Bill > SB419

This bill amends New Mexico's existing law regarding financial protections for vulnerable adults by expanding the circumstances under which broker-dealers and investment advisers can delay financial transactions. The updated law allows these financial professionals to delay a disbursement or transaction if they reasonably believe financial exploitation has occurred, is occurring, has been attempted, or will be attempted, rather than just when a transaction "may result in" exploitation. The bill provides a more comprehensive framework for pausing suspicious transactions, including multiple potential delay periods: an initial two-week hold, which can be extended by the financial institution for an additional ten business days, and then potentially for up to thirty more business days with notification to relevant agencies. The bill also broadens the number of entities that can request or extend such delays, now including state regulators and agencies of competent jurisdiction, in addition to the previously specified agencies. Additionally, the legislation allows a court of competent jurisdiction to enter protective orders extending the transaction delay or providing other relief, giving more flexibility to protect vulnerable adults from potential financial abuse.

Budget and Finance

https://www.nmlegis.gov/Legislation/Legislation?chamber=S&legtype=B&legno=419&year=25