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Governor Murphy Provides Seniors With Added Protection Against Financial Exploitation Inbox x

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Governor Murphy has signed into law the “Safeguarding Against Financial Exploitation Act” (the Act) previously introduced on February 25, 2019 as Assembly Bill #5091.

The Act provides that when a “qualified individual,” defined as any agent, investment adviser, representative or other person who serves in a supervisory, compliance, or legal capacity for a broker-dealer or investment adviser, believes that financial exploitation of an “eligible adult” (defined as a person 65 years of age or older or a person subject to the “Adult Protective Services Act”) has occurred or is being attempted, the qualified individual is obligated to notify the Bureau of Securities in the Division of Consumer Affairs in the Department of Law and Public Safety and the applicable county adult protective services provider. The qualified individual is also required to notify any third party previously designated by the eligible adult, unless the third party is the party suspected of the financial exploitation.

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