Nationwide Reporting Chart

For Suspected Exploitation Of Seniors And/Or Vulnerable Persons

 

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Statute
Miss. Code Ann. § 43-47-7(1)(a), (4).
Miss. Code Ann. § 43-47-5(q).
Miss. Code Ann. § 43-47-37(1).
Miss. Code Ann. § 75-71-413(a), (c), (e).
Financial Services Professionals
(Mandated? Permissive?)

Any person including any officer or employee of a bank, savings and loan, credit union or any other financial service provider. (Mandated)

A broker-dealer or investment advisor. (Mandated)

State Report & Hold
(Y/N)

Yes, a broker-dealer or investment advisor may delay. Miss. Code Ann. § 75-71-413(b).

Any delay of a transaction as authorized by this section will expire upon the sooner of:
(1) A determination by the broker-dealer or investment adviser, and the administrator, that the transaction will not result in financial exploitation of the eligible adult; or (2) Fifteen (15) business days, unless the administrator requests that the broker-dealer or investment adviser extend the delay, in which case the delay shall be extended for an additional ten (10) days unless otherwise extended or terminated in accordance with paragraph (3). (3) The Administrator or the Department of Human Services may petition a court of competent jurisdiction to enter an order extending or terminating the delay of the transaction. Miss. Code Ann. § 75-71-413(c).

Reporters

Any person including, but not limited to, the following, who knows or suspects that a vulnerable person has been or is being abused, neglected or exploited shall immediately report such knowledge or suspicion to the Department of Human Services or to the county department of human services where the vulnerable person is located: attorney, physician, osteopathic physician, medical examiner, chiropractor or nurse engaged in the admission, examination, care or treatment of vulnerable persons; health professional or mental health professional other than one listed in subparagraph (i); practitioner who relies solely on spiritual means for healing; social worker, family protection worker, family protection specialist or other professional care, residential or institutional staff; state, county or municipal criminal justice employee or law enforcement officer; human rights advocacy committee or long-term care ombudsman council member; or accountant, stockbroker, financial advisor or consultant, insurance agent or consultant, investment advisor or consultant, financial planner, or any officer or employee of a bank, savings and loan, credit union or any other financial service provider. Miss. Code Ann. §43-47-7(1)(a).

A broker-dealer registered or required to be registered under this chapter or an investment adviser registered or required to be registered under this chapter that is required to file a report with the Department of Human Services under the Mississippi Vulnerable Persons Act, Section 43-47-1 et seq., shall immediately forward a copy of the report to the administrator and may notify any third party reasonably associated with the customer of the suspected financial exploitation, or any other party permitted by state or federal laws or regulations, the rules of a self-regulatory organization or by customer agreement. Miss. Code Ann. § 75-71-413(a).

Any person, within the scope of his employment at a care facility as defined in Section 43-47-5(b), or in his professional or personal capacity. Miss. Code Ann. § 43-47-37(1).

Protected Individuals

Vulnerable Person: A person, whether a minor or adult, whose ability to perform the normal activities of daily living or to provide for his or her own care or protection from abuse, neglect, exploitation or improper sexual contact is impaired due to a mental, emotional, physical or developmental disability or dysfunction, or brain damage or the infirmities of aging, including all residents or patients, regardless of age, in a care facility. Miss. Code Ann. §43-47-5(q).

Financial Institutions-Immunity (Y/N)

Yes.

Anyone who makes a report required by this section or who testifies or participates in any judicial proceedings arising from the report or who participates in a required investigation or evaluation shall be presumed to be acting in good faith and in so doing shall be immune from liability, civil or criminal, that might otherwise be incurred or imposed. Miss. Code Ann. § 43-47-7(4).

A person that makes disclosures or delays transactions under this section shall be immune from any administrative or civil liability that might otherwise arise from compliance with this section or activity authorized by this section. Miss. Code Ann. § 75-71-413(e).

** 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.