Senior Safe Act
Elder abuse is a hot topic and one that we have previously provided information to our advisors for all 50 states (click here for Elder Abuse Information and Senior Savings: Indiana Law).
Three states recently made elder financial abuse reporting mandatory on July 1, 2016 - Alabama, Indiana and Vermont. A similar Louisiana law will go into effect on January 1, 2017. The three state laws require advisors to alert state authorities of suspected financial abuse of the elderly and other vulnerable adults. Mandatory reporting is required for people older than 65 or who are disabled if abuse is suspected and the laws will allow advisors to stop the disbursement of funds from client accounts and give advisors immunity from civil liability. A copy of the Indiana law is attached.
On a federal level, the House of Representatives last night passed unanimously legislation that would protect advisors from liability when they try to stop the financial exploitation of the elderly. It is called the Senior Safe Act. The Act, if passed, would protect advisors from liability for violating a client's privacy if a report of elder financial abuse is made to a federal or state securities regulator, law enforcement, adult protective services or other appropriate agency. More to come once the Senate votes --- I'll keep you posted. Thanks, Renee