Another Very Helpful 50-State Survey — “Senior and Vulnerable Investor Laws” by Bressler, Amery & Ross

Please see here.

One example — California — from the 50-state, interactive map provided here, shows as follows:

California

Adult Protective Services Statute:

  • Included Firms: Broker-dealers, state-registered investment advisers, and SEC-registered investment advisers.
  • Protected Class: Any person residing in California that is 65 years of age or older[1]; or any person between the ages of 18 and 64 years who resides in California and who has physical or mental limitations that restrict his or her ability to carry out normal activities or to protect his or her rights, including, but not limited to, persons who have physical or developmental disabilities, or whose physical or mental abilities have diminished because of age; see statute for additional criteria.[2]
  • Reporting: Firms are not required to report suspected financial exploitation to Adult Protective Services.  However, firms that report are immune from any criminal or civil liability that might otherwise be incurred as a result of the report.[3]
  • Required Training: No.

Financial Exploitation Statute: Not yet adopted.


[1] Cal. Wel. & Inst. Code § 15610.27.

[2] Cal. Wel. & Inst. Code § 15610.23.

[3] Cal. Wel. & Inst. Code § 15634(a).

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H/t to Law Librarian Blog here.