Financial exploitation of vulnerable adults is a serious issue that affects individuals who may be more susceptible to fraud. Perpetrators often use manipulative tactics to gain access to the individual’s financial assets. SB 84, introduced by Senator Chuck Hufstetler (R-Rome), provides guidelines for protecting disabled or elderly adults from financial exploitation when potential fraud is suspected, by allowing broker-dealers or investment advisors to hold disbursements if they have reasonable cause to believe there is fraud involved.
This bill passed unanimously out of both the House and the Senate in the 2023 legislative session and went into effect on May 5, 2023.