Ten states already have laws based on a model from the North American
Securities Administrators Association, and about 10 more should join
that list in 2018. That’s according to NASAA president Joseph Borg, who
spoke in New York Thursday.
rule requires advisors to report suspected abuse to authorities. It also
gives them the legal ability to stop disbursements from seniors’
accounts and shields them from liability, InvestmentNews notes.
may not have to bother with their own laws if Congress passes its own
NASAA model-based law. Such a bill is in the pipeline in Congress.
Elder financial abuse is a huge problem, affecting upwards of $36 billion a year, as Advisor Center has noted.
The costs, financial and otherwise, fall on families, the economy and
society as a whole, Philadelphia Fed chief Patrick Harker said in a
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Elder-Abuse Laws Seen in Half of States