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Protecting Seniors and Vulnerable Adults from Financial Exploitation in Investments.

This law allows registered open-end investment companies to temporarily delay the payout of redeemed securities if they reasonably suspect a specified adult (65+ or impaired) is being financially exploited. The initial delay can last up to 15 business days, with a potential extension of 10 business days if suspicions are substantiated.
Key points
Funds can delay the payout of investment funds (up to 15 business days, extendable by 10 days) if financial exploitation is suspected for individuals aged 65+ or those with impairments.
Customers may be asked to provide contact information for a trusted adult who can be notified if fraud is suspected, unless that contact is believed to be the exploiter.
The changes aim to safeguard savings of specified adults but may temporarily postpone access to funds while the institution conducts an internal review.
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Expired
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Additional Information
Print number: 117_HR_2265
Sponsor: Rep. Wagner, Ann [R-MO-2]
Process start date: 2021-03-26
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Summarized by: gemini-3-pro-preview
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Financial Exploitation Prevention Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_2265.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-26.

What are the main provisions?

Key points include:

  • Funds can delay the payout of investment funds (up to 15 business days, extendable by 10 days) if financial exploitation is suspected for individuals aged 65+ or those with impairments.
  • Customers may be asked to provide contact information for a trusted adult who can be notified if fraud is suspected, unless that contact is believed to be the exploiter.
  • The changes aim to safeguard savings of specified adults but may temporarily postpone access to funds while the institution conducts an internal review.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Wagner, Ann [R-MO-2].

What is the latest detailed status?

The latest detailed status is: On motion to suspend the rules and pass the bill, as amended Agreed to by voice vote. (text: CR H5848-5849)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2026-01-02.

CATEGORIES

Economy Security Courts and Law