May 2, 2017, Introduced by Senators JONES, BIEDA, ANANICH, GREGORY, MARLEAU, HANSEN and ROCCA and referred to the Committee on Banking and Financial Institutions.
A bill to amend 2008 PA 551, entitled
"Uniform securities act (2002),"
(MCL 451.2101 to 451.2703) by adding article 5A.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
ARTICLE 5A
FINANCIAL EXPLOITATION OF FINANCIALLY ENDANGERED ADULTS
Sec. 539. (1) A broker-dealer or investment adviser may
provide access to or copies of records that are relevant to a
suspected or attempted financial exploitation of a financially
endangered adult to agencies charged with administering state adult
protective services laws and to law enforcement, either as part of
a referral to the agency or to law enforcement, or when it receives
a request of the agency or law enforcement pursuant to an
investigation. The records may include historical records as well
as records relating to the most recent disbursements or other
transactions that may constitute financial exploitation of a
financially endangered adult. All records made available to
agencies under this section are confidential and exempt from
disclosure under the freedom of information act, 1976 PA 442, MCL
15.231 to 15.246.
(2) Subsection (1) does not limit or otherwise impede the
authority of the administrator to access or examine the books and
records of broker-dealers and investment advisers under this act.
Sec. 541. Not later than January 1, 2018, the administrator
shall develop and make available on the administrator's internet
website information that includes training resources to assist
broker-dealers and qualified individuals in the prevention and
detection of financial exploitation of financially endangered
adults. The training resources must include information on all of
the following:
(a) Indicators of financial exploitation of financially
endangered adults.
(b) The potential steps broker-dealers and qualified
individuals can take, under the law of this state, to prevent
suspected financial exploitation of financially endangered adults.
Sec. 543. The administrator may promulgate rules under the
administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to
24.328, to implement this chapter.
Enacting section 1. This amendatory act takes effect 90 days
after the date it is enacted into law.
Enacting section 2. This amendatory act does not take effect
unless Senate Bill No._346
of the 99th Legislature is enacted into law.