective services; (ii) the name and location of the person(s) allegedly responsible for the abuse, neglect, or exploitation; (iii) the nature and extent of the abuse, neglect, self-neglect, or exploitation; (iv) the basis of the reporter’s knowledge; (v) and any other information the reporter believes might be helpful to an investigation.
  • Immunity: Any person who reports exploitation in good faith is immune from civil or criminal liability.[4]
  • Required Training: No.

[1] D.C. Code § 7-1903(a)(1). 

[2] D.C. Code § 7-1901(2)(A).

[3] D.C. Code § 7-1903(a)(1), (c).  The term "financial manager" is not defined in the statute.

[4] D.C. Code § 7-1908.

Financial Exploitation Statute [Legislation Pending][1]

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: A person 18 years of age or older whose ability to perform the normal activities of daily living or to provide for his or her own care or protection is impaired due to a mental, emotional, sensory, long-term physical, or developmental disability or dysfunction, brain damage, or the infirmities of aging.[1]
  • ReportingMandatory for all persons to immediately report to the central abuse hotline if one has reasonable cause to suspect that a vulnerable adult has been or is being abused, neglected, or exploited.[2]
    • Timing: the report shall be made immediately.[3]
    • Manner of Reporting: Hotline can be accessed through phone at 1-800-962-2873, or web reporting
    • Contents of Report: Report must contain: (1) name, age, race, sex, physical description, and location of each victim alleged to have been abused, neglected, or exploited; (2) names, addresses, and telephone numbers of the victim’s family members; (3) name, address, and telephone number of each alleged perpetrator; (4) name, address, and telephone number of the caregiver of the victim, if different from the alleged perpetrator; (5) name, address, and telephone number of the person reporting the alleged abuse, neglect, or exploitation; (6) description of the physical or psychological injuries sustained; (7) actions taken by the reporter, if any, such as notification of the criminal justice agency; and (8) any other information available to the reporting person which may establish the cause of abuse, neglect, or exploitation that occurred or is occurring.
    • Immunity: Any person who makes a report or participates in a judicial proceeding in good faith is immune from any liability, civil or criminal, that otherwise might be incurred or imposed.[3]
  • Required Training: No.

[1] HB 813/ SB 1672. Legislation pending. The Florida Senate joined the Florida House of Representatives in passing report and hold legislation that is designed to protect senior and vulnerable adult investors from financial exploitation. The Florida Senate voted in favor of the legislation by a unanimous vote of 38-0.

[2] Fla. Stat. § 415.102(28).

[3] Fla. Stat. § 415.1034(8)(a)-(b).

[4] Fla. Stat. § 415.1034(1)(a)(8).

[5] Fla. Stat. § 415.1036(a)

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.[1]
  • Protected Class: A person 65 years of age or older who is not receiving treatment or care in a long-term care facility; or a person 18 or older who is mentally or physically incapacitated; see statute for additional criteria.[2]
  • ReportingMandatory for any employee of an "investment company" to report to (i) the Division of Aging Services and (ii) to an appropriate law enforcement agency or the prosecuting attorney, if the firm has a reasonable basis for suspecting exploitation of a vulnerable adult; see statute for additional criteria.[3]
    • Timing: Not specified.
    • Manner of Reporting: May be made by telephone (1-866-552-4464) or through a  web form.[4] 
    • Contents of Report: Report shall include (i) the name and address of the disabled adult or elder person and should include the name and address of the disabled adult's or elder person's caretaker; (ii) the age of the disabled adult or elder person; (iii) the nature and extent of the disabled adult's or elder person's injury or condition resulting from abuse, exploitation, or neglect; and (iv) other pertinent information.
  • Immunity: A person who makes a report is immune from any resulting civil or criminal liability.[5]
  • Required Training: No.

[1] Ga. Code. § 30-5-3(11).

[2] Ga. Code. § 30-5-3(6).

[3] Ga. Code. § 30-5-4(a)(1)(B), (b)(1)(A); “Investment company” is defined as an individual or a corporation, a partnership, an LLC, a joint-stock company, a trust, a fund, or any organized group of persons whether incorporated that: (a) are engaged or propose to engage in the business of effecting transactions in securities; (b) are engaged or propose to engage in the business of issuing securities, or have been engaged in such business and have any certificates outstanding; or (c) are engaged or hold itself out to be in the business of advising others, either directly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation and as a part of a regular business, issue or promulgate analysis or reports concerning securities. Ga. Code. Ann. § 30-5-3(11).

[4] A firm that makes a report can make a request to the department to know if the report has been received, whether an investigation has been opened and whether the investigation remains open or has been closed.  The Department must respond within 5 business days.  If the firm requires additional information, it must get a court order.  Ga. Code. § 30-5-4(a).

[5] Ga. Code. § 30-5-4(c).

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: A person 18 years of age or older who, because of mental, developmental, or physical impairment, is unable to (1) communicate or make responsible decisions to manage the person's own care or resources; (2) carry out or arrange for essential activities of daily living; or (3) protect oneself from abuse.[1]
  • ReportingPermissive for all persons to report to the Department of Human Services if one has reason to believe that a vulnerable adult (1) has incurred abuse or (2) is in danger of abuse if immediate action is not taken.[2]
    • Manner of Reporting: Report by phone (1-808-832-5115). 
    • Contents of Report: Not specified. 
  • Immunity: A person who makes a report is immune from any resulting civil or criminal liability.[3]
  • Required Training: No.

[1] Haw. Rev. Stat. § 346-222.

[2] Haw. Rev. Stat. § 346-224(d).  

[3] Haw. Rev. Stat. § 346-250.  

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: A person 18 years of age or older who is unable to protect himself from exploitation due to a physical or mental impairment which affects the person's judgment or behavior to the extent that he lacks sufficient understanding or capacity to make, communicate, or implement decisions regarding his person; see statute for additional criteria.[1]
  • ReportingPermissive for any firm employee to report to the Idaho Commission on Aging or its contractors if the firm employee has reasonable cause to believe a vulnerable adult is being abused, neglected, or exploited.[2]
    • Manner of Reporting: Financial institutions can make a report online
    • Contents of Report: None specified.
  • Immunity: A person who makes a report in good faith is immune from any resulting civil or criminal liability.[3]
  • Required Training: No.

[1] Idaho Code § 39-5302(10).

[2] Idaho Code § 39-5303(3).

[3] Idaho Code § 39-5303(5).

Illinois

Back To Main Map

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: An adult aged 18–59 with disabilities; or a person aged 60 or older who is, or is alleged to be, abused, neglected, or financially exploited by another individual or who neglects himself or herself.[1]
  • Reporting
    • Mandatory for any person to report to the Department on Aging of the State of Illinois if one suspects abuse, neglect, financial exploitation or self-neglect of a vulnerable adult and the vulnerable adult is unable to seek assistance for himself/herself.
    • Permissive for any person to report to the Department on Aging of the State of Illinois if one suspects abuse, neglect, financial exploitation, or self-neglect of a vulnerable adult.[2]
      • Manner of Reporting: By phone at 1-866-800-1409 or 1-888-206-1327.
      • Contents of Report: The reporter should be prepared to discuss, (1) the victim’s name, address, telephone number, sex, age and general condition; (2) the abuser’s name, sex, age and relationship to the victim; (3) the circumstances surrounding the alleged financial exploitation; (4) whether the reporter believes the client could make a report themselves. See the linked website above for additional criteria.
  • Immunity: A person who makes a report is immune from any resulting civil, criminal or other liability.[3] 
  • Required Training: No.

[1] 320 Ill. Comp. Stat. 20/2(e). This section does not apply to adults living in defined licensed facilities.

[2] 320 Ill. Comp. Stat. 20/4(a). 

[3] 320 Ill. Comp. Stat. 20/4(b).

Financial Exploitation Statute

  • Included Firms: Broker-dealers and state-registered investment advisers.
  • Protected Class: A person 65 years of age or older; or 18 or older who is incapable by reason of a mental or physical incapacity of managing or directing the management of the person’s property; see statute for additional criteria.[1]
  • ReportingMandatory for an individual associated with a broker-dealer or investment adviser who serves in a supervisory, compliance or legal capacity as part of the individual's job ("Qualified Individual") to report to Adult Protective Services and the Indiana Securities Commissioner,[5] if there is reason to believe that financial exploitation of a protected person has occurred, has been attempted, or is being attempted.[2]
    • Timing: Immediately after a reasonable belief of financial exploitation of a protected person.
    • Manner of Reporting:
      • Indiana Securities Commissioner: An online form is available.
      • Adult Protective Services: An online form is also available.  Reports to APS can also be made by phone to 1-800-992-6978.
    • Contents of Report: The contents of the reports can be found in the forms above.
    • Rights to Agency Investigation Status: No.
    • Immunity: A Qualified Individual receives immunity from administrative and civil liability when making a report in good faith.[3]
  • Third Party Disclosures
    • Disclosure: Permissive disclosure by a Qualified Individual, to the extent permitted under federal law, to the following individuals: (1) an immediate family member; (2) a legal guardian; (3) a conservator; (4) a trustee, co-trustee, or successor trustee of the account; (5) an agent under a power of attorney; (6) and any other person permitted under laws or the customer agreement.[4]
    • Immunity: A Qualified Individual receives immunity from administrative and civil liability when making a report in good faith.[5]
  • Disbursement Only Hold: Permissive, if the Qualified Individual reasonably believes that a disbursement from the account of a vulnerable adult may result in financial exploitation.[6]
    • Written or Oral Notification with Reason for Hold
      • Parties Authorized to Transact Business:  Not more than 2 business days the firm must make reasonable efforts to contact all parties authorized to transact business either (i) orally; (ii) electronic communication; or (iii) mail.
      • Agencies: Not more than 3 business days to Adult Protective Services and the Indiana Securities Commissioner.
    • Length of Hold: The temporary hold may last up to 15 business days provided (i) the firm's ongoing, internal review, supports its initial belief of financial exploitation; and (ii) hold is not terminated before then by court order.[10]
      • Extension of Hold: The Securities Commissioner is required to authorize the firm to extend the hold for an additional 15 business days for a total of 30 business days if the firm's internal review supports its initial belief of financial exploitation.  A court with competent jurisdiction may enter an order that extends a refusal of disbursement or provides for any other protective relief.
    • Immunity: A firm receives immunity from administrative and civil liability when holding a disbursement in good faith.[7]
  • Required Training: No.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: 18 years of age or older and incapable by reason of mental or physical incapacity of managing or directing the management of the individual’s property; see statute for additional criteria.[8]
  • ReportingMandatory for any individual to immediately report to Adult Protective Services or a law enforcement agency or the Division of Aging, if the individual has reason to believe that a vulnerable adult is harmed or threatened with harm as a result of exploitation of the vulnerable adult’s property.[9]
    • Manner of Reporting:
      • Adult Protective Services: An online form is available and reports can also be made to the state hotline at 800-992-6978.
      • Division of Aging: Reports to Division of Aging must be made by phone at 888-673-0002.
    • Contents of Report: Reports must include as much as is known of the following: (i) name, age, and address of the vulnerable adult; (ii) names and addresses of family members or other persons financially responsible for the vulnerable adult’s care or other individuals who may be able to provide relevant information; (iii) apparent nature and extent of the alleged neglect, battery, or exploitation and the vulnerable adult’s physical and mental condition; (iv)  name, address, and telephone number of the reporter and the basis of the reporter’s knowledge; (v) name and address of the alleged offender; and (vi) any other relevant information.
  • Immunity: A person who makes a report is immune from any resulting civil or criminal liability.10 
  • Required Training: No.

[1] Ind. Code § 23-19-4.1-2.1.

[2] Ind. Code § 23-19-4.1-6(a).  A Mandatory Reporter may also report to a law enforcement agency or the Division of Aging instead of Adult Protective Services.

[3] Ind. Code § 23-19-4.1-8.

[4] Ind. Code Ann. § 23-19-4.1-6(b).  The disclosure can only be made if a report is made to the Indiana Securities Commissioner and Adult Protective Services.

[5] Ind. Code § 23-19-4.1-8.

[6] Ind. Code § 23-19-4.1-7.

[7] Ind. Code § 23-19-4.1-8.

[8] Ind. Code § 12-10-3-2(a);  § 12-10-3-10(a).

[9] Ind. Code § 12-10-3-9(a).

[10] Ind. Code § 12-10-3-11.

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute 

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: A person 18 years of age or older who is unable to protect their own interests or unable to adequately perform or obtain services necessary to meet essential human needs; see statute for additional criteria.[1]
  • ReportingPermissive for all persons to report suspected financial exploitation of a vulnerable adult to the Department of Human Services.[2]
    • Manner of Reporting: Reports can be made to the Abuse Hotline at 1-800-362-2178.[3]
    • Contents of Report: None specified. 
  • Immunity: A person who makes a report in good faith is immune from any resulting civil or criminal liability.[4]
  • Required Training: No.

[1] Iowa Code § 235B.2(4).

[2] Iowa Code § 235B.3(5).

[3] Iowa’s Dependent Adult Protective Services specifically states that reports of abuse, neglect or exploitation should not be made by e-mail.

[4] Iowa Code § 235B.10.

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: A person 18 years of age or older alleged to be unable to protect their own interest and who is harmed or is threatened with harm, whether financial, mental or physical in nature; see statute for additional criteria.[1]
  • ReportingPermissive for all persons to report to the Kansas Department for Children and Families if one has reasonable cause to suspect or believe that a vulnerable adult is being or has been abused, neglected, exploited or is in need of protective services. Reports shall be made to law enforcement agencies when the Kansas Department for Children and Families is not in operation. see statute for additional criteria.[2]
  • Immunity: A person who makes a good faith report is immune from any resulting civil liability.[3]
  • Required Training: No.

[1] Kan. Stat. § 39-1430(a).

[2] Kan. Stat. § 39-1431(c).

[3] Kan. Stat. § 39-1432(a).

Kentucky

Back To Main Map

Financial Exploitation Statute: Broker-dealers and state-registered investment advisers have a mandatory reporting requirement under Kentucky’s Adult Protective Services statute. 

