Bill > H4462

This bill amends the Massachusetts General Laws to create a new chapter, Chapter 110I, which is focused on protecting vulnerable adults from financial exploitation. The key provisions of the bill include: 1. Defining key terms such as "eligible adult" (a person 60 years or older, or a disabled person), "financial exploitation," and "qualified individual" (a broker-dealer or investment adviser employee who may report suspected exploitation). 2. Allowing qualified individuals to promptly notify the Secretary of the Commonwealth and either the Disabled Persons Protection Commission (for adults under 60) or the Executive Office of Elder Affairs (for adults 60 and older) if they reasonably believe financial exploitation may have occurred, been attempted, or is being attempted. 3. Providing immunity from administrative or civil liability for qualified individuals who, in good faith and with reasonable care, disclose information about suspected exploitation or comply with other provisions of the bill. 4. Allowing 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 providing them with immunity for such delays. 5. Requiring broker-dealers and investment advisers to provide relevant records to the appropriate state agencies and law enforcement to aid in investigations of suspected financial exploitation.