Nationwide Reporting Chart

For Suspected Exploitation Of Seniors And/Or Vulnerable Persons

 

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Statute
Ariz. Rev. Stat. Ann. § 46-454(A), (C).
Ariz. Rev. Stat. Ann. § 46-451(A)(12).
Ariz. Rev. Stat. Ann § 46-453(A).
Ariz. Rev. Stat. Ann. § 46-472(A), (B).
Ariz. Rev. Stat. Ann. § 46-471(2), (6).
Ariz. Rev. Stat. Ann. § 46-473(A), (B), (D).
Financial Services Professionals
(Mandated? Permissive?)

A person who has responsibility for any other action concerning the use or preservation of the vulnerable adult’s property. (Mandated)

A broker-dealer, investment adviser or person who serves in a supervisory, compliance, legal or senior investor protection capacity for a broker-dealer or investment adviser. (Permissive)

State Report & Hold
(Y/N)

Yes, a broker-dealer or investment adviser may delay. Ariz. Rev. Stat. Ann. § 46-473(A).

Expires on the earlier of: 1. A determination by the broker-dealer or investment adviser that the disbursement or transaction will not result in financial exploitation of the eligible adult. 2. Fifteen business days after the date on which the broker-dealer or investment adviser first delayed disbursement or transaction of the monies, unless either adult protective services or the corporation commission requests that the broker-dealer or investment adviser extend the delay, in which case the delay shall expire not more than twenty-five business days after the date on which the broker-dealer or investment adviser first delayed disbursement or transaction of the monies unless otherwise terminated or further extended by either adult protective services or the corporation commission or an order of a court of competent jurisdiction. Ariz. Rev. Stat. Ann. § 46-473(B).

Reporters

A health professional, emergency medical technician, home health provider, hospital intern or resident, speech, physical or occupational therapist, long-term care provider, social worker, peace officer, medical examiner, guardian, conservator, fire protection personnel, developmental disabilities provider, employee of the department of economic security or other person who has responsibility for the care of a vulnerable adult. Ariz. Rev. Stat. Ann. § 46-454(A).

An attorney, accountant, trustee, guardian, conservator or other person who has responsibility for preparing the tax records of a vulnerable adult or a person who has responsibility for any other action concerning the use or preservation of the vulnerable adult’s property and who, in the course of fulfilling that responsibility, discovers a reasonable basis to believe that exploitation of the adult’s property has occurred or that abuse or neglect of the adult has occurred. Ariz. Rev. Stat. Ann. § 46-454(C).

Notwithstanding section 46-454, if a qualified individual reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted or is being attempted, the qualified individual may notify adult protective services and the corporation commission. Ariz. Rev. Stat. Ann. § 46-472(A).

Qualified Individual: A broker-dealer, investment adviser or person who serves in a supervisory, compliance, legal or senior investor protection capacity for a broker-dealer or investment adviser. Ariz. Rev. Stat. Ann. § 46-471(6).

Protected Individuals

Vulnerable Adult: An individual who is eighteen years of age or older and who is unable to protect himself from abuse, neglect or exploitation by others because of a physical or mental impairment. Vulnerable adult includes an incapacitated person. Ariz. Rev. Stat. Ann. § 46-451(A)(12). 

Eligible Adult: Means either of the following: (a) A person who is sixty-five years of age or older. (b) A person who is a vulnerable adult. Ariz. Rev. Stat. Ann. § 46-471(2).

Financial Institutions-Immunity (Y/N)

Yes.

Any person making a complaint, furnishing a report, information or records required or authorized by this chapter or otherwise participating in the program authorized by this chapter or in a judicial or administrative proceeding or investigation resulting from reports, information or records submitted or obtained pursuant to this chapter is immune from any civil or criminal liability by reason of such action. Ariz. Rev. Stat. Ann. §46-453(A).

A qualified individual who in good faith and exercising reasonable care makes a disclosure of information pursuant to subsection A of this section is immune from administrative or civil liability that might otherwise arise from the disclosure or for any failure to notify the customer of the disclosure. Ariz. Rev. Stat. Ann. § 46-472(B).

A broker-dealer or investment adviser who in good faith and exercising reasonable care delays a disbursement or transaction is immune from administrative or civil liability that might otherwise arise from a delay in a disbursement or transaction in accordance with this section. Ariz. Rev. Stat. Ann. § 46-473(D).

** Senior Safe Act

* Although care has been taken to ensure the accuracy and completeness of the information provided, EverSafe assumes no responsibility therefore and urges users of the information to check sources before use. Information is updated regularly and subject to change.
** On May 24, 2018, the Senior Safe Act was signed into law on a federal level as part of Economic Growth, Regulatory Relief, and Consumer Protection Act (Pub. Law No: 115-174). The Act is now codified at 12 USC § 3423. It extends immunity from liability to covered financial institutions who disclose suspected financial exploitation of adults 65 years and older to regulatory or law-enforcement agencies.
*** On February 5, 2018, FINRA Rule 2165 was adopted. Rule 2165 allows members to place temporary holds on disbursements of funds or securities from the accounts of a person 1) age 65 or older or 2) 18 years or older who the member reasonably believes has a mental or physical impairment that renders the individual unable to protect his or her own interests, if the member reasonably believes that financial exploitation of the person has occurred, is occurring, has been attempted, or will be attempted.