Bill > H296

This bill establishes new legal protections for vulnerable adults (defined as individuals 60 years or older or disabled persons) against financial exploitation. The legislation creates a comprehensive framework enabling financial professionals (called "qualified individuals") to take proactive steps when they suspect financial abuse. Specifically, these professionals can notify state agencies like the Secretary of the Commonwealth, the Disabled Persons Protection Commission, or the Executive Office of Elder Affairs if they believe financial exploitation may have occurred or is being attempted. The bill provides legal immunity for these professionals when they report suspicions in good faith and with reasonable care. Additionally, broker-dealers and investment advisers are granted the ability to temporarily delay financial transactions (up to 15 business days, potentially extendable to 55 days) if they reasonably believe the transaction might result in financial exploitation. The bill defines financial exploitation broadly, including unauthorized taking of assets, using deception or undue influence to gain control of an adult's property, and converting an eligible adult's assets without their consent. The legislation also requires prompt notification to authorized account parties and agencies about any transaction delays and mandates that financial institutions provide relevant records to investigating agencies while protecting the confidentiality of those records.

Health and Social Services

https://malegislature.gov/Bills/194/H296