News Release

New Arizona Law to Help Protect Vulnerable Adults and Seniors from Financial Exploitation

News Release

For Immediate Release | 8-27-19

Media Contact | Nicole Capone

Direct | 602-542-0713

Email | ncapone@azcc.gov

New Arizona Law to Help Protect Vulnerable Adults and Seniors from Financial Exploitation

PHOENIX-The Arizona Corporation Commission will be enforcing Arizona’s newest law to protect vulnerable adults and senior investors from financial exploitation.

On August 27, 2019, SB 1483 will go into effect, allowing securities dealers and investment advisory firms to report suspected or attempted financial exploitation of a vulnerable adult and delay such a disbursement or transaction. The new law enables the firms to impose an initial delay of disbursements from an eligible adult’s account for up to 15 business days if financial exploitation is suspected. The firms are required to report the delay within two business days to the Commission or the Department of Economic Security - Adult Protective Services (“APS”), who can extend the delay for an additional 10 days or longer. If additional delay is needed, a court can extend the time. The law also provides immunity from administrative or civil liability to qualified individuals for taking actions permitted under the act.

According to the 2010 Investor Protection Trust Elder Fraud Survey, one out of every five citizens over the age of 65 has been victimized by a financial fraud. The new law seeks to help protect individuals who are over 65 years old or who are unable to protect themselves from abuse, neglect or exploitation by others because of a physical or mental impairment.

“Protecting senior investors has long been a top priority for the Corporation Commission,” said Chairman Bob Burns. “Early detection and reporting of financial exploitation are critical to help prevent elder financial abuse and the devastating financial and emotional impacts that ensue.”

The Commission has set up a page on its website to provide information of the new law and to receive complaints. The page can be found at https://azcc.gov/securities/investor-complaints-and-reporting/reporting-financial-exploitation-of-a-vulnerable-adult.

Assistance is available to the public by contacting the Commission’s Investigator on Duty by telephone at 602-542-0662 or by email, securitiesdiv@azcc.gov.

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About us:
The Arizona Corporation Commission was established by the state’s constitution to regulate public utilities and business incorporation. The Corporation Commission is Arizona’s co-equal, fourth branch of government.The five Commissioners elected to the Corporation Commission oversee executive, legislative, and judicial proceedings on behalf of Arizonans when it comes to their water, electricity, telephone, and natural gas resources as well as the regulation of securities, pipeline, and railroad safety. To learn more about the Arizona Corporation Commission and its Commissioners, visit http://azcc.gov.


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