  • Included Firms: Broker-dealers and state-registered investment advisers.
  • Protected Class: 65 years or older; or 18 or older who a firm reasonably believes has a mental or physical impairment that renders the individual unable to protect his or her interests.[1]
  • ReportingPermissive for firms to report to the Cabinet for Health and Family Services and the Kentucky Department of Financial Institutions if the firm reasonably believes that financial exploitation has occurred, is occurring, has been attempted, or will be attempted.[2]
    • Timing: Not specified.
    • Manner of Reporting:
      • Cabinet for Health and Family Services: A form is available.  Reports can also be made by phone at 1-800-752-6200 or 1-800-752-6200.
      • Kentucky Department of Financial Institutions: By phone at 502-573-3390.
    • Contents of Report: Not specified. 
    • Rights to Agency Investigation Status: The Cabinet for Health and Family Services and the Kentucky Department of Financial Institutions may disclose to the firm the general status or final disposition of any investigation that arose from a report made by the firm, notwithstanding any provision of law to the contrary.
    • Immunity: A firm receives immunity from administrative and civil liability when making a report in good faith.[3]
  • Third Party Disclosures
    • Disclosure: Permissive disclosure to any reasonably associated third party or otherwise permitted by law.[4]
    • Immunity: A firm receives immunity from administrative and civil liability when making a disclosure in good faith.[5]
  • Transaction and Disbursement HoldPermissive, if the firm, after reporting the exploitation and an internal review, reasonably believes that a transaction or a disbursement may result in financial exploitation.[6]
    • Written Notification with Reason for Hold: Must be made no more than 2 business days after the hold to (i) persons authorized to transact business on the account and (ii) persons 18 and older authorized by the specified adult, in writing, to be contacted about the account.
    • Length of Hold: The temporary hold may last up to 15 business days provided (i) the firm’s ongoing, internal review supports its initial belief of financial exploitation; and (ii) the hold is not terminated before then by government agencies or court order.
      • Extension of Hold: The firm can extend the hold for an additional 10 business days for a total of 25 business days. At any time, an agency, including but not limited to the Cabinet for Health and Family Services and the Kentucky Department of Financial Institutions, or a court may terminate or extend the timeframe of the hold as described above.
  • Immunity: A firm receives immunity from administrative and civil liability when holding a transaction or disbursement in good faith.[7]
  • Required Training: No.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers, and SEC-registered investment advisers.
  • Protected Class: 18 years of age or older who, because of a physical or mental dysfunction, is unable to manage his or her own resources; see statute for additional criteria.[1]
  • ReportingMandatory for any person to immediately report to the Cabinet for Health and Family Services if the person has reasonable cause to believe that an adult has suffered abuse, neglect, or exploitation.[8]
    • Manner of Reporting: A form is available.  Reports can also be made by phone at 1-800-752-6200 or 1-800-752-6200.
    • Contents of Report: If known, individual must provide: (i) name and address of the adult, or of any other person responsible for adult's care; (ii) age of the adult; (iii) nature and extent of the abuse, neglect, or exploitation, including any evidence of previous abuse, neglect, or exploitation; (iv) identity of the perpetrator; (v) identity of the complainant; and (vi) any other helpful information to establish the cause of abuse, neglect, or exploitation.
  • Immunity: A person who makes a report with reasonable cause, in good faith, and within the scope of their authority is immune from any resulting civil or criminal liability.[9]
  • Required Training: No.

[1] Ky. Rev. Stat. § 365.245(d).

[2] Ky. Rev. Stat. § 365.245(2)(a)(1).

[3] Ky. Rev. Stat. § 365.245(7).

[4] Ky. Rev. Stat. § 365.245(2).

[5] Ky. Rev. Stat. § 365.245(7).

[6] Ky. Rev. Stat. § 365.245(3).

[7] Ky. Rev. Stat. § 365.245(7).

[8] Ky. Rev. Stat. § 209.030(2).

[9] Ky. Rev. Stat. § 209.050.

Louisiana

Back To Main Map

Financial Exploitation Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: 60 years of age or older, or 18 years of age or older or an emancipated minor who is unable to manage his own resources or protect himself from exploitation due to a physical, mental, or developmental disability; see statute for additional criteria.[1]
  • ReportingPermissive for any salesman, investment adviser representative, or person who serves in a supervisory, compliance, or other legal capacity for a broker-dealer or investment adviser ("Qualified Individual") to report if the Qualified Individual reasonably believes that financial exploitation may have occurred, may have been attempted, or is being attempted.[2]
    • Timing: Not specified.
    • Manner of Reporting:
      • If the account holder is 60 years of age or older, reports may be made to the Office of Elderly Affairs in the Office of the Governor and the Commissioner of Securities.
      • If the account holder is 18–59 years of age, reports may be made to the Louisiana Department of Health and Hospitals and the Commissioner of Securities. There is a joint reporting form available to fax to the Commissioner of Securities and the applicable adult protection agency.
    • Contents of Report: The contents of the report can be found in the form above.
    • Rights to Agency Investigation Status: None.
    • Immunity: A Qualified Individual receives immunity from administrative and civil liability when making a report in good faith and with reasonable care.[3]
  • Third Party Disclosures
    • Disclosure:  Permissive disclosure by the Qualified Individual to (i) any third party previously designated in writing by the vulnerable adult; or (ii) any other person permitted under existing law, rules, regulations, or customer agreement.[4]
    • Immunity: A Qualified Individual receives immunity from administrative and civil liability when making a disclosure in good faith and with reasonable care.[5]
  • Disbursement Only HoldPermissive, if the firm, after an internal review, reasonably believes that a disbursement may result in financial exploitation.[6]
    • Written Notification and Reason for Hold: The firm must meet one of the following criteria:
      • Immediately, but no more than 2 business days after the requested disbursement, notify all parties authorized to transact business on the account;
      • Immediately, but no more than 2 business days after the requested disbursement, notify the Office of Elderly Affairs in the Office of the Governor (for account holders 60 and older), the Louisiana Department of Health and Hospitals (for account holders younger than 60), and the Commissioner of Securities (for all account holders);
      • Continue its internal review of the suspected financial exploitation and, as necessary, report the investigation results to the agencies above within 7 business days after the requested disbursement.
  • Length of Hold: The temporary hold may last up to 15 business days provided (i) the firm’s ongoing, internal review supports its initial belief of financial exploitation; and (ii) the investigation is not terminated before then by government agencies or court order.
    • Extension of Hold: Government agencies can authorize the firm to extend the hold for an additional 10 business days for a total of 25 business days.  A court of competent jurisdiction can enter an order extending the hold or other protective measures on the petition of the Commissioner of Securities, adult protective services, the firm or any other interested party.
  • Immunity: A dealer, investment advisor or qualified individual receives immunity from administrative and civil liability when holding a disbursement in good faith and with reasonable care.[7]
  • Required Training: No.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: An individual 18 years of age or older or an emancipated minor who is unable to manage his own resources or protect himself from exploitation due to a physical, mental, or developmental disability; see statute for additional criteria.
  • ReportingMandatory for any person to report if the person has cause to believe that a vulnerable adult’s physical or mental welfare has been or may be adversely affected by abuse, neglect, or exploitation.[8]
    • Manner of Reporting:
    • Contents of Report: (i) name and address of the adult; (ii) name and address of the person responsible for the adult, if available; and (iii) any other pertinent  information. Report does not need to include the name of the suspect.
  • Immunity: A person who makes a report in good faith is immune from any resulting civil or criminal liability.
  • Required Training: No.

[1] La. Rev. Stat. § 51:732(3).

[2] La. Rev. Stat. § 51:733(A)(1).

[3] La. Rev. Stat. § 51:733(A)(2).

[4] La. Rev. Stat. § 51:734(A).

[5] La. Rev. Stat. § 51:734(C).

[6] La. Rev. Stat. § 51:735.

[7] La. Rev. Stat. § 51:735(D).

[8] La. Rev. Stat. § 15:1504(A).

[9] La. Rev. Stat. § 15:1504(B).

Financial Exploitation Statute

  • Included Firms: Broker-dealers and state-registered investment advisers
  • Protected Class: Any person 65 years of age or older; or 18 years of age or older with a physical or mental condition that substantially impairs the adult's ability to adequately provide for that adult's daily needs or effectively manage or apply that individual's estate to necessary ends; see statute for additional criteria.[1]
  • ReportingRequired for an agent, investment adviser representative or individual who serves in a supervisory, compliance or legal capacity for a broker-dealer or investment adviser ("Qualified Individual") to report to the Department of Health and Human Services and the Securities Administrator if the Qualified Individual reasonably believes that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted.[2]
    • Timing: The report must be made promptly after the Qualified Individual develops a reasonable belief of financial exploitation.
    • Manner of Reporting:
      • Department of Health and Human Services: Reports can be made using an online form.
      • Securities Administrator: Reports can be made by calling 1-877-624-8551.
    • Contents of Report: The contents of the report to the Department of Health and Human Services can be found in the form above.
    • Rights to Agency Investigation Status: No.
    • Immunity: A Qualified Individual receives immunity from administrative and civil liability when making a report in good faith and with reasonable care.[3]
  • Third-Party Disclosures
    • Disclosure: Permissive to any third party previously designated by the adult.[4]
    • Immunity: A Qualified Individual receives immunity from administrative and civil liability when making a disclosure in good faith and with reasonable care.[5]
  • Disbursement Only HoldPermissive for the firm or Qualified Individual to place a temporary hold, if the qualified individual, (i) reasonably believes, after an initial review, reasonably believes that a disbursement may result in financial exploitation.[6]
    • Written Notification and Reason for Hold: Within 2 business days to all parties authorized on the account, the Department of Health and Human Services and the Securities Administrator. 
    • Length of Hold: The temporary hold may last up to 15 business days unless (i) the firm determines that the disbursement will not result in financial exploitation or (ii) the investigation is terminated before then by Department of Health and Human Services, the Securities Administrator or a court.
      • Extension of Hold: Department of Health and Human Services and the Securities Administrator can authorize the firm to extend the hold for an additional 10 business days for a total of 25 business days. Department of Health and Human Services the Securities Administrator, the firm or another interested person may petition the court for an order extending the hold.
    • Immunity: A firm receives immunity from administrative and civil liability when holding a disbursement in good faith and with reasonable care.[7]
  • Required Training: No

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: 18 years of age or older with a physical or mental condition that substantially impairs the adult's ability to adequately provide for that adult's daily needs or effectively manage or apply that individual's estate to necessary ends; see statute for additional criteria.
  • ReportingPermissive for any person to report to the Department of Health and Human Services if the person has reasonable cause to suspect that a vulnerable adult has been or is at substantial risk of abuse, neglect, or exploitation.[8]
    • Manner of Reporting: Firms can use an optional online form or call 1-800-624-8404.
    • Contents of Report: None specified.
  • Immunity: A firm that makes a report is immune from any resulting civil liability.[9]
  • Required Training: No.

[1] 32 M.R.S. § 16801(1).

[2] 32 M.R.S. § 16802.

[3] 32 M.R.S. § 16803.

[4] 32 M.R.S. § 16804.

[5] 32 M.R.S. § 16805.

[6] 32 M.R.S. § 16806.

[7] 32 M.R.S. § 16807.

[8] 22 M.R.S. § 3479.

[9] 22 M.R.S. § 3479-A.

Maryland

Back To Main Map

Financial Exploitation Statute

  • Included Firms: Broker-dealers and state-registered investment advisers.
  • Protected Class: 65 years of age or older; or an adult who lacks the physical or mental capacity to provide for the adult’s daily needs; see statute for additional criteria.[1]
  • ReportingMandatory for the firm or an agent, investment adviser representative, or a person who serves in a supervisory, compliance, or legal capacity for the firm ("Qualified Individual") to report to the Securities Commissioner of the Division of Securities and the local health department after the firm or the Qualified Individual develops a reasonable belief of financial exploitation or that the vulnerable adult has been, is currently or will be subject to financial exploitation or attempted exploitation.[2]
    • Timing: Within 5 days after the firm or the Qualified Individual develops a reasonable belief of financial exploitation or immediately upon confirmation of financial exploitation if it is within the 5 day window.
    • Manner of Reporting:
      • Securities Commissioner: Reports to the Securities Commissioner should be made by phone to 410-576-7050.
      • Local Health Department: The contact information for the local health department is found in the link above.
    • Contents of Report: Not specified.
    • Rights to Agency Investigation Status: No.
    • Immunity: A firm or Qualified Individual receives immunity from administrative and civil liability when making a report in good faith and with reasonable care.[3]
  • Third Party Disclosures:
    • DisclosurePermissive for the Qualified Individual to disclose to (i) third parties previously designated by the eligible adult and (ii) any other third party permitted under state and federal law or the rules of a self-regulatory organization.[4]
    • Immunity: A firm or Qualified Individual receives immunity from administrative and civil liability when making a disclosure in good faith and with reasonable care.[5]
  • Disbursement Only HoldPermissive, if the firm, after an internal review, reasonably believes that a disbursement may result in financial exploitation.[6]
    • Written Notification with Reason for Hold: No more than 2 business days after the requested disbursement to parties authorized to transact business on the account, the Securities Commissioner of the Division of Securities and the local health department.  The firm should provide a status report of its internal review on the request of the Commissions or local health department.
    • Length of Hold: The temporary hold may last up to 15 business days after the initial refused disbursement provided (i) the firm’s ongoing, internal review supports its initial belief of financial exploitation; and (ii) the hold is not terminated before then by the Securities Commissioner, local health department or a court order.
      • Extension of Hold: The Securities Commissioner or a local health department can authorize the firm to extend the hold for an additional 10 business days for a total of 25 business days.  The hold can be extended or terminated by the Securities Commissioner, the local health department or a court of competent jurisdiction.
    • Immunity: A firm receives immunity from administrative and civil liability when holding a disbursement in good faith and with reasonable care.[7]
  • Required Training: No.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: An adult who lacks the physical or mental capacity to provide for the adult’s daily needs; see statute for additional criteria.
  • ReportingPermissive for any individual to report to the local health department if the individual has reason to believe that a vulnerable adult has been subjected to exploitation.[8]
    • Manner of Reporting: The contact information for the local health department is in the above link.  Reports can be made orally or in writing. 
    • Contents of Report: If reasonably possible, (i) the name, age, and home address of the vulnerable adult; (ii) name and home address of the person responsible for the care of the vulnerable adult; (iii) whereabouts of the vulnerable adult; (iv) nature of the alleged vulnerable adult's incapacity; (v) nature and extent of the abuse, neglect, self-neglect, or exploitation of the vulnerable adult, including evidence or information available to the reporter concerning previous injury possibly resulting from abuse, neglect, self-neglect, or exploitation; and (vi) any other information that would help to determine  the cause of the suspected abuse, neglect, self-neglect, or exploitation; and the identity of anyone responsible for the abuse, neglect, self-neglect, or exploitation.
  • Immunity: A person who makes a report is immune from any resulting civil liability.[9]
  • Required Training: No.

[1] Md. Code Corps & Ass’ns § 11-307(a)(2).

[2] Md. Code Corps & Ass’ns § 11-307(b)(1)(I).

[3] Md. Code Corps & Ass’ns § 11-307(e)(1).

[4] Md. Code Corps & Ass’ns § 11-307(b)(1)(II).

[5] Md. Code Corps & Ass’ns § 11-307(e)(1).

[6] Md. Code Corps. & Ass’ns § 11-307(c) and (d).

[7] Md. Code Corps. & Ass’ns § 11-307(e)(2).

[8] Md. Code Fam. Law § 14-302(c).

[9] Md. Code Fam. Law § 14-309.

Massachusetts

Back To Main Map

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: A person 60 years of age or over.[1]
  • ReportingPermissive for any person to report to the Department of Elder Affairs if the person has reasonable cause to believe that an elderly adult is suffering from or has died as a result of abuse.[2]
    • Manner of Reporting: Reporting is available by phone (800-922-2275) or by online form.
    • Contents of Report: Not specified. 
  • Immunity: A person who makes a report in good faith is immune from any resulting civil or criminal liability.[3]
  • Required Training: No.

