HB17-1253

HB17-1253 - Protect Seniors From Financial Abuse

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Concerning the 'Protection of Vulnerable Adults from Financial Exploitation Act'.

The bill requires that if certain licensed securities professionals (qualified individuals), while acting within the scope of their employment, reasonably suspect that an elderly or at-risk person is the subject of financial exploitation, the broker-dealer or investment adviser shall report the suspected financial exploitation to the commissioner of securities (commissioner). The commissioner is required to forward the report to local law enforcement and to the county department of human or social services. The commissioner has access to records to conduct an investigation, but the records are not subject to an open records request.

The bill also authorizes the qualified individual to notify any third party designated by or associated with the elderly or at-risk person of any suspected financial exploitation. It also authorizes the broker-dealer or investment adviser to delay disbursement of a transaction that might result in financial exploitation.

The bill provides immunity to qualified individuals, broker-dealers, and investment advisers making reports, disclosures, or delaying disbursements under the bill.

For qualified individuals who are also required to report mistreatment of an elderly or at-risk person pursuant to the 'Colorado Criminal Code' (code), the bill clarifies that, if the individual makes a report pursuant to the code, the individual does not have to submit a report with the commissioner, and that filing a report with the commissioner does not satisfy the individual's obligation pursuant to the code.

(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)

Senate Committees

Latest update: May 18, 2017
05/18/2017 - Sent to the Governor
05/18/2017 - Signed by the President of the Senate
05/17/2017 - Signed by the Speaker of the House
05/02/2017 - House Considered Senate Amendments - Result was to Concur - Repass
05/01/2017 - House Considered Senate Amendments - Result was to Laid Over Daily
04/28/2017 - House Considered Senate Amendments - Result was to Laid Over to 05/01/2017
04/20/2017 - Senate Third Reading Passed - No Amendments
04/19/2017 - Senate Second Reading Passed with Amendments - Committee
04/13/2017 - Senate Committee on Finance Refer Amended - Consent Calendar to Senate Committee of the Whole
04/05/2017 - Introduced In Senate - Assigned to Finance
04/04/2017 - House Third Reading Passed - No Amendments
04/03/2017 - House Second Reading Passed - No Amendments
03/28/2017 - House Committee on Public Health Care & Human Services Refer Unamended to House Committee of the Whole
03/10/2017 - Introduced In House - Assigned to Public Health Care & Human Services