This Senior/Vulnerable Clients – State Reporting Requirements sample form is a review of state reporting requirements in all 50 states for senior or vulnerable adult financial exploitation that are applicable to investment adviser firms. Please note that this list may have become dated and no longer accurate due to changes since it was created.
Every state has a law regarding reporting suspected financial abuse of senior and vulnerable adults, about half have mandatory reporting requirements which can become applicable to investment advisers. This listing covers whether a state mandates reporting, if they allow delayed account disbursements, and whether they provide immunity to reporters. It also lists state agencies that reports may be filed with and contains links to the actual state statute or bill.
State laws are constantly being amended and changed, this spreadsheet may no longer accurately reflect state laws as they are changed and amended. Investment Advisers should not rely solely on this document to be aware of their reporting requirements. This document is not exhaustive and serves only to help inform individuals of possible requirements they may face. State laws also vary widely in who they apply to (state or SEC registered firms), who is required to report, the definition of a senior, the processes for reporting, etc. RCC recommends consulting local legal counsel if Investment Advisers have questions about local state requirements. Investment Advisers should research their state’s laws and requirements and consult local legal counsel to be fully aware of their responsibilities and requirements under state law.
This PDF is also available as part of a package of sample forms, documents, and training materials covering the Senior Safe Act and senior financial exploitation.
Included in Bronze, Silver, Gold & Platinum Packages. Last updated in June 2021.
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