Nationwide Reporting Chart

For Suspected Exploitation Of Seniors And/Or Vulnerable Persons

 

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Statute
N.J. Stat. Ann. § 52:27D-409(a)(1), (a)(2), (c).
N.J. Stat. Ann. § 52:27D-407.
N.J. Stat. § 49:3-86(a), (b).
N.J. Stat. § 49:3-85.
N.J. Stat. § 49:3-88(a)-(d).
Financial Services Professionals
(Mandated? Permissive?)

Any agent, investment adviser representative or other person who serves in a supervisory, compliance, or legal capacity for a broker-dealer or investment adviser. (Mandated)

Any other person. (Permissive)

State Report & Hold
(Y/N)

Yes, a broker-dealer or investment adviser may delay a transaction or disbursement. N.J. Stat. § 49:3-88(a).

Any delay of a disbursement as authorized by this section shall expire upon the sooner of: (1) a determination by the broker-dealer or investment adviser that the disbursement will not result in financial exploitation of the eligible adult; or (2) 15 business days after the date on which the broker-dealer or investment adviser first delayed disbursement of the funds, unless either the bureau or the applicable county adult protective services provider requests that the broker-dealer or investment adviser extend the delay, in which case the delay shall expire no more than 25 business days after the date on which the broker-dealer or investment adviser first delayed disbursement of the funds, unless sooner terminated by either of the agencies or an order of a court of competent jurisdiction. A court of competent jurisdiction may enter an order extending the delay of the disbursement of funds or may order other protective relief based on the petition of the bureau, the applicable county adult protective services provider, the broker-dealer or investment adviser that initiated the delay under this section, or other interested party. N.J. Stat. § 49:3-88(b)-(c).(5)(c).

Reporters

A health care professional, law enforcement officer, firefighter, paramedic or emergency medical technician. N.J. Stat. Ann. § 52:27D-409(a)(1).

Any other person who has reasonable cause to believe that a vulnerable adult is the subject of abuse, neglect or exploitation may report the information to the county adult protective services provider. N.J. Stat. Ann. § 52:27D-409(a)(2).

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 shall promptly notify the bureau and the applicable county adult protective services provider. N.J. Stat. § 49:3-86(a).

Qualified Individual: Any agent, investment adviser representative or other person who serves in a supervisory, compliance, legal capacity, or senior investor protection capacity for a broker-dealer or investment adviser. N.J. Stat. § 49:3-85.

Protected Individuals

Vulnerable Adult: A person 18 years of age or older who resides in a community setting and who, because of a physical or mental illness, disability or deficiency, lacks sufficient understanding or capacity to make, communicate, or carry out decisions concerning his well-being and is the subject of abuse, neglect or exploitation. A person shall not be deemed to be the subject of abuse, neglect or exploitation or in need of protective services for the sole reason that the person is being furnished nonmedical remedial treatment by spiritual means through prayer alone or in accordance with a recognized religious method of healing in lieu of medical treatment, and in accordance with the tenets and practices of the person’s established religious tradition. N.J. Stat. Ann. § 52:27D-407.

Eligible Adult: A person 65 years of age or older; or a person subject to the “Adult Protective Services Act,” P.L.1993, c.249 (C.52:27D-406 et seq.). N.J. Stat. § 49:3-85.

Financial Institutions-Immunity (Y/N)

Yes.

A person who reports information pursuant to this act, or provides information concerning the abuse of a vulnerable adult to the county adult protective services provider, or testifies at a grand jury, judicial or administrative proceeding resulting from the report, is immune from civil and criminal liability arising from the report, information, or testimony, unless the person acts in bad faith or with malicious purpose. N.J. Stat. Ann. § 52:27D-409(c).

A qualified individual who, in good faith and exercising reasonable care, makes a disclosure in compliance with this section shall be immune from administrative, civil or criminal liability that might otherwise arise from such disclosure or for any failure to notify the customer of the disclosure. N.J. Stat. § 49:3-86(b).

A broker-dealer or investment adviser who, in good faith and exercising reasonable care, acts in compliance with this section shall be immune from any administrative, civil or criminal liability that might otherwise arise from such delay in a disbursement in accordance with this section. N.J. Stat. § 49:3-88(d).

** 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.