[1] Mass. Gen. Laws ch. 19A, § 14.

[2] Mass. Gen. Laws ch. 19A, § 15(c). 

[3] Mass. Gen. Laws ch. 19A, § 15(d).

Michigan

Back To Main Map

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: A person 18 years of age or older who is unable to protect himself or herself from abuse, neglect or exploitation and is suspected of being exploited.[1]
  • ReportingPermissive for any person to report to the Department of Social Services of the county in which the abuse, neglect or exploitation of the vulnerable adult is suspected to have occurred.[2]
    • Manner of Reporting: Reports should be filed by phone at 855-444-3911. The contact information for the applicable County Department of Social Services is found in the link above.
    • Contents of Report: Report shall contain (i) name of the adult and a description of the abuse, neglect, or exploitation; (ii) if possible, adult’s age and the names and addresses of the adult’s guardian or next of kin, and of the persons with whom the adult resides, including their relationship to the adult; and (iii) other information available to the reporting person that may establish the cause of the abuse, neglect, or exploitation and the manner in which the abuse, neglect, or exploitation occurred or is occurring.
  • Immunity: A person who makes a report in good faith is immune from any resulting civil liability.[3]
  • Required Training: No.

[1] Mich. Comp. Laws § 400.11(b), (f).

[2] Mich. Comp. Laws § 400.11a(3).

[3] Mich. Comp. Laws § 400.11c.

Minnesota

Back To Main Map

Financial Exploitation Statute

  • Included Firms: Broker-dealers and state registered investment advisers.
  • Protected Class: Any person 65 years of age or older; or 18 years of age or older who possesses a physical or mental infirmity that impairs the individual's ability to provide adequately for the individual's own care without assistance; see statute for additional criteria.[1]
  • ReportingPermissive for the firm to report to the Commissioner of Commerce or the Department of Human Services if the firm reasonably believes that financial exploitation of a vulnerable adult may have occurred, may have been attempted or is being attempted.[2]
    • Timing: The report should be made “promptly” after the firm develops a reasonable belief of financial exploitation.
    • Manner of Reporting:
      • Department of Human Services: The report should be made by phone to the Minnesota Adult Abuse Reporting Center by phone at 1-844-880-1574.
      • Commissioner of Commerce: A form is provided to report senior financial exploitation.
    • Contents of Report: The contents of the report to the Commissioner of Commerce are found above.
    • Right to Agency Investigation Status: No.
    • Immunity: A firm receives immunity from administrative and civil liability when making a report in good faith.[3]
  • Third Party Disclosures:
    • Disclosure: Permissive disclosure to (i) third parties previously designated by the adult or (ii) any other third party permitted under state or federal law or rule, rules of a self-regulatory organization, or customer agreement.[4]
    • Immunity: A firm receives immunity from administrative and civil liability when making a disclosure in good faith.[5]
  • Disbursement and Transaction HoldMandatory, if provided information of potential financial exploitation by the Commerce Department, a law enforcement agency or prosecutor. Permissive, if the firm, after an internal review, reasonably believes that a disbursement or transaction may result in financial exploitation.[6] 
    • Written Notification with Reason for Hold: Immediately, but no more than 2 business days after the hold to account holders, the Commissioner of Commerce, and the Department of Human Services.
    • Length of Hold: The temporary hold may last up to 15 business days provided (i) the firm’s ongoing, internal review supports its initial belief of financial exploitation and (ii) the investigation is not terminated before then by government agencies.
      • Extension of Hold: The firm can extend the hold for an additional 10 business days for a total of 25 business days.  Government agencies can also request that the firm to extend the hold for an additional 10 business days.  The hold can be terminated or extended by the Commissioner of Securities, a law enforcement agency, lead investigative agency, the prosecuting attorney's office, or an order of the court.[7]
    • Immunity: A firm receives immunity from administrative and civil liability when making a hold in good faith.[8]
  • Required Training: No.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: Any person 18 years of age or older who possesses a physical or mental infirmity that impairs the individual's ability to provide adequately for the individual's own care without assistance; see statute for additional criteria.
  • ReportingPermissive for any person to report to the Department of Human Services if the person has reason to believe a vulnerable adult is being or has been maltreated.[9]
    • Manner of Reporting: The report should be made by phone to the Minnesota Adult Abuse Reporting Center by phone at 1-844-880-1574.[10]
    • Contents of Report: To the extent possible, the report must be of sufficient content to identify the vulnerable adult, the caregiver, the nature and extent of the suspected maltreatment, any evidence of previous maltreatment, the name and address of the reporter, the time, date, and location of the incident, and any other information that the reporter believes might be helpful in investigating the suspected maltreatment.
  • Immunity: A person who makes a report in good faith is immune from any civil or criminal liability that might otherwise result from making the report.[11]
  • Required Training: No.

[1] Minn. Stat. § 45A.01.

[2] Minn. Stat. § 45A.02.

[3] Minn. Stat. § 45A.03.

[4] Minn. Stat. § 45A.04.

[5] Minn. Stat. § 45A.05.

[6] Minn. Stat. § 45A.06.

[7] An eligible adult or other interested person may appeal to the Commissioner for the termination of the delay of the disbursement of funds or hold on the transaction.  The Commission shall issue a decision within 5 business days of receiving the appeal.

[8] Minn. Stat. § 45A.07.

[9] Minn. Stat. § 626.557(3)(b).

[10] Minn. Stat. § 626.557(4).

[11] Minn. Stat. § 626.557(5).

Mississippi

Back To Main Map

Financial Exploitation Statute

  • Included Firms: Broker-dealers and state-registered investment advisers.
  • Protected Class: A person, whether minor or adult, whose ability to perform the normal activity of daily living is impaired due to a mental, emotional, physical, or developmental disability or dysfunction, brain damage, or the infirmities of aging.
  • ReportingMandatory for the firm to report to the Department of Human Services and the Secretary of State.[1]
    • Timing: The report should be made immediately.
    • Manner of Reporting:
      • Department of Human Services: Firms should file a report by phone at 844-437-6282 or in writing (by an online reporting form) to the Department of Human Services.  An oral report should be followed by a written report. 
      • Secretary of State: The Department of Human Services report should be forwarded “immediately” to the Secretary of State by e-mail to drew.compton@sos.ms.gov.
    • Contents of ReportSee report above to the Department of Human Services.
    • Rights to Agency Investigation Status: No.[2]
    • Immunity: A person receives immunity from administrative and civil liability when making a report.[3]
  • Third Party Disclosures:
    • DisclosurePermissive disclosure to (i) any third party reasonably associated with the customer of the suspected financial exploitation; (ii) any party permitted by state or federal laws or regulations or by the rules of a self-regulatory organization; or (iii) any party authorized by customer agreement.[4]
    • Immunity: A person receives immunity from administrative and civil liability when making a disclosure.[5]
  • Transaction and Disbursement HoldPermissive, if the firm, after an internal review, reasonably believes that a disbursement or transaction may result in financial exploitation.[6]
    • Written Notification with Reason for Hold: No more than 2 business days after the hold to account holders, parties authorized to transact business on the account and the Secretary of State.
    • Length of Hold: The temporary hold may last up to 15 business days provided (i) the firm’s ongoing, internal review supports its initial belief of financial exploitation; and (ii) there is no determination by the Secretary of State that the transaction will not result in financial exploitation of the vulnerable adult.[7]
      • Extension of Hold: The Secretary of State can authorize the firm to extend the hold for an additional 10 days. The Department of Human Services or the Secretary of State may petition a court to enter an order terminating the hold or extending it beyond the time specified above. 
    • Immunity: A person receives immunity from administrative and civil liability when holding a disbursement or transaction in good faith and with reasonable care.[6]
  • Required Training: No.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: A person, whether minor or adult, whose ability to perform the normal activity of daily living is impaired due to a mental, emotional, physical, or developmental disability or dysfunction, brain damage, or the infirmities of aging.[1]
  • ReportingMandatory for any person to immediately report to the Department of Human Services or to the county department of human services where the vulnerable person is located if the person knows or suspects that a vulnerable person has been or is being abused, neglected, or exploited.[8]
    • Manner of Reporting: Firms should file a report by phone at 844-437-6282 or in writing (by an online reporting form) to the Department of Human Services.  An oral report should be followed by a written report. 
    • Contents of Report: Report must contain, if known: (i) name, age, race, sex, physical description and location of the vulnerable person; (ii) names, addresses and telephone numbers of the vulnerable person’s family members; (iii) name, address and telephone number of each alleged perpetrator; (iv) name, address and telephone number of the caregiver of the vulnerable person, if different from the alleged perpetrator; (v) description of the neglect, exploitation, physical or psychological injuries sustained; (vi) actions taken by the reporter, if any, such as notification of the criminal justice agency; and (vii) any other information available which may establish the cause of abuse, neglect or exploitation that occurred or is occurring.
    • Rights to Agency Investigation Status: The Department of Human Services, upon request, shall forward a statement to the reporter as to what action is being taken, if any.
  • Immunity: A person who makes a report is immune from any resulting civil or criminal liability.[9]
  • Required Training: No.

[1] Miss. Code § 75-71-413(a).

[2] Broker dealers and state-registered investment advisers should be aware that pursuant to Mississippi’s Adult Protective Services statute, the Department of Human Services is required to forward a statement to the reporter as to what action is being taken, if any.  Firms can utilize this part of the statute to get updates on any report made to the Department.

[3] Miss. Code § 75-71-413(e).

[4] Miss. Code § 75-71-102(15).

[5] Miss. Code § 75-71-413(e).

[6] Miss. Code § 75-71-413(b).

[7] Miss. Code § 75-71-413(e).

[8] Miss. Code § 43-47-7(1)(a)(vii).

[9] Miss. Code. § 43-47-7(4).

Missouri

Back To Main Map

Financial Exploitation Statute

  • Included Firms: Broker-dealers.
  • Protected Class: 60 years of age or older; or a person who has a disability and is between the ages of 18 and 59; see statute for additional criteria.
  • ReportingPermissive for a person associated with a broker-dealer who serves in a supervisory, compliance, or legal capacity ("Qualified Individual") to report to the Department of Health and Senior Services and the Commissioner of Securities if the Qualified Individual has a reasonable belief that financial exploitation has occurred, has been attempted or is being attempted.[1]
    • Timing: Not specified.
    • Manner of Reporting
      • Commissioner of Securities: A reporting notice of concern form is available to submit online and by mail or fax.
      • Department of Health and Senior Services: A reporting form is available online.
    • Contents of Report: Not specified.
    • Rights to Agency Investigation Status: No.
    • Immunity: A firm or Qualified Individual receives immunity from civil liability when making a report in good faith and with reasonable care.[2]
  • Third Party Disclosures
    • Disclosure: Permissive disclosure by an agent or Qualified Individual to the adult's immediate family members, legal guardians, conservators, co-trustees, successor trustees, or agents under a power of attorney after reports are made to the Department of Health and Senior Services and the Commissioner of Securities.[3]
    • Immunity: A firm or Qualified Individual receives immunity from civil liability when making a report in good faith and with reasonable care.[4]
  • Disbursement Only HoldPermissive to be placed by the Qualified Individual if the Qualified Individual reasonably believes that a disbursement may result in financial exploitation.[5]
    • Written or Oral Notification of Hold: Not more than 2 business days after the hold to parties authorized to transact business on the account. Not more than 3 business days after the hold to the Department of Health and Senior Services and the Commissioner of Securities.
    • Length of Hold: The temporary hold may last up to 10 business days after the initial hold provided the firm continues to reasonably believe that the disbursement will result in financial exploitation. 
      • Extension of Hold: A court may enter an order extending the hold or granting any other relief. 
    • Immunity: A firm or Qualified Individual receives immunity from civil liability when holding a disbursement in good faith and with reasonable care.[6]
  • Required Training: No.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: 60 years of age or older who is unable to protect his or her own interests; or an adult between the ages of 18 and 59 who has a disability and is unable to protect his or her own interests or meet his or her essential human needs; see statute for additional criteria.[7]
  • ReportingMandatory for any person to immediately report to the Department of Health and Senior Services if the person has reasonable cause to suspect that an eligible adult presents a likelihood of suffering serious physical harm or bullying and is in need of protective services. Permissive for any person to report to the Department of Health and Human Services if person becomes aware of circumstances that may reasonably be expected to be the result of, or result in, abuse or neglect of an eligible adult.[8]
    • Manner of Reporting: A reporting form is available online.
    • Contents of Report: Not specified.
  • Immunity: Any person making a report in good faith is immune from civil or criminal liability. 
  • Required Training: No.

[1] Mo. Rev. Stat. § 409.610.

[2] Mo. Rev. Stat. § 409.620.

[3] Mo. Rev. Stat. § 409.610.

[4] Mo. Rev. Stat. § 409.620.

[5] Mo. Rev. Stat. § 409.615.

[6] Mo. Rev. Stat. § 409.620.

[7] Mo. Rev. Stat. § 192.2405(1)(1).

[8] Mo. Rev. Stat. § 192.2430.

Financial Exploitation Statute

  • Included Firms: Broker-dealers and state-registered investment advisers.
  • Protected Class: 60 years of age or older or a person who suffers from mental impairment because of frailties or dependencies typically related to advanced age; see statute for additional criteria.[1]
  • ReportingPermissive for a person who serves in a supervisory, compliance, or legal capacity for a broker-dealer or investment adviser ("Qualified Individual"), investment adviser, investment adviser representative, or salesperson to report to the Montana Office of the Securities Commissioner if the Qualified Individual, investment adviser, investment adviser representative, or salesperson reasonably believe that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted.[2]
    • Timing: The report should be made “promptly” after the firm develops a reasonable belief of financial exploitation.
    • Manner of Reporting: According to the firm's policies and procedures for reporting suspected exploitation. If the firm's policies and procedures do not outline a specific manner, reports may be made directly to the Securities Commissioner by phone at 800-332-6148.
    • Contents of Report: Not specified. 
    • Rights to Agency Investigation Status: No.
    • Immunity: A Qualified Individual, investment adviser, investment adviser representative, or salesperson receives immunity from administrative and civil liability when making a report in good faith and with reasonable care.[3]
  • Third Party Disclosures:
    • Disclosures: Permissive disclosure to any third party closely connected to the vulnerable person.[4]
    • Immunity: A Qualified Individual, investment adviser, investment adviser representative, or salesperson receives immunity from administrative and civil liability when making a report in good faith and with reasonable care.[5]
  • Transaction and Disbursement HoldPermissive, for the firm to delay a disbursement, if the firm or Qualified Individual, after initiating an internal review, reasonably believes that a disbursement or transaction may result in financial exploitation.[6]
    • Written Notification with Reason for Hold: Must be made no more than 2 business days after the hold to parties authorized to transact business on the account and the Montana Office of the Securities Commissioner. The firm must report the results of their investigation to the Office of the Securities Commissioner within 7 business days after the requested disbursement.[7]
    • Length of Hold: The temporary hold may last up to 15 business days provided (i) the firm’s ongoing, internal review supports its initial belief of financial exploitation; and (ii) the investigation is not terminated before then by government agencies or court order.[8]
    • Extension of Hold: The Office of the Securities Commissioner can authorize the firm to extend the hold for an additional 10 business days for a total of 25 business days.  A court may enter an order extending the hold beyond the above timeframe or may order other protective relief based on a petition of the Office of the Securities Commissioner, the firm that initiated the hold or an interested party.
    • Immunity: A firm receives immunity from administrative and civil liability when holding a transaction or disbursement in good faith and with reasonable care.[9]
  • Required Training: No.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: 60 years of age or older or a person 18 years of age or older who has a developmental disability; see statute for additional criteria.
  • ReportingPermissive for any person to report to Adult Protective Services or to the county attorney if the person has reasonable cause to suspect that a vulnerable adult has been subject to abuse, sexual abuse, neglect, or exploitation.[10]
    • Manner of Reporting: May be made in by telephone (1-844-277-9300), in writing or in person. An online form is available. 
    • Contents of Report: Report should contain, if known: (i) the names and addresses of the vulnerable adult  and the person, if any, responsible for that adult's care; (ii) name and address, if available, of the person who is alleged to have abused, sexually abused, neglected, or exploited the vulnerable adult; (iii) the person’s age and the nature and extent of the abuse, sexual abuse, neglect, or exploitation, including any evidence of previous injuries, abuse, sexual abuse, neglect, or exploitation sustained by the vulnerable adult, and any evidence of prior instances of abuse, sexual abuse, neglect, or exploitation of other vulnerable adults committed by the person alleged to have committed abuse, sexual abuse, neglect, or exploitation; and (iv) the name and address of the person making the report.
  • Immunity: A person who makes a report is immune from any resulting civil or criminal liability.[11]
  • Required Training: No.

