SB220 Alabama 2016 Session

Sponsors

Session

Regular Session 2016

Title

Adults, vulnerable adults protection from financial exploitation, reporting to Alabama Securities Commission and Dept. of Senior Services, immunity from administrative and civil action for certain disclosures

Description

<p class="bill_description"> This bill would require reports to the Alabama Securities Commission and the Department of Senior Services by certain brokers, agents, and others when the individual has a reasonable belief that financial exploitation of a vulnerable adult has been attempted or has occurred. The bill would authorize limited disclosure to third parties who are reasonably affiliated with the vulnerable adult. The bill would provide that disclosures may not be made to the third party if the qualified individual suspects the third party of the financial exploitation</p><p class="bill_entitled_an_act"> Relating to the protection of vulnerable adults; to require that qualified individuals who reasonably believe that financial exploitation of a vulnerable adult may have occurred, been attempted, or is being attempted, to notify promptly the Department of Senior Services and the Alabama Securities Commission; to authorize the disclosure to third parties in certain instances where a vulnerable adult has some relationship; to prohibit disclosure to the third party if the qualified individual suspects the third party of the financial exploitation; to provide that broker-dealers and investment advisers may delay disbursing funds from a vulnerable adult's account; to provide immunity for administrative and civil actions based on certain actions of disclosure or delayed disbursements; and to require that broker-dealers and investment advisors to comply with certain requests for information. </p>

Subjects

Elder Law