Nationwide Reporting Chart

For Suspected Exploitation Of Seniors And/Or Vulnerable Persons

 

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Statute
Wyo. Stat. Ann. § 35-20-103(a).
Wyo. Stat. Ann. § 35-20-102(a)(xviii).
Wyo. Stat. § 13-1-701(vi).
Wyo. Stat. § 13-1-702(a).
Wyo. Stat. § 13-1-704(a).
Wyo. Stat. § 13-1-704(b),(c).
Wyo. Stat. § 13-1-705(a).
Financial Services Professionals
(Mandated? Permissive?)

Any person or agency. (Mandated)

If a qualified person has cause to believe that financial exploitation of a vulnerable adult has occurred, is occurring or has been attempted, the qualified person shall notify the financial institution of the suspected financial exploitation. (Mandated.) Wyo. Stat. § 13-1-702(a).

State Report & Hold
(Y/N)

A financial institution: (i) May place a hold on any transaction that involves an account of a vulnerable adult or that contains the vulnerable adult’s assets or property if the financial institution: (A) Submits a report of suspected financial exploitation of the vulnerable adult to the department as required under this article; and (B) Has cause to believe the transaction is related to the suspected financial exploitation alleged in the report. Wyo. Stat. § 13-1-704(a).

A hold placed on any transaction shall not exceed five (5) business days after the date the hold is placed. A financial institution may extend a hold placed on any transaction for a period not to exceed thirty (30) business days after the expiration of the period prescribed if requested by a state or federal agency or a law enforcement agency investigating the suspected financial exploitation of a vulnerable adult. The financial institution may also petition a court to extend a hold placed on any transaction beyond thirty (30) days. A court may enter an order extending a hold or providing other relief. Wyo. Stat. § 13-1-704(b),(c).

Reporters

Any person or agency who knows or has reasonable cause to believe that a vulnerable adult is being or has been abused, neglected, exploited, intimidated or abandoned or is committing self neglect. Wyo. Stat. Ann. §35-20-103(a).

“Qualified person” means any agent, investment adviser representative or person who serves in a supervisory, compliance or legal capacity for a financial institution. Wyo. Stat. § 13-1-701(vi).

Protected Individuals

Vulnerable Adult: Any person 18 years of age or older who is unable to manage and take care of himself or his money, assets or property without assistance as a result of advanced age or physical or mental disability. Wyo. Stat. Ann. § 35-20-102)(a)(xviii).

Financial Institutions-Immunity (Y/N)

Yes. Anyone who in good faith makes a report pursuant to this section is immune from civil liability for making the report. Wyo. Stat. Ann. §35-20-103(a).

A qualified person who provides notification under W.S. 13-1-702(a), or a financial institution that submits a report under W.S. 13-1-702(b) is immune from any civil liability arising from the notification, report, testimony or participation in the judicial proceeding, unless the qualified person or financial institution acted in bad faith or with a malicious purpose. Wyo. Stat. § 13-1-705(a).

** See 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.