Bill > H203

This bill aims to protect vulnerable adults, specifically those aged 60 and older or disabled persons, from financial exploitation. The key provisions include: 1) Defining "financial exploitation" as the wrongful or unauthorized taking, withholding, appropriation, or use of the money, assets, or property of an eligible adult, or any act or omission to obtain control over the eligible adult's resources through deception, intimidation, or undue influence. 2) Allowing qualified individuals (agents, investment advisers, and supervisory/compliance personnel) to report suspected financial exploitation to the Secretary of the Commonwealth and the Disabled Persons Protection Commission or Executive Office of Elder Affairs, depending on the age of the eligible adult. 3) Providing immunity from administrative or civil liability for qualified individuals who, in good faith and with reasonable care, make such reports or disclose information to previously designated third parties. 4) Allowing broker-dealers and investment advisers to delay disbursements from an eligible adult's account if they reasonably believe the disbursement may result in financial exploitation, with certain notification and reporting requirements. 5) Providing immunity from liability for broker-dealers and investment advisers who, in good faith and with reasonable care, delay disbursements under the specified conditions. 6) Requiring broker-dealers and investment advisers to provide access to relevant records to the investigating agencies and law enforcement.