Nationwide Reporting Chart

For Suspected Exploitation Of Seniors And/Or Vulnerable Persons

 

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Statute
Ky. Rev. Stat. Ann. § 209.030(2).
Ky. Rev. Stat. Ann. § 209.020(4).
Ky. Rev. Stat. Ann. § 209.050.
Ky. Rev. Stat. Ann. § 365.245(1)(d), (1)(e) (2)(a)(1)–(2), (7), (3)(b)(1)-(2).
Financial Services Professionals
(Mandated? Permissive?)

Any person. (Mandated)

A broker-dealer, investment adviser, or financial institution. (Permissive)

State Report & Hold
(Y/N)

Yes, a broker-dealer, investment advisor, or financial institution may delay. Ky. Rev. Stat. Ann. § 365.245(3).

Any temporary hold authorized by this subsection shall expire upon the sooner of: a. A determination by the qualified person that the disbursement or transaction will not result in financial exploitation of the specified adult; or b. Not later than fifteen (15) business days after the date the qualified person first placed the temporary hold, unless the qualified person’s internal review of the facts and circumstances supports its reasonable belief that financial exploitation of the specified adult has occurred, is occurring, has been attempted, or will be attempted, in which case the qualified person may extend the expiration to not later than twenty-five (25) business days after the date the qualified person first placed the temporary hold. 2. At any time, an agency of competent jurisdiction, including but not limited to the authorized agencies, or a court of competent jurisdiction may terminate or extend a temporary hold authorized by this subsection. Ky. Rev. Stat. Ann. § 365.245(3)(b)(1)-(2).

Reporters

Any person, including but not limited to physician, law enforcement officer, nurse, social worker, cabinet personnel, coroner, medical examiner, alternate care facility employee, or care taker, having reasonable cause to suspect that an adult has suffered abuse, neglect, or exploitation, shall report or cause reports to be made in accordance with the provisions of this chapter. Ky. Rev. Stat. Ann. § 209.030(2).

If a qualified person reasonably believes that financial exploitation has occurred, is occurring, has been attempted, or will be attempted, the qualified person may notify the following: Authorized agencies; and Any third party that is: Reasonably associated with the specified adult; or otherwise permitted by law. Ky. Rev. Stat. Ann. § 365.245(2)(a)(1)–(2).

Qualified Person: A broker-dealer as defined in KRS 292.310; investment adviser as defined in KRS 292.310; or financial institution. Ky. Rev. Stat. Ann. § 365.245(1)(d).

Protected Individuals

Adult: A person eighteen years of age or older who, because of mental or physical dysfunctioning, is unable to manage his or her own resources, carry out the activity of daily living, or protect himself or herself from neglect, exploitation, or a hazardous or abusive situation without assistance from others, and who may be in need of protective services. Ky. Rev. Stat. Ann. § 209.020(4).

Specified Adult: A natural person age sixty-five (65) or older; or 2. A natural person age eighteen (18) or older who a qualified person reasonably believes has a mental or physical impairment that renders that natural person unable to protect his or her own interests. A qualified person’s reasonable belief may be based on facts and circumstances observed in the qualified person’s business relationship with the natural person. Ky. Rev. Stat. Ann. § 365.245(1)(e).

Financial Institutions-Immunity (Y/N)

Yes.

Anyone acting upon reasonable cause in the making of any report or investigation or participating in the filing of a petition to obtain injunctive relief or emergency protective services for an adult pursuant to this chapter, including representatives of the cabinet in the reasonable performance of their duties in good faith, and within the scope of their authority, shall have immunity from any civil or criminal liability that might otherwise be incurred or imposed. Ky. Rev. Stat. Ann. § 209.050.

A qualified person that exercises good faith in making disclosures, placing a temporary hold, or providing access to records pursuant to this section shall be immune from any administrative or civil liability that might otherwise arise from such activities. Ky. Rev. Stat. Ann. § 365.245(7).

** 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.