HOUSE BILL No. 4588

 

 

May 4, 2017, Introduced by Reps. Brinks, Graves, Love, Lucido, Geiss, Sabo, Gay-Dagnogo, Faris, Camilleri, Phelps, Green, Chang, Chirkun, Hertel, Yanez, Schor, Pagel, Brann, Rendon, Hoadley, Ellison, Hammoud, Moss and Lasinski and referred to the Committee on Financial Services.

 

     A bill to amend 2008 PA 551, entitled

 

"Uniform securities act (2002),"

 

(MCL 451.2101 to 451.2703) by adding article 5A.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

ARTICLE 5A

 

FINANCIAL EXPLOITATION OF FINANCIALLY ENDANGERED ADULTS

 

     Sec. 539. (1) A broker-dealer or investment adviser may

 

provide access to or copies of records that are relevant to a

 

suspected or attempted financial exploitation of a financially

 

endangered adult to agencies charged with administering state adult

 

protective services laws and to law enforcement, either as part of

 

a referral to the agency or to law enforcement, or when it receives

a request of the agency or law enforcement pursuant to an

 

investigation. The records may include historical records as well

 

as records relating to the most recent disbursements or other

 

transactions that may constitute financial exploitation of a

 

financially endangered adult. All records made available to

 

agencies under this section are confidential and exempt from

 

disclosure under the freedom of information act, 1976 PA 442, MCL

 

15.231 to 15.246.

 

     (2) Subsection (1) does not limit or otherwise impede the

 

authority of the administrator to access or examine the books and

 

records of broker-dealers and investment advisers under this act.

 

     Sec. 541. Not later than January 1, 2018, the administrator

 

shall develop and make available on the administrator's internet

 

website information that includes training resources to assist

 

broker-dealers and qualified individuals in the prevention and

 

detection of financial exploitation of financially endangered

 

adults. The training resources must include information on all of

 

the following:

 

     (a) Indicators of financial exploitation of financially

 

endangered adults.

 

     (b) The potential steps broker-dealers and qualified

 

individuals can take, under the law of this state, to prevent

 

suspected financial exploitation of financially endangered adults.

 

     Sec. 543. The administrator may promulgate rules under the

 

administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to

 

24.328, to implement this chapter.

 

     Enacting section 1. This amendatory act takes effect 90 days

after the date it is enacted into law.

 

     Enacting section 2. This amendatory act does not take effect

 

unless Senate Bill No.____ or House Bill No. 4589 (request no.

 

01917'17) of the 99th Legislature is enacted into law.