DENVER — “Protecting the Elderly from Financial Abuse,” HB17-1253, sponsored by Representative Danielson, Senator Larry Crowder, and Representative Donald Valdez as a co-sponsor, is aimed to safeguard the elderly in by ensuring they are not exploited financially by nefarious individuals.
Elderly financial abuse is a crime that deprives older adults of their resources and ultimately their independence. This bill states that if licensed securities professionals, while acting within the scope of their employment, reasonably suspect that an elderly or at-risk person is the subject of financial exploitation, the bill requires the broker-dealer or investment adviser to report to the commissioner of securities. The commissioner is required to then forward the report to local law enforcement and to the department of human services.
The commissioner has access to records to conduct an investigation, but the records are not subject to an open records request. It authorizes the securities professional to notify any third party designated by, or associated with, the elderly or at-risk person of any suspected financial exploitation. HB17-1253 authorizes the broker-dealer or investment advisor to delay disbursement of a transaction that might result in financial exploitation. The bill provides immunity to securities professionals, broker-dealers, and investment advisors making reports, disclosures, or delaying disbursements under the bill.
“I am very pleased this bill recently passed the House on April 4, and is now on its way to the senate,” Valdez said. “Protecting our senior citizens from abuse of any kind is of the utmost importance to me, and I believe this bill is another important resource we need in order to identify those who need our help. My hope is that this bill will also deter those who prey on our elderly family members, friends and neighbors from continuing this type of behavior. I care greatly about the senior citizens of House District 62 and Southern Colorado, and I believe they deserve to feel safe and have their well-being protected.”