Nationwide Reporting Chart

For Suspected Exploitation Of Seniors And/Or Vulnerable Persons

 

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Statute
Iowa Code Ann. § 235B.3(2), (4), (5), (10).
Iowa Code Ann. § 235B.2(4).
Iowa Code Ann. § 502.801(1), (4).
Iowa Code Ann. § 502.802.
Iowa Code Ann. § 502.803.
Iowa Code Ann. § 502.806(2), (3).
Iowa Code Ann. § 502.807.
Financial Services Professionals
(Mandated? Permissive?)

An employee of a financial institution. (Permissive)

Any other person. (Permissive)

A broker-dealer, investment advisor, or qualified individual. (Permissive)

State Report & Hold
(Y/N)

Yes, a broker-dealer or investment advisor may delay. Iowa Code Ann. § 502.806(2).

Any delay of a disbursement or transaction authorized by this section will expire upon the first to occur of any of the following: a. A determination by the broker-dealer or investment adviser that the disbursement or transaction will not result in or contribute to financial exploitation of the eligible adult. b. Fifteen business days after the date on which the broker-dealer or investment adviser first delayed disbursement of the funds or transaction, unless the administrator requests the broker-dealer or investment adviser to extend the delay, in which case the delay shall expire no more than twenty-five business days after the date on which the broker-dealer or investment adviser first delayed the disbursement of the funds or the transaction. Iowa Code Ann. § 502.806(3).

Reporters

A person who, in the course of employment, examines, attends, counsels, or treats a dependent adult and reasonably believes the dependent adult has suffered abuse, shall report the suspected dependent adult abuse to the department. Persons required to report include all of the following: a member of the staff of a community mental health center; a peace officer; an in-home homemaker-home health aide; an individual employed as an outreach person; a health practitioner, as defined in section 232.68; a member of the staff or an employee of a supported community living service, sheltered workshop, or work activity center; a social worker; a certified psychologist; a massage therapist licensed pursuant to chapter 152C. Iowa Code Ann. § 235B.3(2).

An employee of a financial institution may report suspected financial exploitation of a dependent adult to the department. Iowa Code Ann. § 235B.3(4).

Any other person who believes that a dependent adult has suffered abuse may report the suspected abuse to the department of human services. Iowa Code Ann. § 235B.3(5).

Qualified Individual: Any of the following: a. An agent who has received training pursuant to section 502.808. b. An investment adviser representative who has received training pursuant to section 502.808. c. A person who has received training pursuant to section 502.808 and who serves in a supervisory, compliance, senior investor protection, or legal capacity for any of the following: (1) A broker-dealer. (2) An investment adviser. Iowa Code Ann. § 502.801(4).

If a broker-dealer, investment adviser, or qualified individual reasonably believes financial exploitation of an eligible adult has occurred, has been attempted, or is being attempted, the broker-dealer, investment adviser, or qualified individual may promptly notify the administrator. The administrator may adopt rules regarding the form and manner of the notification under this section. Iowa Code Ann. § 502.802.

Protected Individuals

Dependent Adult: A person eighteen years of age or older who is unable to protect the person’s own intersts or unable to adequately perform or obtain services necessary to meet essential human needs, as a result of a physical or mental condition which requires assistance from another, or as defined by departmental rule. Iowa Code Ann. § 235B.2(4).

Eligible Adult: Any of the following: a. A person sixty-five years of age or older. b. A dependent adult as defined in section 235B.2. Iowa Code Ann. § 502.801(1).

Financial Institutions-Immunity (Y/N)

Yes.

A person participating in good faith in reporting or cooperating with or assisting the department in evaluating a case of dependent adult abuse has immunity from liability, civil or criminal, which might otherwise be incurred or imposed based upon the act of making the report or giving the assistance. Iowa Code Ann. § 235B.3(10).

A broker-dealer, investment adviser, or qualified individual who, acting reasonably and in good faith, makes a disclosure of information to the administrator pursuant to this article shall be immune from administrative or civil liability that might otherwise arise from such disclosure or for any failure to notify the eligible adult of the disclosure. Other than matters related to the reporting of the financial exploitation of an eligible adult pursuant to this section, this section shall not abrogate or modify any existing statutory or common law privileges or immunities. Iowa Code Ann. § 502.803.

A broker-dealer or investment adviser who, acting reasonably and in good faith, complies with section 502.806 shall be immune from any administrative or civil liability that might otherwise arise from such delay in a disbursement or transaction. Iowa Code Ann. § 502.807

** 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.