Alabama. HB 304, which would establish the Elder Abuse Protection Order and Enforcement Act, was introduced and referred to Judiciary February 23.
Arizona. SB 1364, placed on 2nd reading Feb. 1, would create a study committee to examine the state’s current system of preventing, investigating and prosecuting elder abuse cases and examine existing barriers, services and resources available to address elder abuse.
Colorado. SIFMA is working with the CO Dept. of Regulatory Agencies on 2017 Report & Hold draft legislation; it has not yet been introduced.
Connecticut. HB 7029, to permit financial institutions which suspect financial exploitation to delay or refuse to execute transactions or disbursements without fear of liability, was heard in committee on Feb. 14. SIFMA submitted testimony encouraging the committee to amend the bill to include BDs & IAs.
Hawaii. HB 432, to make financial exploitation of an elder by a caregiver a felony, passed its 1st committee and had a hearing in its 2nd Feb. 28.
Indiana. HB 1526, the Securities Commissioner’s bill to add ‘investment advisor’ to the state Report & Hold law, passed the House Feb. 7. SB 345, which would amend the definition of ‘financially endangered adult’ within the Report & Hold to remove the age-related qualification, passed the Senate Feb. 7. If SB 345 is enacted, the law will only apply to those individuals age 18+ who are incapable (by reason of mental illness, intellectual disability, dementia or other physical or mental incapacity) of managing or directing the management of their property.
Kansas. SB 72, to require officers of financial institutions to promptly report suspected abuse, neglect and exploitation of vulnerable adults, was heard in committee Feb. 16.
Kentucky. HB 83, a Report & Hold bill, was referred to committee Jan. 3.
Maryland. HB 1149 / SB 951 contain Report & Hold language. SIFMA is working with the Securities Commissioner on harmonization with the FINRA rule. The Senate bill was heard Feb. 23; the House bill has a hearing Mar. 10.
Minnesota. SF 919, a NASAA Model Report & Hold bill which has not been amended to reflect the newly-approved FINRA rules, was referred to Aging Feb. 13.
Mississippi. HB 386, which would have required persons who make reports to DHS about suspected abuse, neglect, or exploitation of a vulnerable person to provide their name, address and phone number, died in committee Jan. 31.
Mississippi. HB 753, which would expand the authority of the Dept. of Human Services when investigating the abuse of vulnerable persons, passed the House Feb. 10 and was transmitted to the Senate Feb. 14.
Mississippi. HB 1003, which would have required BDs to immediately file a report with the Dept. of Human Services if senior financial exploitation is suspected, died Feb. 9.
Mississippi. SB 2911, a Report & Hold bill, passed the Senate Feb. 7 and House committee Feb. 23.
Montana. HB 24, a Report & Hold bill initially based on the NASAA model, passed the House Feb. 15, passed the Senate Feb. 20, and was returned to the House for concurrence.
Montana. HB 139, which would revise terminology related to protective services, was tabled in committee Jan. 20.
New Mexico. HB 326, Report & Hold legislation comparable to the NASAA model, was referred to 2 House committees Feb. 6, passed one committee, and was heard in House Judiciary Feb. 27. SIFMA submitted comments.
New Mexico. HB 325, which was sent to 2 committees and was reported out of one, would increase penalties for certain violations of the NM Uniform Securities Act, including violations involving persons over the age of 60.
New York State. S. 1093, a Report & Hold proposal applicable to banks, was placed on the Senate Calendar Feb. 14.
New York State. S. 2442, to establish a financial exploitation outreach & training program and fund, was referred to Banks Jan. 13.
New York State. The Executive Budget included a transaction-focused Report & Hold provision that applies to banks; it includes relatively tight time-frames. The Executive Budget has been introduced as A. 3008-A and S. 2008-A.
North Dakota. SB 2322, a Report & Hold bill similar to the NASAA Model, passed the Senate Feb. 2 before new rules were approved by the SEC. It was referred to House committee Feb. 20.
Oregon. SB 95, a Report & Hold bill which has not been amended to reflect the newly-approved FINRA rules, had a hearing Feb. 13 with SIFMA and several others requesting amendments; a work session is scheduled for March 8.
Oregon. HB 2622, to authorize banks to refuse certain financial transactions with a reasonable belief of financial exploitation, had a Judiciary hearing Feb. 15; a work session was held Feb. 28.
Tennessee. HB 304, introduced Jan. 31, is based on the NASAA Report & Hold model, but reporting would be voluntary, not mandatory.
Texas. SIFMA is part of a broad coalition working on senior investor protection Report & Hold legislation that would apply to financial institutions, BDs and IAs. The proposal is under review by relevant committee chairmen and legislative counsel.
Texas. HB 916, referred to committee Feb. 21, would require financial institutions to report suspected financial exploitation to both APS and law enforcement within 24 hours, would provide immunity to good faith reporting, and has penalties up to $5k for failure to report.
Texas. HB 959, referred to committee Feb. 27, would impose criminal penalties on those who commit financial exploitation and would impose civil penalties up to $100k on financial institutions for failure to report.
Virginia. HB 1945, to broaden the definition of adult exploitation for the purposes of social services laws, passed both Houses as of Feb. 14.
Virginia. HB 2073, to add the offenses of obtaining money by false pretense, and financial exploitation of mentally incapacitated persons to both the list of criminal violations that a multi-jurisdiction grand jury may investigate and the list of prohibited practices under the VA Consumer Protection Act and make them eligible for grand jury, passed both Chambers and was signed by the governor Feb. 23. The new law (Chapter 195) is effective July 1.
Washington State. SB 5099, which would increase penalties and reduce barriers to prosecution for seniors-related crimes, passed Law & Justice with amendments Feb. 14, passed Ways & Means Feb. 23, and was sent to Rules Feb. 24.
Washington State. HB 1153, to create the crimes of theft from a vulnerable adult in the 1st and 2nd degree, passed the House with amendments Feb. 27.
Washington State. HB 1402/SB 5577 would prohibit a guardian from restricting an incapacitated person’s right to communicate or associate with any person without good cause to believe there is a need to do so to protect the incapacitated person from financial exploitation. HB 1402 was amended and reported out of committee Feb. 21 and SB 5577 passed two committees with amendments and was sent to Rules Feb. 23.
Washington State. SB 5349, to require the state to establish elder justice center demonstration programs, was referred out of committee Feb. 24.
Report & Hold Laws. With no enactments yet this year, the total number of states with Report & Hold laws remains at six (Washington State, Missouri, Delaware, Indiana, Alabama and Louisiana). Vermont also has a more limited Report & Hold regulation. All are currently effective.