Bill > H4281

This bill aims to protect vulnerable adults from financial exploitation. It defines key terms such as "eligible adult," "financial exploitation," and "qualified individual." The bill allows qualified individuals (such as financial advisors) to report suspected financial exploitation to the relevant authorities, the Secretary of the Commonwealth, and either the Disabled Persons Protection Commission or the Executive Office of Elder Affairs, depending on the age of the eligible adult. The bill also allows qualified individuals to notify previously designated third parties and provides immunity from civil or administrative liability for making such reports in good faith. Additionally, the bill allows broker-dealers and investment advisors to delay disbursements from an eligible adult's account if they reasonably believe the disbursement may result in financial exploitation, and provides them with immunity for such delays. The bill also requires broker-dealers and investment advisors to provide relevant records to the authorities to assist in investigations of suspected financial exploitation.

Budget and Finance, Health and Social Services

https://malegislature.gov/Bills/191/H4281