[1] Mont. Code Ann. § 30-10-103(27).

[2] Mont. Code Ann. § 30-10-340(1).

[3] Mont. Code Ann. § 30-10-340(2).

[4] Mont. Code Ann. § 30-10-341(1).

[5] Mont. Code Ann. § 30-10-341(2).

[6] Mont. Code Ann. § 30-10-342(1).

[7] Mont. Code Ann. § 30-10-342(1)(b).

[8] Mont. Code Ann. § 30-10-342(2).

[9] Mont. Code Ann. § 30-10-342(4).

[10] Mont. Code Ann. § 52-3-811(4).

[11] Mont. Code Ann. § 52-3-814.

Nebraska

Back To Main Map

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: A person 18 or older with a substantial mental or functional impairment or for whom a guardian or conservator has been appointed.[1]
  • ReportingPermissive for any person to report to the Department of Health and Human Services if the person has reasonable cause to believe there was exploitation or observes a vulnerable adult being subjected to conditions or circumstances which reasonably would result in abuse, neglect, or exploitation.[2]
    • Manner of Reporting: May be made by telephone at 800-652-1999, with the caller giving his or her name and address. If requested by the Department of Health and Human Services, the oral report shall be followed by a written report within 48 hours.
    • Contents of Report: If known: (i) name, address, and age of the vulnerable adult; (ii) the address of the caregiver or caregivers of the vulnerable adult; (iii) nature and extent of the alleged abuse, neglect, or exploitation or the conditions and circumstances which would reasonably be expected to result in such abuse, neglect, or exploitation; (iv) evidence of previous abuse, neglect, or exploitation, including the nature and extent of the abuse, neglect, or exploitation; and (v) any other helpful information to establish the cause of the alleged abuse, neglect, or exploitation and the identity of the perpetrator.
  • Immunity: Any person participating in an investigation or the making of a report pursuant to the Adult Protective Services Act or participating in a judicial proceeding resulting therefrom shall be immune from any liability except (1) as otherwise provided in the Adult Protective Services Act, (2) for malfeasance in office or willful or wanton neglect of duty, or (3) for false statements of fact made with malicious intent.[3]
  • Required Training: No.

[1] Neb. Rev. Stat. § 28-371.

[2] Neb. Rev. Stat. § 28-372(1).

[3] Neb. Rev. Stat. § 28-375.

Financial Exploitation Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.[1]
  • Protected Class:[2]
    • Older PersonA person 60 years of age or older.
    • Vulnerable Adult: A person 18 years of age or older who has one or more physical or mental limitations that restrict the adult's ability to perform the normal activities of daily living; see statute for additional criteria.
  • Reporting: The firm must designate a person or persons to whom employees must report known or suspected exploitation of a vulnerable adult.[3]  Mandatory for the firm’s designated reporter to report to the agencies below if the designated reporter knows or has reasonable cause to believe that an older or vulnerable person has been exploited.
    • Timing: The report should be made “as soon as reasonably practicable” after the firm develops a reasonable belief of financial exploitation.[4]  
    • Manner of Reporting:
      • Older Person: Reports should be made to; (i) the local office of the Aging and Disability Services Division  of the Department of Health and Human Services (reports in the Las Vegas/Clark County Area should be made by phone to 702-486-6930 and in all other areas to 888-729-0571); (ii) a police department or a sheriff’s office; or (iii) the county office for protective services, if one exists in the county where the suspected exploitation occurred. 
      • Vulnerable Adult: Reports must be made to a law enforcement agency.
    • Contents of Report: Report may contain (i) facts and information that form the basis for the designated reporter's belief that a vulnerable adult has been exploited, including, without limitation, the identity of any person believed to be involved in the exploitation; (ii) any financial records or other documentation relating to the exploitation.
    • Rights to Agency Investigation Status: No.
    • Immunity: A sales representative, representative of an investment adviser or officer or employee of a broker-dealer or investment adviser and a designated reporter are entitled to the immunity from civil and criminal liability for making a report pursuant to this section in good faith.[5]  
  • Third Party Disclosures: Not yet adopted.
  • Transaction and Disbursement Hold: Not yet adopted.
  • Required Training: Firm must provide training to sales representatives, investment adviser representatives and officers and employees who may as part of their regular duties come into direct contact with a vulnerable adult; review or approve financial documents, records or transactions or a vulnerable adult in connection with the offer, sale or purchase of securities; or offer advice as to the value or advisability of investing in, purchasing or selling securities to a vulnerable adult.[6]
    • Training must include: (i) explanation of conduct that constitutes exploitation; (ii) manner in which exploitation may be recognized; (iii) manner in which reports are investigated; and (iv) instruction concerning when and how to report known or suspected financial exploitation.
    • Training must be provided as soon as reasonably practicable, but not later than 6 months after the start of employment.
    • Training may be part of any existing required continuing education or training program. 

Adult Protective Services Statute: The reporting obligations of broker-dealers, state-registered investment advisers, and SEC-registered investment advisers are found in the statute above.


[1] Nev. Rev. Stat. Ann. §§ 90.220; 90.250.

[2] Nev. Rev. Stat. Ann. §§ 90.6125; 90.6135.

[3] Nev. Rev. Stat. Ann. § 90.6145(1). A sales representative, representative of an investment adviser or officer or employee of a firm who observed or has knowledge of an incident that is directly related to a transaction or matter within the scope of practice and which reasonably appears to be exploitation of a vulnerable adult shall report the known or suspected exploitation to a designated reporter.

[4] Nev. Rev. Stat. Ann. § 90.6145(2)(b).

[5] Nev. Rev. Stat. Ann. § 90.6145(5).

[6] Nev. Rev. Stat. Ann. § 90.614.

New Hampshire

Back To Main Map

Financial Exploitation Statute: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers have a mandatory reporting obligation under New Hampshire’s Adult Protective Services statute as detailed below.

  • Included Firms: Broker-dealers and state-registered investment advisers.
  • Protected Class: Any person 65 years of age or older; or 18 years of age or older who is unable to manage personal, home, or financial affairs in his or her own best interest or is unable to delegate responsibility to a responsible caregiver.[1]
  • ReportingPermissive for an agent, investment adviser representative, or person who serves in a supervisory, compliance, or legal capacity for a broker-dealer or investment adviser ("Qualified Individual") to report to the Bureau of Securities Regulation, if there is reason to believe that financial exploitation of a protected person may have occurred, may have been attempted, or is being attempted.[2]
    • Timing: Notification may be promptly made if a Qualified Individual reasonably believes that financial exploitation may have occurred, may have been attempted, or is being attempted.
    • Manner of Reporting: Reports can be made to the Bureau of Securities Regulation at 1-800-944-4200.  As described in more detail below, firms are required to report financial exploitation to the Department of Health and Human Services at 1-800-949-0470.
    • Contents of Reports: Not specified.
    • Rights to Agency Investigation Status: No.
    • Immunity: A Qualified Individual that, in good faith and exercising reasonable care, makes a report shall be immune from administrative or civil liability.[3]
  • Third-Party Disclosures
    • Disclosure: Permissive to any third party previously designated by the adult.[4]
    • Immunity: A Qualified Individual that, in good faith and exercising reasonable care, makes a disclosure shall be immune from administrative and civil liability.[5]
  • Disbursement Only HoldPermissive, if the firm, after an initial review, reasonably believes that a disbursement may result in financial exploitation.[6]
    • Written Notification and Reason for Hold: Must be made within 2 business days after the requested disbursement, to all parties authorized on the account and the Bureau of Securities Regulation.  The results of the internal review must be reported to the Bureau of Securities Regulation within 7 business days after the firm first delayed the disbursement.
    • Length of Hold: The temporary hold may last up to 15 business days unless (i) the firm determines that the disbursement will not result in financial exploitation or (ii) the investigation is terminated before then by the Bureau of Securities Regulation or a court.
      • Extension of Hold: Bureau of Securities Regulation can authorize the firm to extend the hold for an additional 10 business days for a total of 25 business days. The Bureau of Securities Regulation, the firm or another interested party may petition the court for an order extending the hold.
  • Immunity: A firm receives immunity from administrative and civil liability when holding a disbursement in good faith and with reasonable care.[7]
  • Required Training: No

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: Any person 18 years of age or older who is unable to manage personal, home, or financial affairs in his or her own best interest or is unable to delegate responsibility to a responsible caregiver.
  • ReportingMandatory for any person to immediately report to Health and Human Services, if the person suspects or believes in good faith that a vulnerable adult has been subject to abuse, neglect, self-neglect, exploitation or is living in hazardous conditions .[8]
    • Manner of Reporting: Oral report, by telephone at 1-800-949-0470 or otherwise, shall be made immediately. If requested, the oral report shall be followed by a written report. If the oral report is made when the Health and Human Services is closed, reports shall be made to (i) the police department of the appropriate political subdivision or (ii) to the sheriff of the county, in which the alleged abuse, neglect or exploitation occurred.
    • Contents of Report: Not specified.
  • Immunity: A firm receives immunity when making a report in good faith.[9]
  • Required Training: No.


[1] N.H. Rev. Stat. Ann. § 421-B:5-507-A(1)(A) (effective September 8, 2019).

[2] N.H. Rev. Stat. Ann. § 421-B:5-507-A(2)(A).

[3] N.H. Rev. Stat. Ann. § 421-B:5-507-A(3).

[4] N.H. Rev. Stat. Ann. § 421-B:5-507-A(2)(B).

[5] N.H. Rev. Stat. Ann. § 421-B:5-507-A(3).

[6] N.H. Rev. Stat. Ann. § 421-B:5-507-A(4).

[7] N.H. Rev. Stat. Ann. § 421-B:5-507-A(7).

[8] N.H. Rev. Stat. Ann. § 161-F:46.

[9] N.H. Rev. Stat. Ann. § 161:F:47.

New Jersey

Back To Main Map

Financial Exploitation Statute

  • Included Firms: Broker-dealers and state-registered investment advisers.
  • Protected Class: A person 65 years of age or older; or a person 18 years of age or older who, because of a physical or mental illness, disability or deficiency, lacks sufficient understanding or capacity to make, communicate, or carry out decisions concerning his or her well-being and is the subject of abuse, neglect or exploitation; see statute for additional criteria.[1]
  • ReportingMandatory for the firm to report to the New Jersey Bureau of Securities (the "Bureau") and the applicable county adult services provider if the firm reasonably believes that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted.[2]
    • Timing: The firm is required to promptly notify the Bureau and the applicable county adult protective services provider.
    • Manner of Reporting:
      • Bureau of Securities: The firm should utilize the form provided by the Bureau to make a report.  The report should be sent in an encrypted e-mail or as an attachment to an encrypted e-mail to njsafereporting@dca.njoag.gov
      • County Adult Services Provider: The contact information for the applicable county adult services provider can be found in the above link.
    • Contents of Report: The contents of the report can be found in the form above.
    • Right to Agency Investigation Status: No.  However, the Bureau or county adult services provider may disclose to a notifying firm the general status or final disposition of any investigation.
    • Immunity: A Qualified Individual who, in good faith and exercising reasonable care, makes a report in compliance with this section shall be immune from administrative or civil liability.[3]
  • Third Party Disclosures
    • Disclosure: Mandatory for a broker-dealer, agent, investment adviser, investment adviser representative or other person who serves in a supervisory, compliance, legal, or senior investor protection capacity for a broker-dealer or investment adviser ("Qualified Individual") to notify a third party previously designated by the vulnerable adult.  Permissive for a Qualified Individual to notify any third party reasonably associated with the vulnerable adult.[4]
    • Immunity: A Qualified Individual who, in good faith and exercising reasonable care, makes a disclosure in compliance with this section shall be immune from any administrative or civil liability.[5]
  • Transaction and Disbursement HoldPermissive if the Qualified Individual, after an internal review, reasonably believes that a disbursement or transaction may result in financial exploitation.[6]
    • Written Notification With Reason For Hold: Immediately, but in no event more than 2 business days after the requested transaction or disbursement to all parties authorized to transact business on the account, the Bureau and the applicable county services provider.  Within 7 days after the completion of the review of the transaction or disbursement, the firm should, as necessary, provide updates to the Bureau and the applicable county services provider.
    • Length of Hold: The temporary hold may last up to 15 business days provided: (i) the firm's ongoing, internal review supports its initial belief of financial exploitation; (ii) the investigation is not terminated by the Bureau, the applicable county services provider, or court of competent jurisdiction.
      • Extension of Hold: The Bureau or county services provider can authorize the firm to extend the hold for an additional 10 business days for a total of 25 business days.  The Bureau or county services provider is also authorized to extend the hold for an indefinite period of time.  A court of competent jurisdiction may also enter an order extending the hold based on the petition of the Bureau, the county services provider, the firm or any other interested party.
    • Immunity: A broker-dealer or investment adviser who, in good faith and exercising reasonable care, acts in compliance with this section shall be immune from any administrative or civil liability that might otherwise arise from such delay in a transaction or disbursement.[7]
  • Required Training: No.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: A person 18 years of age or older who resides in a non-institutional setting and who, because of a physical or mental illness, disability, or deficiency, lacks sufficient understanding or capacity regarding decisions concerning his well-being and is the subject of abuse, neglect, or exploitation.[8]
  • ReportingPermissive for any person to report to the County Adult Protective Services Provider if the person has reasonable cause to believe that a vulnerable adult is subject to abuse, neglect, or exploitation.[9]
    • Manner of Reporting: The contact information for the county adult protective services providers can be found at the link above.
    • Contents of Report: If possible: (i) name and address of the vulnerable adult and the name and address of the caretaker, if any; (ii) the nature and possible extent of the vulnerable adult’s injury or condition as a result of abuse, neglect or exploitation; and (iii) any other helpful information.
  • Immunity: A person who reports information, provides information, or testifies at a grand jury, judicial or administrative proceeding resulting from the report, is immune from civil and criminal liability arising from the report, information, or testimony, unless the person acts in bad faith or with malicious purpose.[10]
  • Required Training: No.

