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Protecting Seniors and Vulnerable Adults from Investment Fund Financial Exploitation.

This law allows investment companies to delay the payment of mutual fund redemptions requested by seniors or vulnerable adults if financial exploitation is suspected. The goal is to prevent immediate loss of savings due to fraud. To enable this protection, customers can provide contact information for a trusted individual who will be notified if a delay occurs.
Key points
Investment companies can pause redemption payments (up to 15, or 25 business days if extended) if they reasonably believe a specified adult (65+ or impaired) is subject to financial exploitation.
Customers can voluntarily provide contact details for a trusted person who may be contacted by the fund to address potential fraud or confirm the customer's status.
The delay mechanism provides a critical window for intervention by the fund or authorities before funds are permanently lost to scammers.
article Official text account_balance Process page
VOTING RESULTS
2023-01-30
100%
For 419
Against 0
Abstain 0
Full voting results open_in_new
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_500
Sponsor: Rep. Wagner, Ann [R-MO-2]
Process start date: 2023-01-25
Voting date: 2023-01-30
Meeting no: 1
Voting no: 94
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Financial Exploitation Prevention Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_500.

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 2023-01-25.

What are the main provisions?

Key points include:

  • Investment companies can pause redemption payments (up to 15, or 25 business days if extended) if they reasonably believe a specified adult (65+ or impaired) is subject to financial exploitation.
  • Customers can voluntarily provide contact details for a trusted person who may be contacted by the fund to address potential fraud or confirm the customer's status.
  • The delay mechanism provides a critical window for intervention by the fund or authorities before funds are permanently lost to scammers.
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

Where is the official voting record?

The official roll call vote is recorded at: voting record

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 Agreed to by the Yeas and Nays: (2/3 required): 419 - 0 (Roll no. 94). (text: CR H498-499)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy Security