Senior Savings Protection Act
This Act permits certain individuals to report the occurrence or suspected occurrence of financial exploitation of qualified adults, defined as a person who is either 60 years of age or older or has a disability as defined under current law and is between the ages of 18 and 59. The Act permits certain individuals to notify an immediate family member, legal guardian, conservator, co-trustee, successor trustee, or agent under power of attorney of the qualified adult if they are of the belief that the qualified adult is, or may become, a victim of financial exploitation.
The Act permits certain individuals to refuse to make a disbursement from the account of a qualified adult or an account on which a qualified adult is a beneficiary or beneficial owner if the individual reasonably believes the request will result in financial exploitation. If the individual refuses disbursement, he or she must make a reasonable effort to notify all parties authorized to transact business on the account of such refusal within two business days. The individual must further notify the Department of Health and Senior Services and the Commissioner of Securities within three business days. The Act grants immunity from civil liability when complying with the provisions of this act with reasonable care and good faith.
Status: Signed into law on June 12, 2015.
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