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Effective date: July 1, 2017
The act 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 persons 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.