Introduced
by
To allow brokers and investment advisors who suspect that financial exploitation is being committed against a client or customer to delay the disbursement of funds from the account of an individual age 65 or older, or one who may have cognitive impairments. The bill would require notice be given to any others on the account. The delay would expire in 15 days unless the broker or advisor determines the disbursement is legitimate sooner than that.
Referred to the Committee on Insurance and Banking
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
Passed in the Senate 35 to 0 (details)
To allow brokers and investment advisors who suspect that financial exploitation is being committed against a client or customer to delay the disbursement of funds from the account of an individual age 65 or older, or one who may have cognitive impairments. The bill would require notice be given to any others on the account. The delay would ordinarily expire in 15 days but could be extended to up to 40 days.
Referred to the Committee on Financial Services
Reported without amendment
With the recommendation that the substitute (H-3) be adopted and that the bill then pass.
