Arizona Corporation Commission:
On May 13, 2019, Governor Ducey signed into law SB1483. The bill amends Title 46 – Welfare, Chapter 4 by adding Article 2, Financial Exploitation (A.R.S. § 46-471 through § 46-474). The new law mirrors the Federal Senior Safe Act (5/24/2018).
The new statutes add a checkpoint and another layer of protection for vulnerable adults’ financial resources by allowing broker-dealers and investment advisers to make good faith reports about potential financial exploitation to APS and the Arizona Corporation Commission (ACC). The statutes also allow broker-dealers and investment advisers to delay, for a limited time period, disbursements or transactions if financial exploitation is suspected.
APS and the ACC developed a dedicated reporting system to ensure the reports of financial exploitation were reviewed and assigned for investigation in a timely manner. APS and ACC also work cooperatively on investigations.