Bill > H252

This bill aims to protect vulnerable adults from financial exploitation. The key provisions are: 1. It defines financial exploitation as the wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or property of an eligible adult (a person 60 years or older or a disabled person). 2. It allows qualified individuals (agents, investment advisers, or supervisory personnel) to notify the Secretary of the Commonwealth and either the Disabled Persons Protection Commission or the Executive Office of Elder Affairs if they reasonably believe financial exploitation has occurred, been attempted, or is being attempted. 3. It provides immunity from administrative or civil liability for qualified individuals who in good faith disclose information or delay disbursements from accounts of eligible adults they believe may be financially exploited. 4. It allows broker-dealers or investment advisers to delay disbursements from eligible adult accounts if they reasonably believe the disbursement may result in financial exploitation, and provides them immunity for such delays. 5. It requires broker-dealers and investment advisers to provide relevant records to the Disabled Persons Protection Commission or Executive Office of Elder Affairs and law enforcement to assist in investigating suspected financial exploitation.