summary
Introduced
11/18/2019
11/18/2019
In Committee
12/12/2019
12/12/2019
Crossed Over
Passed
Dead
01/08/2020
01/08/2020
Introduced Session
2018-2019 Regular Session
Bill Summary
This bill, the "Safeguarding Against Financial Exploitation Act," establishes protections from financial exploitation for vulnerable adults. The bill supplements the "Uniform Securities Law (1967)" and thus adopts the definitions and regulatory framework of that law. The bill defines an eligible adult as a person 65 years of age or older or a person subject to the "Adult Protective Services Act," P.L.1993, c.249 (C.52:27D-406 et seq.). The bill provides that when a qualified individual, defined as any 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, believes that financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted, the qualified individual shall promptly notify the Bureau of Securities and the applicable county adult protective services provider. The bill provides that a qualified individual who makes disclosure in good faith and exercising reasonable care shall be immune from administrative or civil liability.
AI Summary
This bill, the "Safeguarding Against Financial Exploitation Act," establishes protections from financial exploitation for vulnerable adults. The bill adopts the definitions and regulatory framework of the Uniform Securities Law (1967) and defines an eligible adult as a person 65 years of age or older or a person subject to the Adult Protective Services Act. The bill requires qualified individuals, such as broker-dealers and investment advisers, to promptly notify the Bureau of Securities and the applicable county adult protective services provider if they reasonably believe financial exploitation of an eligible adult may have occurred, been attempted, or is being attempted. The bill provides immunity from administrative or civil liability for qualified individuals who make such disclosures in good faith and exercise reasonable care. The bill also allows broker-dealers and investment advisers to delay transactions or disbursements if they reasonably believe the activity may result in financial exploitation of an eligible adult, and provides immunity for such delays.
Committee Categories
Business and Industry
Sponsors (3)
Last Action
Substituted by A5091 (2R) (on 12/16/2019)
Official Document
bill text
bill summary
Loading...
bill summary
Loading...
bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bills/BillView.asp?BillNumber=S4259 |
| BillText | https://www.njleg.state.nj.us/2018/Bills/S4500/4259_I1.HTM |
| Bill | https://www.njleg.state.nj.us/2018/Bills/S4500/4259_I1.PDF |
Loading...