Nationwide Reporting Chart

For Suspected Exploitation Of Seniors And/Or Vulnerable Persons

 

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Statute
Utah Code Ann. § 62A-3-305(1), (7)(a).
Utah Code Ann. § 62A-3-301(12), (30).
Utah Code Ann. § 61-1-201(2), (5).
Utah Code Ann. § 61-1-202(1).
Utah Code Ann. § 61-1-203.
Utah Code Ann. § 61-1-204(1)-(4).
Utah Code Ann. § 61-1-205.
Financial Services Professionals
(Mandated? Permissive?)

A person. (Mandated)

A broker-dealer, an investment adviser, agent, investment adviser representative, or individual who serves in a supervisory, compliance, or legal capacity for a broker-dealer or an investment adviser. (Mandated)

State Report & Hold
(Y/N)

Yes, a broker-dealer or investment advisor may delay. Utah Code Ann. § 61-1-204(1).

Except as provided in Subsection (3), a delay of a disbursement or transaction under Subsection (1) expires the earlier of: (a) the day on which the broker-dealer or investment adviser determines that the disbursement or transaction will not result in the financial exploitation of an eligible adult; or (b) 15 business days after the day on which the broker-dealer or investment adviser initially delayed the disbursement or transaction. (3) If an internal review described in Subsection (1) supports a reasonable belief that a person has engaged in or attempted to engage in the financial exploitation of an eligible adult, the division or Adult Protective Services may extend the delay of the disbursement or transaction under Subsection (1) as reasonably necessary. (4) A court of competent jurisdiction may enter an order terminating or extending a delay under this section or granting other protective relief. Utah Code Ann. § 61-1-204(2)-(4).

Reporters

A person who has reason to believe that a vulnerable adult has been the subject of abuse, neglect, or exploitation. Utah Code Ann. § 62A-3-305(1).

If a broker-dealer, an investment adviser, or a qualified individual reasonably believes that a person has engaged in or attempted to engage in the financial exploitation of an eligible adult, the broker-dealer, investment adviser, or qualified individual: shall promptly notify the division and Adult Protective Services; and subject to Subsection (2), may notify a person previously designated by the eligible adult, a person allowed to receive notification under applicable law or any customer agreement, or an individual reasonably associated with the eligible adult. Utah Code Ann. § 61-1-202(1).

Qualified Individual: An agent; an investment adviser representative; or an individual who serves in a supervisory, compliance, or legal capacity for a broker-dealer or an investment adviser. Utah Code Ann. § 61-1-201(5).

Protected Individuals

Elder Adult: A person 65 years of age or older. Utah Code Ann. § 62A-3-301(12).

Vulnerable Adult: An elder adult, or an adult who has a mental or physical impairment which substantially affects that person’s ability to: (a) provide personal protection; (b) provide necessities such as food, shelter, clothing, or mental or other health care; (c) obtain services necessary for health, safety, or welfare; (d) carry out the activities of daily living; (e) manage the adult’s own financial resources; or (f) comprehend the nature and consequences of remaining in a situation of abuse, neglect, or exploitation. Utah Code Ann. § 62A-3-301(30).

Eligible Adult: An individual who is 65 years of age or older; or a vulnerable adult as defined in Section 62A-3-301. Utah Code Ann. § 61-1-201(2).

Financial Institutions-Immunity (Y/N)

Yes.

A person who in good faith makes a report or otherwise notifies a law enforcement agency or Adult Protective Services of suspected abuse, neglect, or exploitation is immune from civil and criminal liability in connection with the report or other notification. Utah Code Ann. § 62A-3-305(7)(a).

A broker-dealer, an investment adviser, or a qualified individual who, in good faith and exercising reasonable care, notifies the division, Adult Protective Services, or a third party, in accordance with Section 61-1-202, is immune from administrative or civil liability that might otherwise arise from the notification. Utah Code Ann. § 61-1-203.

A broker-dealer or investment adviser who, in good faith and exercising reasonable care, delays a disbursement or transaction in accordance with Section 61-1-204 is immune from administrative or civil liability that might otherwise arise from the delay. Utah Code Ann. § 61-1-205.

** 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.