[1] N.J. Stat. § 49:3-85.

[2] N.J. Stat. § 49:3-86(a).

[3] N.J. Stat. § 49:3-86(b).

[4] N.J. Stat. § 49:3-87(a).

[5] N.J. Stat. § 49:3-87(b).

[6] N.J. Stat. § 49:3-88(a).

[7] N.J. Stat. § 49:3-88(d).

[8] N.J. Stat. § 52:27D-407.

[9] N.J. Stat. § 52:27D-409(a)(2).

[10] N.J. Stat. § 52:27D-409(c).

New Mexico

Back To Main Map

Financial Exploitation Statute

  • Included Firms: Broker-dealers and state-registered investment advisers.
  • Protected Class: Any person 65 years of age or older; or 18 or older with a mental, physical, or developmental condition that substantially impairs the person’s ability to provide adequately for the person’s own care or protection.
  • ReportingMandatory for the firm or an agent, investment adviser representative or person who serves in a supervisory, compliance or legal capacity for a broker-dealer or investment adviser ("Qualified Individual") to report to the Securities Division and Adult Protective Services if there is a reasonable belief that financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted.[1]
    • Timing: Qualified Individual should promptly notify the agencies.
    • Manner of Reporting: Reports can be made to the Securities Division using an online reporting form.  The form should also be faxed to Adult Protective Services at 1-855-414-4885.  Telephone reports can be made to Adult Protective Services by calling 1-866-654-3219 or 1-505-476-4912. 
    • Contents of Report to Securities Division: The contents of the report can be found in the form above. 
    • Rights to Agency Investigation Status: No.
    • Immunity: A broker-dealer, investment adviser or Qualified Individual who, in exercising reasonable care, complies with the section and has completed the required training required shall be immune from any administrative or civil liability that might otherwise arise from such a report.[2]
  • Third Party Disclosures
    • Disclosure: Mandatory to attempt to notify third parties previously designated by the eligible adult. Permissive disclosure to a third party that is not designated, but is reasonably associated with the eligible adult.[3]
    • Immunity: A broker-dealer, investment adviser or Qualified Individual who, in exercising reasonable care, complies with the section and has completed the required training required shall be immune from any administrative or civil liability that might otherwise arise from such disclosure.[4]
  • Transaction and Disbursement HoldPermissive, if the firm, after an internal review, reasonably believes that a disbursement or transaction may result in financial exploitation.[5]
    • Written Notification with Reason for Hold: Must be provided immediately, but in not more than 2 business days after the requested disbursement or transaction, to account holders, the Securities Division, and Adult Protective Services.  At the request of the Securities Division, the firm should provide an update
    • Length of Hold: The temporary hold may last up to 15 business days unless (i) the firm determines financial exploitation will not result or (ii) the hold is terminated before then by the Securities Division, Adult Protective Services, or a court order.
      • Extension of Hold: The Securities Division or Adult Protective Services can authorize the firm to extend the hold for an additional 10 business days for a total of 25 business days. The above time frame may also be extended or terminated by the Securities Division, Adult Protective Services or a court order.
    • Immunity: A broker-dealer, investment adviser or Qualified Individual who, in exercising reasonable care, complies with the section and has completed the required training required shall be immune from any administrative or civil liability that might otherwise arise from such disclosure.[6]
  • Required Training: Firms must provide training for all registered representatives and investment adviser representatives who have contact with vulnerable adults and access to account information on a regular basis.[7]
    • Training may include (i) indicators of financial exploitation of a vulnerable adult; and (ii) the process for reporting suspected financial exploitation within the firm and to the agencies. 
    • Immunity for reporting and placing a hold is only available to a reporter who has completed the training.
    • Training Guidelines: Training shall include detail and explanation regarding: (i) agencies to which reporting must be made, including contact information, functions and roles of the agencies and manner of reporting; (ii) statutory definitions of "eligible adult", "financial exploitation", "incapacitated person", and "qualified person"; (iii) temporary hold on disbursements or transactions; and (iv) immunity.[7] 
      • Training curriculum shall be submitted to the Director of the Securities Division for approval.
      • The firm must provide documentation to the Securities Division demonstrating that (i) the relevant personnel are provided with training; and (ii) the firm's reporting protocols comply with the Financial Exploitation Statute.
      • As a condition of the firm's application for registration, the firm must file a report confirming compliance with the training requirements. 

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers. 
  • Protected Class: A person 18 or older with a mental, physical, or developmental condition that substantially impairs the adult's ability to provide adequately for the adult's own care or protection.
  • Reporting: Mandatory for any person to immediately report to Adult Protective Services if the person has reasonable cause to believe that an incapacitated person is being abused, neglected, or exploited.[8]
    • Manner of Reporting: May be made orally by phone at 1-866-654-3219 or 1-505-476-4912 or in writing. 
    • Contents of Report: Report must include: (i) name, age and address of the adult, (ii) name and address of any other person responsible for the adult’s care, (iii) nature and extent of the adult’s condition, (iv) basis of the reporter’s knowledge; and (v) other relevant information.
  • Immunity: Any person making a report, testifying, participating in a required evaluation, or providing records or information shall be immune from civil or criminal liability, unless the person acted in bad faith or with a malicious purpose.[9]
  • Required Training: No.

[1] N.M. Stat. Ann. § 58-13D-3(A)(1).

[2] N.M. Stat. Ann. § 58-13D-4.

[3] N.M. Stat. Ann. § 58-13D-3(A)(2)-(3).

[4] N.M. Stat. Ann. § 58-13D-4.

[5] N.M. Stat. Ann. § 58-13D-5.

[6] N.M. Stat. Ann. § 58-13D-6.

[7] N.M. Stat. Ann. § 58-13D-7.

[8] N.M. Stat. Ann. § 27-7-30.

[9] N.M. Stat. Ann. § 27-7-31.

New York

Back To Main Map

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers, and SEC-registered investment advisers.
  • Protected Class: A person 18 years of age or older who the reporter has a reasonable belief is an endangered adult or in need of protective services.[1]
  • Reporting: No express duty to report.
  • Immunity: Civil immunity for persons who report suspected financial exploitation to (i) Adult Protective Services; (ii) the Office for the Aging; (iii) any local social services district office or designated area agency on aging; (iv) or any other person, agency or organization that such person, in good faith, believes will take appropriate action.[2]
  • Required Training: No.

[1] NY Social Services Law § 473

[2] NY Social Services Law § 473-b

North Carolina

Back To Main Map

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: A person 18 years of age or older who is physically or mentally incapacitated due to advanced age or a mental or physical condition and is unable to perform or obtain for himself essential services; see statute for additional criteria.[1]
  • ReportingMandatory for any person to report to Adult Protective Services if there is reasonable cause to believe that a disabled adult is in need of protective services.[2]
    • Manner of Reporting: The report should be made orally or in writing to the local social services agency where the vulnerable adult was exploited. 
    • Contents of Report: Report must include: (i) name and address of the vulnerable adult; (ii) name and address of the disabled adult's caretaker; (iii) age of the disabled adult; (iv) nature and extent of the disabled adult's injury or condition resulting from abuse or neglect; and (v) other pertinent information.
  • Immunity: Anyone who makes a report, testifies, or who participates in a required evaluation shall be immune from any civil or criminal liability, unless such person acted in bad faith or with a malicious purpose.[3]
  • Required Training: No.

[1] N.C. Gen. Stat. § 108A-101(d).

[2] N.C. Gen. Stat. § 108A-102(a).

[3] N.C. Gen. Stat. § 108A-102(c).

North Dakota

Back To Main Map

Financial Exploitation Statute

  • Included Firms: Broker-dealers and state-registered investment advisers.[1]
  • Protected Class: Any person 65 years of age or older; or vulnerable adult as defined above by Adult Protective Services statute.[2]
  • ReportingMandatory for any agent, investment adviser representative, or person who serves in a supervisory, compliance, or legal capacity for a broker-dealer or investment adviser ("Qualified Individual") to report to the Department of Human Services and the Securities Commissioner if the Qualified Individual reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted or is being attempted.[3]
    • Timing: Not specified.
    • Manner of Reporting
      • Department of Human Services: A form is available to email or submit online to the Department of Human Services.
      • Securities Commissioner: The Securities Commissioner’s telephone number is 701-328-2910.
    • Contents of Report: None specified.
    • Rights to Agency Investigation Status: No.
    • Immunity:  A Qualified Individual who, in good faith and exercising reasonable care, discloses information under this section is immune from administrative or civil liability.[4]
  • Third Party Disclosures
    • Disclosure: Permissive disclosure by the Qualified Individual to (i) a third party that is reasonably associated with the eligible adult or (ii) any other person permitted by state or federal law or rule, rules of a self-regulatory organization, or customer agreement.[5]
    • Immunity: A Qualified Individual who, in good faith and exercising reasonable care, discloses information under this section is immune from administrative or civil liability.[6]
  • Transaction and Disbursement HoldPermissive, if the firm, (i) after initiating an internal review, reasonably believes that a disbursement or transaction may result in financial exploitation and the firm continues its internal review as necessary.[7]
    • Written Notification with Reason for HoldMust be provided within 2 business days after the requested disbursement or transaction, to all parties authorized on the account, the Securities Commissioner, and Department of Human Services.
    • Length of Hold: The temporary hold may last up to 15 business days provided (i) the firm’s ongoing, internal review supports its initial belief of financial exploitation; and (ii) the hold is not terminated before then by the Securities Commissioner, Department of Human Services, or a court order.
      • Extension of Hold: Securities Commissioner and the Department of Human Services can request that the firm extend the hold for an additional 10 business days for a total of 25 business days. A court or the Securities Commissioner may enter an order extending the hold beyond the above time frame or may order other protective relief based on the firm or other interested party’s petition that initiated the hold.
    • Immunity: A firm who in good faith and exercising reasonable care complies with this section is immune from any administrative or civil liability that may otherwise arise from a delay in the transaction or disbursement in accordance with this section.[8]
  • Required Training: No.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: An adult, including a minor emancipated by marriage, who has a substantial mental or functional impairment.[9]
  • ReportingPermissive reporting as soon as possible, to the Department of Human Services, or an appropriate law enforcement agency, if one has reasonable cause to believe that a vulnerable adult has been subjected to abuse or neglect; see statute for additional criteria.[10]
    • Manner of Reporting: Report may be written or oral. A form is available to email or submit online.
    • Contents of Report: Report shall include, of possible, (i) name, age, and address of the vulnerable adult and name and address of the caregiver, if any; (ii) nature and extent of the alleged abuse or neglect or the conditions and circumstances that would reasonably be expected to result in abuse or neglect; (iii) any evidence of previous abuse or neglect, including the nature and extent of the abuse or neglect; and (v) any other helpful information to establish the cause of the alleged abuse or neglect and the identity of the individual responsible for the alleged abuse or neglect.
  • Immunity: Any person making a report is immune from civil or criminal liability.[11]
  • Required Training: No.

[1] N.D. Cent. Code § 10-04-02(10).

[2] N.D. Cent. Code § 10-04-08.5(1)(a).

[3] N.D. Cent. Code § 10-04-08.5(2).

[4] N.D. Cent. Code § 10-04-08.5(4).

[5] N.D. Cent. Code § 10-04-08.5(3).

[6] N.D. Cent. Code § 10-04-08.5(4)

[7] N.D. Cent. Code § 10-04-08.5(5).

[8] N.D. Cent. Code § 10-04-08.5(6).

[9] N.D. Cent. Code § 50-25.2-01(17).

[10] N.D. Cent. Code § 50-25.2-03(3).

[11] N.D. Cent. Code § 50-25.2-09.

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.[1]
  • Protected Class: A person 60 years of age or older who is handicapped by the infirmities of aging or a physical or mental impairment that prevents them from providing for their own care and resides in an independent living arrangement.[2]
  • ReportingMandatory for an individual to report to County Department of Job and Family Services if the individual has reasonable cause to believe a vulnerable adult is being abused, neglected, or exploited or is in a condition which is the result of abuse, neglect, or exploitation.[3]
    • Timing: An individual shall immediately report such belief of abuse, neglect, or exploitation.
    • Manner of Reporting: By phone to 1-855-644-6277 or in writing. Oral reports shall be followed by a written report, if requested.  Oral reports can also be made to the local county agency.
    • Contents of Report: Written reports shall include: (i) name, address, and approximate age of the vulnerable adult; (ii) name and address of the individual responsible for the adult’s care, if any individual is, and if the individual is known; (iii) nature and extent of the alleged abuse, neglect, or exploitation of the adult; and (iv) basis of the reporter’s belief that the adult has been abused, neglected, or exploited.
  • Immunity: Any person with reasonable cause to believe that an adult is suffering abuse, neglect, or exploitation who makes a report pursuant to this section shall be immune from civil or criminal liability.[4]
  • Required Training: No.

[1]  Ohio Rev. Code § 5101.63(A)(2)(dd)(Renumbered from Ohio Rev. Code § 5101.61) (effective March 20, 2019); Ohio Rev. Code § 1707.01(2)(X)(1).  

[2] Ohio Rev. Code § 5101.63(A)(2) (Renumbered from Ohio Rev. Code § 5101.61).

[3] Ohio Rev. Code § 5101.63(A)(1).

[4] Ohio Rev. Code § 5101.63(D).

Oklahoma

Back To Main Map

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers, and SEC-registered investment advisers.
  • Protected Class: An individual who, because of physical or mental disability, is unable to manage his or her property and financial affairs effectively; see statute for additional criteria.[1]
  • ReportingMandatory for any person to report to the Department of Human Services or the municipal police department or sheriff’s office in the county where the suspected abuse occurs if the person has reasonable cause to believe a vulnerable adult is suffering from abuse, neglect, or exploitation.  The report should be made as soon as the person is aware of the situation.[2]
    • Manner of Reporting: An online form is available. Firms can also contact the local DHS County Office where the individual is located.  After hours, calls should be made to the Statewide Abuse Hotline at 1-800-522-3511. 
    • Contents of Report: Unless the disclosure is excluded by federal law, report shall contain: (i) name and address of the vulnerable adult and name and address of the caretaker, guardian, or person having power of attorney over the vulnerable adult’s resources if any; (ii) a description of the location of the vulnerable adult; (iii) description of the current condition of the vulnerable adult, and (iv) description of the situation which may constitute abuse, neglect or exploitation of the vulnerable adult.
  • Immunity: Any person participating in good faith and exercising due care in the making of a report pursuant to the provisions of this section shall have immunity from any civil or criminal liability. The same immunity applies with respect to participation in any judicial proceeding resulting from the report. [3]
  • Required Training: No.

