Advisors worried about violating privacy laws when they report suspected senior financial abuse are now protected in more than 20 states.
“Report and hold laws” are designed to allow financial advisors to report suspected senior financial abuse without threat of punitive action for breaking privacy laws. Twenty states have already passed such laws, and similar legislation is being introduced in many more.
The passed and proposed state laws supplement federal provisions enacted under the Senior Safe Act (signed into law in May 2018), which grants immunity from prosecution for financial advisors and others who report suspected financial abuse as long as they have had specific training.
Learn more about this issue and the legislation sweeping the country.