Protect the Vulnerable Adults from Financial Exploitation Act - House Bill 2562

💼House Bill 2562 creates the Protect the Vulnerable Adults from Financial Exploitation Act.

👵The bill aims to protect elders over 60 and dependent adults over 18 from financial exploitation.

💰It allows brokers and investment advisors to hold up funds if there is reasonable belief of exploitation.

🕒The maximum hold period is 15 days, but an additional 25 days can be requested for further investigation.

🛡️The bill requires notification to protective agencies and reporting of exploitation attempts.

Who does House Bill 2562 aim to protect?

—The bill aims to protect vulnerable adults, including elders over 60 and dependent adults over 18.

What is the maximum hold period for funds under the bill?

—The maximum hold period is 15 days, but an additional 25 days can be requested for further investigation.

What action does the bill require brokers and investment advisors to take?

—The bill requires them to notify protective agencies and report exploitation attempts within two days.

Does House Bill 2562 provide immunity for brokers during the hold period?

—Yes, the bill provides immunity for brokers and investment advisors during the hold period.

Has House Bill 2562 been adopted by other states?

—Yes, the bill is based on model legislation and has been adopted by 41 other states.

00:00Introduction to House Bill 2562 - Protect the Vulnerable Adults from Financial Exploitation Act.

00:30Explanation of the target group: vulnerable adults, including elders over 60 and dependent adults over 18.

01:10Overview of the provisions: brokers and investment advisors can hold up funds if there is reasonable belief of exploitation.

02:00The maximum hold period is 15 days, with an additional 25 days for further investigation upon request.

02:50Requirements for notification to protective agencies and reporting of exploitation attempts.