[1] 43A Okla. St. § 10-103(5).

[2] 43A Okla. St. § 10-104(A),(B)(8).

[3] 43A Okla. St. § 10-104(F)(1).

Financial Exploitation Statute

  • Included Firms: Broker-dealers and state-registered investment advisers.
  • Protected Class: A person 65 years of age or older; a financially incapable person; an incapacitated person; or a person with a disability who is susceptible to force, threat, duress, coercion, persuasion, or physical or emotional injury because of the person’s physical or mental impairment.
  • ReportingMandatory for a salesperson, an investment adviser representative; or a person who serves in a supervisory, compliance or legal capacity for a broker-dealer or state investment adviser, or who is otherwise identified in the written supervisory procedures of a broker-dealer or state investment adviser ("Qualified Individual") to report to the Department of Consumer and Business Services if reasonable cause to believe that financial exploitation of a vulnerable adult has been attempted or is being attempted.[1]
    • Timing: Report shall be made as soon as practicable.
    • Manner of Reporting: An online form is available. As stated in the form, supporting documentation should be sent by fax to 503-947-7862.
    • Contents of Report: Must include, if known: (i) identity and address of the vulnerable person; (ii) identity of all persons that the qualified individual believes are responsible for the suspected or attempted financial exploitation; and (iii) nature and extent of the suspected or attempted financial exploitation.
    • Rights to Agency investigation Status: No
    • Immunity: Qualified Individuals, broker-dealers and state-registered investment advisers are not liable under state law for disclosing information, if performed in good faith, with reasonable cause and with the exercise of reasonable care.[2]
  • Third Party Disclosures
    • Disclosure: Permissive disclosure by the Qualified Individual to (i) any third party who was previously designated by the vulnerable adult or to (ii) a person that is otherwise permitted to be notified under state or federal law or customer agreement.[3]
    • Immunity: Qualified Individuals, broker-dealers and state investment advisers are not liable under state law for disclosing information to a third party, if performed in good faith, with reasonable cause and with the exercise of reasonable care.[4]
  • Disbursement Only HoldPermissive, if the firm or qualified individual (i) reasonably believes that a disbursement might result in financial exploitation; and (ii) conducts an internal review and reports the results of the review to the Department of Consumer and Business Services and the Department of Human Services.[5]
    • Written Notification with Reason for Hold: Must be provided within 2 business days after the requested disbursement, to all parties authorized on the account, the Department of Consumer and Business Services, and the Department of Human Services.
    • Length of Hold: The temporary hold may last up to 15 business days unless the firm’s ongoing, internal review determines that financial exploitation will not result.
      • Extension of Hold: The Department of Consumer and Business Services can request that the firm extend the hold for up to an additional 10 business days for a total of 25 business days, provided that the Department of Consumer and Business Services or a court does not terminate the hold. The Department of Consumer and Business Services and the firm may also petition the court for an order extending the above time frame on the grounds that financial exploitation of a vulnerable person is otherwise likely to occur.
    • Immunity: Firms are not liable under state law for delaying a disbursement, if performed in good faith, with reasonable cause and with the exercise of reasonable care.[6]
  • Required Training: No.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: Any person 65 years of age or older who is not subject to long-term care facility provisions.
  • Duty to Report: Permissive.  Report can be made to law enforcement or to the Department of Human Services.[7]
    • Manner of Reporting:  Reports can be made to the Department of Human Services using the contact information found in the link.
    • Contents of Report: Not specified.
  • Immunity: Firms that report suspected financial exploitation are immune from any civil liability that might otherwise be incurred or imposed as a result of the report.[8]
  • Required Training: No.

[1] Or. Rev. Stat. Ann. §59.485.

[2] Or. Rev. Stat. Ann. § 59.500.

[3] Or. Rev. Stat. Ann. § 59.490.

[4] Or. Rev. Stat. Ann. § 59.500.

[5] Or. Rev. Stat. Ann. §59.495.

[6] Or. Rev. Stat. Ann. § 59.500.

[7] Or. Rev. Stat. Ann. § 124.075.

[8] Or. Rev. Stat. Ann. § 124.075.

Pennsylvania

Back To Main Map

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: A state resident between 18 and 59 years of age who has a physical or mental impairment that substantially limits one or more major life activities; or a state resident 60 years of age or older in need of protective services; see statute for additional criteria.[1]
  • ReportingPermissive for any person to report to Adult Protective Services if person has reasonable cause to believe an adult between 18 and 59 years or age or an adult 60 years of age or older who is in need of protective services.[2]
    • Manner of Reporting:  Reports may be made by e-mail to RA-PWAPSQuestions@pa.gov or by phone to 1-800-490-8505.
    • Contents of Report: N/A
  • Immunity: A person who reports or provides testimony in an administrative or judicial proceeding shall be immune from any civil or criminal liability, unless the person acted in bad faith or with malicious purpose.[3]
  • Required Training: No.

[1] 6 P.A. Code § 15.2; 35 Pa. Stat. Ann. § 10225.103; 35 Pa. Stat. Ann. § 10210.103.

[2] 6 P.A. Code § 15.21; 35 Pa. Stat. Ann. § 10225.302;35 Pa. Stat. Ann. § 10210.302.

[3] 6 Pa. Code § 15.22.

Puerto Rico

Back To Main Map

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state registered investment advisers, and SEC-registered investment advisers.
  • Protected Class: Any person 60 years of age or older.[1]

  • Reporting: Mandatory reporting to the Program for Social Emergencies of the Department of Families, to the Office of the Solicitor of Elderly Persons and the Puerto Rico Police Department, if one has a suspicion that there is a situation of abuse, sexual abuse and/or physical, emotional or financial exploitation of a vulnerable adult; see statute for additional criteria.[2]
    • Manner of ReportingSee Protocol below.

    • Contents of Report: See Protocol below.

Financial Exploitation Protocol: Mandatory for firms to establish a protocol that helps its employees prevent and detect financial exploitation of elderly or disabled persons.[3]

  • Included Firms: Broker-dealers,[4] state registered investment advisers and SEC-registered investment advisers.[5]

  • Protocol Requirements: Protocol should:

    • (i) aid in the identification of suspicious behavior or other indicators of financial exploitation;[6]

    • (ii) include guidelines how to identify and manage suspicious financial activities;

    • (iii) describe procedures to be followed when there is a suspicion of financial exploitation; and

    • (iv) include mechanisms to alert and educate citizens regarding financial exploitation.[7]

  • Actions Protocol Must Address: A firm’s protocol must cover, but is not necessarily limited to, the following actions:

    • (i) educating all employees regarding conduct that evidences financial exploitation and how to manage it;

    • (ii) designating an “Administrator” and an alternate to manage the protocol, develop an expertise in financial exploitation and who is responsible to report the financial exploitation to the applicable governmental agencies;[8]

    • (iii) developing a form that authorizes firm to disclose customer’s information to agencies investigating financial exploitation;

    • (iv) creating an education campaign that warns clients about financial exploitation; and

    • (v) advising clients regarding how to report financial exploitation.[9]

  • Required Procedures to Address Financial Exploitation: Procedures should include, but are not necessarily limited to the following tasks:

    • (i) verify documents authorizing a person to act on behalf of a vulnerable adult;

    • (ii) request third party provide photo ID, personal information and documents establishing authority to act on behalf of a vulnerable adult;

    • (iii) create a confidential “Referral Sheet” to investigate financial exploitation that can be sent by employee to Administrator or his alternate so investigation can take place within 24 hours of suspected financial exploitation;

    • (iv) Administrator should alert client, and if, possible, interview client regarding the suspected financial exploitation;

    • (v) enter a warning in electronic system so all branch offices can take precaution if client visits; and

    • (vi) Administrator should report to the appropriate agencies.[10]

  • Reporting Procedures: Reporting procedures, at a minimum, should include:

  • Where Administrator Should Report: Reports of suspected financial exploitation of:

    • (i) a vulnerable adult should be made to the Department of Families, the Office of the Solicitor for Elderly Individuals and to the Police Department, if relevant;

    • (ii) Reports of suspected financial exploitation of a disabled adult should be made to the Department of Families, the Office of the Solicitor of Disabled Persons, to the Police Department, and to the Social Security Administration, if relevant. Firms should use the Referral Sheet.[11]

  • Timeframe for Investigation: Investigation into suspected financial exploitation should be concluded within three business days after the case is escalated to the Administrator. Firms are entitled to two additional business days if the investigation requires extra time.[12]
  • Timeframe for Report: Reports to appropriate agencies should be made within one business day after conclusion of investigation. Firms must determine which cases need urgent reporting.

  • Information Reports Must Include: Name, contact information and description of customer, description of perpetrator and of the suspected financial exploitation, actions taken by firm to counteract the exploitation and the agencies where referral was made to; see statute for additional criteria.[13]

    • The report also must include methods taken by firm to prevent continuation of possible financial exploitation and how firm will collaborate on investigation with relevant agencies.

  • Document Retention Policy: Documents related to the suspected financial exploitation should be preserved for five years after the report is made.
  • Required Training: Mandatory for firms to train all of its executives and employees to manage and counteract financial exploitation.[14]


[1] 8 L.P.R.A. § 346(p).

[2] 8 L.P.R.A. § 342(j).

[3] OCFI Reg. No. 7900, Art. 3 §1.

[4] OCFI Reg. No. 7900, Art. 2(d); 7 L.P.R.A. § 2004(g)(14).

[5] OCFI Reg. No. 7900, Art. 2(d); 7 L.P.R.A. § 2004(g)(7).

[6] See Id., Art. 3 §3-4 for specific suspicious behaviors and financial activities that should be considered.

[7] Id., Art. 3 §2.

[8] See Art. 3§5(2) for list of agencies.

[9] Id., Art. 3 §5.

[10] Id., Art. 3 §6.

[11] Id., Art. 3 §7.

[12] Id., Art. 3 §7(2).

[13] Id., Art. 3 §7(4).

[14] OCFI Reg. No. 7900, Art. 3 §1.

Rhode Island

Back To Main Map

Financial Exploitation Statute

  • Included Firms: Broker-dealers.
  • Protected Class: Any person 60 years of age or older or any person 18 years of age or older who  has a mental or physical impairment that substantially limits one or more major life activities; see statute for additional criteria.
  • ReportingMandatory for a person who serves in a supervisory, compliance, or legal capacity for a broker-dealer ("Qualified Individual") to report to the Department of Business Regulation - Securities Division, as well as the Office of Healthy Aging or appropriate law enforcement agency pursuant to the above Adult Protective Services statute, if the Qualified Individual reasonably believes that financial exploitation of a vulnerable adult has occurred, has been attempted, or is being attempted.[1]
    • Timing: Not specified.
    • Manner of Reporting:
      • Securities Division: Not specified.  The Department of Business Regulation phone number is 401-462-9500.
      • Office of Healthy Aging: The Office of Healthy Aging provides a form for reporting.  Reports can also be made by phone at 401-462-0555.
    • Contents of Report: The contents of the report to the Office of Healthy Aging can be found in the form above.
    • Immunity: A broker-dealer, agent, or Qualified Individual who, in good faith and exercising reasonable care, makes a report shall be immune from any civil liability.[2]
  • Third-Party Disclosures:
    • Disclosure: After making the mandatory reports, Permissive to a (i) spouse, child, parent or sibling of a vulnerable adult; (ii) legal guardian; (iii) conservator; (iv) co-trustee; (v) successor trustee; or (vi) agent under a power of attorney.[3]
    • Immunity: A broker-dealer, agent or Qualified Individual who, in good faith and exercising reasonable care, makes a disclosure shall be immune from any civil liability.[4]
  • Disbursement Only HoldPermissive for the Qualified Individual to place a temporary hold, if the Qualified Individual reasonably believes, after initiating an internal review, that a disbursement will result in financial exploitation and (iii) fulfilled the reporting obligations.[5]
    • Written Notification and Reason for Hold: Within 2 business days after the requested disbursement, reasonable efforts must be made to notify all parties authorized on the account orally or in writing, the Department of Business Regulation – Securities Division and the Department of Elderly Affairs or appropriate law enforcement agency.
    • Length of Hold: The temporary hold may last up to 10 business days after the initial hold unless the firm determines that the disbursement will not result in financial exploitation before then.
      • Extension of Hold: A court may enter an order extending the hold or providing any other protective relief. 
    • Immunity: A firm that, in good faith and exercising reasonable care, holds a disbursement shall be immune from any civil liability.[6]
  • Required Training: No.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers, and SEC-registered investment advisers.
  • Protected Class: Any person 60 years of age or older.
  • ReportingMandatory for any person to immediately report to the Office of Healthy Aging or appropriate law enforcement agency if reasonable cause to believe that an elder adult has been abused, neglected, exploited or is self-neglecting; see statute for additional criteria.[7]
    • Manner of Reporting: The Office of Healthy Aging provides a form for reporting.  Reports can also be made by phone at 401-462-0555.
    • Contents of Report: The Contents of the Report to the Office of Healthy Aging can be found in the form above.
  • Immunity: Any person participating in good faith in making a report, excluding any perpetrator or conspirator of those acts, has immunity from any civil or criminal liability.[8]
  • Required Training: No.

[1] R.I. Gen. Laws § 7-11.2-3.

[2] R.I. Gen. Laws § 7-11.2-5.

[3] R.I. Gen. Laws § 7-11.2-3.

[4] R.I. Gen. Laws § 7-11.2-5.

[5] R.I. Gen. Laws § 7-11.2-4. 

[6] R.I. Gen. Laws § 7-11.2-5.

[7] R.I. Gen. Laws § 42-66-8(a).

[8] R.I. Gen. Laws § 42-66-8(c).

South Carolina

Back To Main Map

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: Any person 18 years of age or older with a physical or mental condition which substantially impairs the person from adequately providing for his or her own care or protection; see statute for additional criteria.[1]
  • ReportingMandatory for any person to report within 24 hours or the next working day to the Department of Social Services if the person has actual knowledge that a vulnerable adult has been abused, neglected, or exploited;[2] Permissive for any person to report to the Department of Social Services if the person has reason to believe a vulnerable adult has been or may be abused, neglected, or exploited.[3]
    • Manner of Reporting: Report must be made in writing or orally to the Adult Protective Services Program (using the contact information in the link) for incidents occurring outside of facilities; see statute for additional criteria.[4] 
    • Contents of Report: Not specified. 
  • Immunity: A person who, acting in good faith, makes a report or who participates in an investigation or judicial proceeding resulting from a report is immune from civil and criminal liability.[5]
  • Required Training: No.

[1] S.C. Code Ann. § 43-35-10(11).

[2] S.C. Code Ann. § 43-35-25(A).

[3] S.C. Code Ann. § 43-35-25(B).

[4] S.C. Code Ann. § 43-35-25(D).

