Governor Janet Mills signed legislation today to protect vulnerable Mainers from financial exploitation. LD 566 “An Act to Protect Vulnerable Adults From Financial Exploitation,” introduced by Representative Donna Bailey and signed into law by the governor, requires qualified individuals – including broker-dealers or investment advisors, who reasonably believe that financial exploitation of a vulnerable adult may have occurred, may have been attempted or is being attempted – to report those concerns to the Securities Administrator within the Department of Professional and Financial Regulation, Office of Securities, and the Department of Health and Human Services.
“The financial exploitation of vulnerable Mainers is an insidious crime. Eradicating it from our state will take the efforts of everyone, including state government, law enforcement, and financial professionals, working together in defense of Maine people,” said Governor Mills. “This bill is a productive step forward and will help knock down the barriers between state agencies and law enforcement in combating financial exploitation and encourage early reporting. Together, we will protect more Maine seniors and vulnerable people from financial abuse.”
“This bill is an important step in our efforts to protect seniors from the constant threat of financial exploitation, ensuring that financial advisers on the front lines will be able to report what comes to their attention through work with clients,” said Representative Donna Bailey, D-Saco. “I am grateful to the HCIFS Committee, the Legislature and the Governor for signing this bill into law, and to Maine's own Judy Shaw for helping to draft the model legislation.”
“This legislation is an important step forward in the fight against senior financial exploitation and supports existing efforts by the Maine Office of Securities, the Office of Aging and Disability Services, and their partners in law enforcement to educate financial professionals, including those in the securities industry, to increase reporting of financial exploitation,” said Judith Shaw, Securities Administrator at the Maine Office of Securities.”
In addition to facilitating reporting, securities professionals will be able to use new tools to notify trusted contacts of the impacted person in order to help them make informed and supported decisions. They will also be able to delay disbursement of funds for a limited period of time in the most egregious of cases.