Protecting Seniors and Vulnerable Adults from Financial Exploitation.
This law allows investment funds to temporarily halt the withdrawal of money from an account if they suspect a senior or vulnerable adult is being financially exploited. The goal is to protect the savings of individuals aged 65 and older, or adults with impairments, by providing time to verify suspicious transactions. If exploitation is suspected, access to funds may be delayed up to 25 business days.
Key points
Investment funds can delay the redemption of securities for up to 15 business days (extendable to 25 days) if financial exploitation is reasonably suspected.
Protection applies to individuals aged 65 or older, and adults (18+) with impairments preventing them from protecting their own interests.
Customers may be asked to provide contact information for a trusted individual who will be notified if exploitation is suspected.
Status:
Placed on Calendar
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