[5] S.C. Code Ann. § 43-35-75.

South Dakota

Back To Main Map

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: A person 65 or older; or any person 18 or older who, due to a condition, disability, or aging, is unable to protect himself or herself or provide for his or her own care.[1]
  • ReportingPermissive for any person to report to the state’s attorney of the county in which the vulnerable adult resides or is present, to Department of Human Services or to a law enforcement officer, if reporter knows or has reason to suspect an elder or adult with a disability has been abused, neglected, or exploited.[2]
    • Manner of Reporting: Report may be made orally or in writing.
    • Contents of Report: Not specified.
  • Immunity: Any person who, in good faith, makes a report of abuse, neglect, or exploitation of any elder or disabled adult, is immune from any civil or criminal liability, the same immunity applies with respect to participation in any judicial proceeding resulting from the report.[3]
  • Required Training: No.

[1] S.D. Codified Laws § 22-46-1(1),(3).

[2] S.D. Codified Laws § 22-46-7,11.

[3] S.D. Codified Laws § 22-46-8.

Tennessee

Back To Main Map

Financial Exploitation Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.[1]
  • Protected Class: A person 65 years of age or older; or a person 18 years of age or older who cannot manage their resources, carry out activities of daily living, or protect themselves because of mental or physical dysfunction; see statute for additional criteria.[2]
  • ReportingPermissive for any agent, investment adviser representative, or person who serves in a supervisory, compliance, or legal capacity for a broker-dealer or investment adviser ("Qualified Individual") to report to the Commissioner of Commerce and Insurance (the “Commissioner”) if reasonable cause to believe that financial exploitation of a vulnerable adult has occurred, has been attempted, may have been attempted, or is being attempted.[3]
    • Timing: Not specified
    • Manner of Reporting: The Commissioner’s mailing address is found in the link above and the Commissioner can be reached by phone at 1-800-863-9117.
    • Contents of Report: None specified.
    • Right to Agency Investigation Status: No.
    • Immunity: A broker-dealer, investment adviser, or qualified individual that, in good faith and exercising reasonable care, complies with this section is immune from liability for such conduct.[4]
  • Third Party Disclosures
    • Disclosure: Permissive disclosure by a Qualified Individual, to the extent permitted under federal law, to (i) the vulnerable adult’s relative; (ii) legal guardian; (iii) trustee, co-trustee, or successor trustee of the adult’s account; (iv) an agent under a power of attorney for the adult; (v) or any other person permitted under existing laws, rules, regulations, or customer agreement.[5]
    • Immunity: A broker-dealer, investment adviser, or qualified individual that, in good faith and exercising reasonable care, complies with this section is immune from liability for such conduct.[5]
  • Disbursement Hold OnlyPermissive, if the firm reasonably believes, after initiating an internal review, that a disbursement may result in financial exploitation.[7]
    • Written Notification with Reason for Hold: Immediately, but in no event more than 2 business days after the requested disbursement to all parties authorized on the account and the Commissioner. Within 7 days after the requested disbursement the firm should, as necessary, report any additional results of its investigation to the Commissioner.
    • Length of Hold: The temporary hold may last up to 15 business days provided (i) the firm's ongoing, internal review supports its initial belief of financial exploitation; and (ii) the investigation is not terminated by the Commissioner or a court of competent jurisdiction. 
      • Extension of Hold: The Commissioner can authorize the firm to extend the hold for an additional 10 business days for a total of 25 business days.  The Commissioner or a court of competent jurisdiction can extend or shorten the above time frame for the delay. A court of competent jurisdiction may also enter an order extending the hold based on the petition of the Commissioner, the firm, or any other interested party.
    • Immunity: A broker-dealer, investment adviser, or qualified individual that, in good faith and exercising reasonable care, complies with this section is immune from liability for such conduct.[8]
  • Required Training: No

Adult Protective Services Statute: The mandatory reporting requirement below is limited to exploitation related to funds paid by a government agency to an adult.

  • Included Firms: Broker-dealers, state-registered investment advisers, and SEC-registered investment advisers.
  • Protected Class: Any person 18 years of age or older who, because of mental, physical dysfunction, or advanced age, is unable to manage such person's own resources; see statute for additional criteria.
  • ReportingMandatory for any person to immediately report to Department of Human Services if one has reasonable cause to suspect that an adult has suffered exploitation.  Exploitation is explicitly defend as only including funds paid by a government agency to an adult.[9]
    • Manner of Reporting: Oral or written reports. An online form is available. 
    • Contents of Report: If known: (i) name and address of adult, or of any other person responsible for adult's care; (ii) age of adult; nature and extent of abuse, neglect, or exploitation, including any evidence of previous abuse, neglect, or exploitation; (iii) identity of the perpetrator; (v) the identity of the complainant; (vi) and any other helpful information.
    • Right to Agency Investigation Status: After completing its evaluation, the Department of Human Services shall notify the person making the report of its determination.
  • Immunity: Any person making any report or investigation pursuant to this part shall be presumed to be acting in good faith and shall thereby be immune from civil or criminal liability.[10]
  • Required Training: No.

[1] Tenn. Code Ann. § 48-1-102(12).

[2] Tenn. Code Ann. § 48-1-102(9).

[3] Tenn. Code Ann. § 48-1-127(a)(1).

[4] Tenn. Code Ann. § 48-1-127(c).

[5] Tenn. Code Ann. § 48-1-127(a)(2).

[6] Tenn. Code Ann. § 48-1-127(c).

[7] Tenn. Code Ann. § 48-1-127(b).

[8] Tenn. Code Ann. § 48-1-127(c).

[9] Tenn. Code Ann. § 71-6-103(b).

[10] Tenn. Code Ann. § 71-6-105.

Financial Exploitation Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.[1]
  • Protected Class: Any person 65 years old or older; or person 18 years old or older who has a mental, physical, intellectual, or developmental disability that substantially impairs the person’s ability to provide adequately for the person's care or protection; see statute for additional criteria.[2]
  • ReportingMandatory for the firm to conduct internal review and report to the Department of Family and Protective Services and the Securities Commissioner if cause to believe that financial exploitation of a vulnerable adult has occurred, is occurring, or has been attempted.
    • Timing: Reports must be made by the earlier of (i) when the firm completes its internal review of the financial exploitation or (ii) the fifth business day after the firm is notified of the suspected financial exploitation or has cause to believe that financial exploitation has occurred.[3]
    • Manner of Reporting:
      • Securities Commissioner: A form is available to email to financialexploitation@ssb.texas.gov mail addressed to ATTN: Director of Enforcement, Texas State Securities Board, 208 E. 10th Street, 5th Floor, Austin, TX 78701. 
      • Department of Family and Protective Services: Reports can be made by phone to 1-800-252-5400 or online via the Texas Abuse Hotline.
    • Contents of Report to Securities CommissionerMandatory for reports to contain: (i) name, age, and address of the vulnerable adult ; (ii) name and address of any person responsible for the care of the vulnerable adult; (iii) nature and extent of the condition of the vulnerable adult; (v) basis of the reporter’s knowledge; and (v) any other relevant information.
    • Rights to Agency Investigation Status: No.
    • Immunity: A securities professional is immune from any civil or criminal liability arising from the notification, report, testimony, or participation in a judicial proceeding, unless they acted in bad faith or with a malicious purpose.[4]
    • Employee’s Duty to EscalateMandatory for an agent, an investment adviser representative, or a person who serves in a supervisory, compliance or legal capacity for a dealer or investment adviser who has cause to believe that financial exploitation of a vulnerable adult has occurred, is occurring, or has been attempted to notify the firm of suspected financial exploitation.[5]
  • Third Party Disclosures
    • Disclosure: Permissive for the firm to disclose to third parties reasonably associated with the vulnerable adult.[6]
    • Immunity: A securities professional who makes a notification to a third party is immune from any civil or criminal liability arising from the notification, report, testimony, or participation in the judicial proceeding, unless the securities professional acted in bad faith or with a malicious purpose.[7]
  • Transactional HoldMandatory, if requested by the Securities Commissioner, the Department of Family and Protective Services, or law enforcement.  Permissive, once the firm reports the suspected financial exploitation, to place a temporary hold on any transaction that (i) involves the vulnerable adult’s account and (ii) the firm has cause to believe is related to the suspected financial exploitation.[8]
    • Written Notification with Reason for Hold: A firm must first submit a report of suspected financial exploitation of a vulnerable adult to the Securities Commissioner and the Department of Family and Protective Services prior to placing a hold.
    • Length of Hold: The temporary hold may last up to 10 business days after the report is filed, unless the hold is shortened by a court order.
      • Extension of Hold: Governmental agencies may request that the firm extend the hold for an additional 20 business days for a total of 30 business days after the report is filed. The firm may also petition the court for an order extending the hold beyond the 30 business days. A court may also enter an order extending or shortening a hold or providing other relief.
    • Immunity: A dealer or investment adviser that in good faith and with the exercise of reasonable care places or does not place a hold on any transaction is immune from civil or criminal liability or disciplinary action resulting from the action or failure to act.[9]
  • Required Training: No.
  • Duty to Adopt Policies and ProceduresMandatory for a firm to adopt policies and procedures regarding its reporting obligations, internal review of the suspected financial exploitation, and placing of the transactional hold.[10]
    • A firm’s policies and procedures may provide for disclosures to be made to other appropriate agencies and entities, including the Attorney General, the Federal Trade Commission, and the appropriate law enforcement agency.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers, and SEC-registered investment advisers.
  • Protected Class: Any person 65 years of age or older; or 18 years of age or older (or under 18 years of age and who has had the disabilities of minority removed) who has a mental, physical, intellectual, or developmental disability that substantially impairs the person’s ability to provide adequately for the person's care or protection; see statute for additional criteria.[11]
  • ReportingMandatory for any person to immediately report to the Department of Family and Protective Services if the person has cause to believe that a vulnerable adult is subject to abuse, neglect, or exploitation see statute for additional criteria.[12]
    • Manner of Reporting: Reports can be made by phone to 1-800-252-5400 or online via the Texas Abuse Hotline.
    • Contents of ReportMandatory for reports to contain: (i) name, age, and address of the vulnerable adult ; (ii) name and address of any person responsible for the care of the vulnerable adult; (iii) nature and extent of the condition of the vulnerable adult; (v) basis of the reporter’s knowledge; and (v) any other relevant information.
  • Immunity: A person filing a report under this chapter or testifying or otherwise participating in any judicial proceeding arising from a petition, report, or investigation is immune from civil or criminal liability on account of his or her petition, report, testimony, or participation, unless the person acted in bad faith or with a malicious purpose. [13]
  • Required Training: No.

[1] Tex. Rev. Civ. Stat. Art. § 581-4(N).

[2] Tex. Fin. Code Ann. § 280.001(5).

[3] Tex. Rev. Civ. Stat. Art. 581-45(C).

[4] Tex. Rev. Civ. Stat. Art. 581-45(K).

[5] Tex. Rev. Civ. Stat. Art. 581-45(B).

[6] Tex. Rev. Civ. Stat. Art. § 581-45(F).

[7] Tex. Rev. Civ. Stat. Art. 581-45(K).

[8] Tex. Rev. Civ. Stat. Art. 581-45(G).

[9] Tex. Rev. Civ. Stat. Art. 581-45(L).

[10] Tex. Rev. Civ. Stat. Art. 581-45(E), (J).

[11] Tex. Hum. Res. Code Ann. § 48.002(a)(1), (8).

[12] Tex. Hum. Res. Code Ann. § 48.051(a),(b).  If the vulnerable adult lives in a facility, there is a mandatory obligation to report abuse to the state agency that runs the facility.

[13] Tex. Hum. Res. Code Ann. § 48.054.

Financial Exploitation Statute

  • Included Firms: Broker-dealers and state-registered investment advisers.[1]
  • Protected Class: Any person 65 years of age or older; or any person 18 years of age or older who has a mental or physical impairment which substantially affects that person's abilities; see statute for additional criteria.[2]
  • ReportingMandatory for the firm or an agent, investment adviser representative, or an individual who serves in a supervisory, compliance, or legal capacity for a broker-dealer or an investment adviser. ("Qualified Individual") to report to the Division of Securities and Adult Protective Services if reasonable belief that a person has engaged in or attempted to engage in the financial exploitation of a vulnerable adult.[3]
    • Timing: Reports shall be made promptly.
    • Manner of Reporting:
      • Division of Securities: The Division of Securities can be contacted by phone at 801-530-6600.
      • Adult Protective Services: An online form is available. 
    • Contents of Reports: Not specified.
    • Rights to Agency Investigation Status: No.
    • Immunity: A broker-dealer, an investment adviser, or a qualified individual who, in good faith and exercising reasonable care, notifies the division or Adult Protective Services, is immune from administrative or civil liability.[4]
  • Third Party Disclosures
    • Disclosure: Permissive disclosure by the firm or a Qualified Individual to persons (i) previously designated by the vulnerable adult; (ii) permitted under applicable law or customer agreement; and (iii) reasonably associated with the vulnerable adult.[5]
    • Immunity: A broker-dealer, an investment adviser, or a qualified individual who, in good faith and exercising reasonable care, notifies a third party, is immune from administrative or civil liability.[6]
  • Transaction and Disbursement HoldPermissive for the firm to place a hold on a disbursement or transaction if the firm (i) suspects that the disbursement or transaction may result in financial exploitation; (ii) initiates an internal review and reasonably believes that financial exploitation may result; and (iii) continues its internal review as necessary.[7]
    • Written Notification with Reason for Hold: Within 2 business days after the requested hold, notification must be provided to all parties authorized on the account, the Division of Securities, and Adult Protective Services. Upon request, firm must provide status and findings of its internal review to the Division of Securities or Adult Protective Services.
    • Length of Hold: The temporary hold may last up to 15 business days provided (i) the firm’s internal review supports its belief of financial exploitation; and (ii) the hold is not terminated before then by a court order.
      • Extension of Hold: The Division of Securities or Adult Protective Services can request that the firm extend the hold as reasonably necessary, provided that the firm’s internal review continues to support its belief of financial exploitation. A court of competent jurisdiction may also enter an order terminating or extending the hold or granting other protective relief.
    • Immunity: A broker-dealer or investment adviser who, in good faith and exercising reasonable care, delays a disbursement or transaction is immune from administrative or civil liability that might otherwise arise from the delay.[8]
  • Required Training: No.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: Any person 65 years of age or older; or any person 18 years of age or older who has a mental or physical impairment which substantially affects that person's abilities; see statute for additional criteria.[9]
  • ReportingMandatory for any person to immediately report to Adult Protective Services or nearest law enforcement agency if person has reason to believe a vulnerable adult has been the subject of abuse, neglect, or exploitation.[10]
    • Manner of Reporting: An online form is available. 
    • Contents of Report: Not specified. 
  • Immunity: A person who in good faith makes a report or otherwise notifies a law enforcement agency or Adult Protective Services of suspected abuse, neglect, or exploitation is immune from civil and criminal liability in connection with the report or other notification.[11]
  • Required Training: No.

[1] Utah Code Ann. § 61-1-13(1)(q).

[2] Utah Code Ann. § 61-1-201(2).

[3] Utah Code Ann. § 61-1-202(1).

[4] Utah Code Ann. § 61-1-203.

[5] Utah Code Ann. § 61-1-202(2).

[6] Utah Code Ann. § 61-1-203.

[7] Utah Code Ann. § 61-1-204.

[8] Utah Code Ann. § 61-1-205.

[9] Utah Code Ann. § 62A-3-301(11),(29).

[10] Utah Code Ann. § 62A-3-305(1).

[11] Utah Code Ann. § 62A-3-305(3).

Financial Exploitation Regulation

  • Included Firms: Broker-dealers and state-registered investment advisers.[1]
  • Protected Class: A person 65 years of age or older; or a person 18 years or older who cannot manage their resources, carry out activities of daily living, or protect themselves because of mental or physical dysfunction; see regulation for additional criteria.[2]
  • ReportingMandatory for any agent, investment adviser representative or person who serves in a supervisory, compliance, or legal capacity for a broker-dealer or investment adviser ("Qualified Individual") to report to Adult Protective Services and the Commissioner of Financial Regulation if the Qualified Individual has a reasonable belief that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted.[3]
    • Timing: A Qualified Individual must promptly notify if he/she reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted.
    • Manner of Reporting:
      • Adult Protective Services: An online form is available to report to the Adult Protective Services.
      • Commissioner of Financial Regulation: The Securities Division of the Department of Financial Regulation can be contacted by phone at 802-828-3420.
    • Contents of Report: None specified. 
    • Rights to Agency Investigation Status: No.
    • Immunity: A Qualified Individual who in good faith and exercising reasonable care makes a report is immune from administrative or civil enforcement.[4]
  • Third Party Disclosures
    • Disclosure: Permissive disclosure by a Qualified Individual to any third party previously designated by the vulnerable adult.[5]
    • Immunity: A Qualified Individual who, in good faith and exercising reasonable care, makes a disclosure is immune from any administrative or civil enforcement.[6]
  • Temporary Hold on DisbursementsPermissive for the firm to place a temporary hold, if the firm or qualified individual, reasonably believes, after initiating an internal review, that a disbursement may result in financial exploitation; and continues its internal review as necessary.[7]
    • Written Notification with Reason for Hold: Must be made immediately by the firm, but in no event more than 2 business days after the requested disbursement, to all parties authorized on the account, Adult Protective Services, and the Commissioner. Firm must reports the results of the review to Adult Protective Services and the Commissioner within 7 business days after the requested disbursement.
    • Length of Hold: The temporary hold may last up to 15 business days provided (i) the firm’s internal review supports its belief of financial exploitation; and (ii) the hold is not terminated before then by Adult Protective Services, the Commissioner, or a court order.
      • Extension of Hold: Adult Protective Services and the Commissioner can request that the firm extend the hold for an additional 10 business days for a total of 25 business days, provided that Adult Protective Services, the Commissioner, or a court does not terminate the hold. The firm, Adult Protective Services, the Commissioner, and any other interested party may petition the court for an order extending the hold.
    • Immunity: A firm that, in good faith and exercising reasonable care, holds a disbursement is immune from any administrative or civil enforcement.[8]
  • Required Training: No.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: Any person 18 years of age or older who is the resident of a facility or psychiatric hospital or who, because of some illness or condition, cannot care for themselves; see statute for additional criteria.[9]
  • ReportingPermissive for any person to report as soon as possible, but in no event later than 48 hours thereafter to Adult Protective Services or law enforcement if reporter knows, has received a complaint, or has reason to suspect that any vulnerable adult has been abused, neglected, or exploited.[10]
    • Manner of Reporting: Report can be made by phone to 800-564-1612. An online form is also available. 
    • Contents of Report: (i) name and address of the reporter as well as the names and addresses of the vulnerable adult and persons responsible for his or her care, if known; (ii) age of the vulnerable adult; (iii) nature of the disability and nature and extent of the vulnerable adult's abuse, neglect, or exploitation together with any evidence of previous abuse, neglect, or exploitation of the vulnerable adult; and (iv) any other helpful information.
  • Immunity: Any person who in good faith makes a report alleging abuse, neglect, or exploitation shall be immune from any liability, civil or criminal, for making the report. Nothing in this section grants civil or criminal immunity to any person suspected of having abused, neglected, or exploited a vulnerable adult.[11]
  • Required Training: No.

[1] 9 V.S.A. § 5102(15).

[2] V.S.R. § 1-2(y).

[3] V.S.R. § 8-4(a).

[4] V.S.R. § 8-4(b).

[5] V.S.R. § 8-4(c).

[6] V.S.R. § 8-4(d).

[7] V.S.R. § 8-4(e).

[8] V.S.R. § 8-4(f).

[9] 33 V.S.A. § 6902(14).

[10] 33 V.S.A. § 6903(b).

[11] 33 V.S.A. § 6908.

Virginia

Back To Main Map

Financial Exploitation Statute: Virginia’s report and hold law is found in the Adult Protective Services statute below.

Adult Protective Services Statute

  • Included Firms: Broker-dealers and state-registered investment advisers
  • Protected Class: Any person 60 years of age or older, or 18 years of age or older who is incapacitated; see statute for additional criteria.[1]
  • ReportingPermissive for any employee, agent, qualified individual, or representative of an Included Firm ("financial institution staff") to report to local department of social services if financial institution staff suspects that an adult has been abused, neglected or exploited.[2]
    • Timing: Not specified for permissive reporters.
    • Manner of Reporting: Report may be made to local department of social services or to the Adult Protective Services hotline 888-832-3858.
    • Contents of Report: Not specified. 
    • Rights to Agency Investigative Status: No.
    • Immunity: Any person who makes a report, provides records or information, or who testifies shall be immune from any civil or criminal liability.[3]
  • Third-Party Reporting: Not Yet Adopted.
  • Transaction and Disbursement Hold Permissive for financial institution staff  to delay a disbursement or transaction, if the financial institution staff, (i) believes in good faith that the transaction or disbursement may involve, facilitate, result in, or contribute to the financial exploitation of an adult or (ii) makes, or has actual knowledge that a report was made to the local department or adult protective services hotline stating a good faith belief that the transaction or disbursement may involve financial exploitation.[4]
    • Written Notification with Reason for Hold: Not required. The ability to place a hold is not dependent on whether financial institution staff has reported the suspected financial exploitation. 
    • Length of Hold: The temporary hold may last up to 30 business days after the disbursement or transaction request was made, unless ordered otherwise by a court.
    • Extension of Hold: Not provided for by statute.
    • Immunity: Absent gross negligence or willful misconduct, the financial institution and its staff shall be immune from civil or criminal liability for refusing to execute a transaction, delaying a transaction, or refusing to disburse funds.[4]
  • Required Training: No.

 [1] Va. Code Ann. § 63.2-1603.

[2] Va. Code Ann. § 63.2-1606(C). SEC-registered investment advisers may also report the suspected financial exploitation. Va. Code Ann. § 63.2-1606(D).

[3] Va. Code Ann. § 63.2-1606(E).

[4] Va. Code Ann. § 63.2-1606(L) (effective July 1, 2019). 

Washington

Back To Main Map

Financial Exploitation Statute[1]

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers, and SEC-registered investment advisers.[2]
  • Protected Class: Any person 60 years of age or older with the functional, mental, or physical inability to care for himself or herself; see statute for additional criteria.[3]
  • ReportingPermissive reporting to the Department of Social and Health Services or law enforcement if one has reasonable cause to believe a vulnerable adult is being or has been abandoned, abused, financially exploited, or neglected.[4]
    • Timing: Permissive reporters may report to the department or a law enforcement agency when there is reasonable cause to believe that a vulnerable adult is being or has been abandoned, abused, financially exploited, or neglected.
    • Manner of Reporting: Phone: 1-877-734-6277, E-mail apscentralintake@dshs.wa.gov, Fax: 1-833-866-5590, TTY:  1-833-866-5595 or via an online report.
    • Contents of Report: (i) name and address of the person making the report; (ii) name and address of the vulnerable adult and the name of the facility or agency providing care for the vulnerable adult and name and address of the legal guardian or alternate decision maker; (iii) nature and extent of the abandonment, abuse, financial exploitation, neglect, or self-neglect; (iv) history of previous abandonment, abuse, financial exploitation, neglect, or self-neglect; (v) identity of the alleged perpetrator, if known; and (vi) other helpful information.
    • Immunity: A person who makes a report or testifies in good faith is immune from liability resulting from the report or testimony.[5]
  • Third Party Disclosures: Not yet adopted.
  • Temporary Hold on DisbursementsPermissive to place a hold on a disbursement if (i) the firm reasonably believes that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted and (ii) the firm, the Department of Social and Health Services, or law enforcement undertakes an investigation.  Permissive to place a hold on a disbursement if the firm is provided information by The Department of Social and Health Services, law enforcement, or the prosecutor demonstrating that it is reasonable to believe that financial exploitation of a vulnerable adult has occurred.[6] 
    • Written Notification and Reason for Hold: A firm that places a temporary hold must (i) make reasonable efforts to notify all authorized parties on the account; and (ii) report the incident to Adult Protective Services and local law enforcement.
    • Length of Hold:
      • If the disbursement involves the sale or offer to sell a security, the temporary hold may last up to 10 business days provided (i) the firm reasonably believes financial exploitation will result; and (ii) the hold is not terminated before then by a court order.
      • If the disbursement does not involve the sale or offer to sell a security, the temporary hold may last up to 5 business days provided (i) the firm reasonably believes financial exploitation will result; and (ii) the hold is not terminated before then by a court order.
    • Extension of Hold: A court may extend the hold based on a reasonable belief that financial exploitation may have occurred, may have been attempted, or is being attempted.
    • Immunity: A financial institution or an employee of a financial institution is immune from criminal, civil, and administrative liability for refusing to disburse funds or disbursing funds under this section if determination was made in good faith.[7]
  • Required Training: Firms must provide training to all registered representatives and investment adviser representatives who have contact with customers and access to account information on a regular basis and as part of their job.[8]
    • Training must be provided to new employees within three months of their employment.
    • Training must include (i) indicators of financial exploitation, (ii) manner how employees may report suspected financial exploitation; and (iii) steps employees may take to prevent suspected financial exploitation as authorized by law or by customer agreement. 

[1] Washington's Financial Exploitation Statute was enacted prior to the adoption of the NASAA Model Act. The financial exploitation provisions were codified as part of the Adult Protective Services statute.

 [2] Rev. Code Wash. §§ 74.34.020(8); 21.20.005(8).

[3] Rev. Code Wash. § 74.34.020(22).

[4] Rev. Code Wash. §§ 74.34.035(6); 74.34.020(17).

[5] Rev. Code Wash. § 74.34.050.

[6] Rev. Code Wash. § 74.34.215.

[7] Rev. Code Wash. § 74.34.215(7).

[8] Rev. Code Wash. § 74.34.220.

West Virginia

Back To Main Map

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers, and SEC-registered investment advisers.
  • Protected Class: Any person who by reason of physical, mental, or other infirmity is unable to independently carry on the daily activities of life necessary to sustaining life and reasonable health or any person who lives in a nursing home or other facility.[1]
  • ReportingPermissive for firms "engaged in financially related activities" to immediately report suspected cases of financial exploitation to state or federal law-enforcement authorities, the county prosecuting attorney and to the Department of Health and Human ResourcesAdult Protective Services Division or Medicaid Fraud Division, as appropriate.[2]
    • Manner of Reporting:
      • Adult Protective Services: Immediately by telephone (1-800-352-6513) to Adult Protective Services and followed by a written report within forty-eight hours.
      • Department of Health and Human Resources: A copy of the Adult Protective Services report should be immediately filed with the Department of Health and Human Resources, the appropriate law-enforcement agency and the prosecuting attorney, if necessary; or in case of a death, to the appropriate medical examiner or coroner’s office.[3]
    • Contents of Report: Not specified.
    • Immunity: Any person who in good faith makes or causes to be made any report permitted or required by this article shall be immune from any civil or criminal liability.[4]
  • Required Training: No.

[1] W. Va. Code Ann. § 9-6-1(4),(9).

[2] W. Va. Code Ann. § 9-6-9(b); W. Va. Code Ann. § 61-2-29b(e).

[3] W. Va. Code Ann. § 9-6-11(a).

[4] W. Va. Code Ann. § 9-6-12.

Wisconsin

Back To Main Map

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: Any person 60 or older who has experienced, is currently experiencing, or is at risk of experiencing abuse, neglect, self-neglect, or financial exploitation.[1]
  • ReportingPermissive for any person to report to Elder Abuse Agency or local law enforcement if reporter believes that abuse, financial exploitation, neglect, or self-neglect of a vulnerable adult has occurred.[2]
    • Manner of Reporting: The link above contains the contact information for the applicable county elder abuse agencies.
    • Contents of Report: Report shall include the facts and circumstances of the situation.
    • Immunity: None specified
  • Required Training: No.

[1] Wis. Stat. Ann. § 46.90(1)(br).

[2] Wis. Stat. Ann. §§ 46.90(4)(ar).

Financial Exploitation Statute: Not yet adopted.

Adult Protective Services Statute

  • Included Firms: Broker-dealers, state-registered investment advisers and SEC-registered investment advisers.
  • Protected Class: Any person 18 years of age or older who is unable to manage and take care of himself or his money, assets, or property without assistance as a result of advanced age or physical or mental disability.[1]
  • ReportingMandatory to immediately report to your local Department of Family Services, or to law enforcement.
    • Manner of Reporting: May be made by phone to 1-800-457-3659 or in writing. An on-call caseworker is available 24 hours a day.
    • Contents of Report: If available: (i) name, age and address of the vulnerable adult and  name and address of any person responsible for the vulnerable adult's care; (ii) nature and extent of the vulnerable adult's condition; (iii)  basis of the reporter's knowledge; (iv) names and conditions of the other residents, if the vulnerable adult resides in a facility with other vulnerable adults; (v) evaluation of the persons responsible for the care of the residents, if the vulnerable adult resides in a facility with other vulnerable adults; and adequacy of the facility environment; (vi) evidence of previous injuries; (vii) any collaborative information; and any other relevant information.
  • Immunity: A person or agency filing a report is immune from civil or criminal liability unless the person knowingly or negligently reports information that is false or lacks factual foundation. Immunity applies only to those persons whose professional communications are generally confidential or subject to the Wyoming Public Records Act.[3]
  • Required Training: No.

[1] Wyo. Stat. Ann.§ 35-20-102(a)(xviii).

[2] Wyo. Stat. Ann. § 35-20-103(a).

[3] Wyo. Stat. Ann. § 35-20-114

User registration is required in order to use the map. Please submit the registration form to activate the map.

* Indicates a required field.

For questions or further information about the 50 state survey, please contact Andrew Mount or any member of the Firm’s Senior and Vulnerable Investor Group.

Jump to Page

By using this site, you agree to our updated Privacy Policy and our Terms of Use.