Provides for the protection of vulnerable adults from financial exploitation. (1/1/17)
Impact
The introduction of SB338 has a significant potential impact on state laws concerning the protection of vulnerable populations against financial malpractice. By establishing clear definitions of financial exploitation and the roles of various stakeholders, including dealers and investment advisors, the bill aims to strengthen the framework for preventing financial crimes. It addresses the critical need for intervention by allowing for the delay of disbursements of funds suspected to be exploited, thereby providing an additional layer of protection for vulnerable adults.
Summary
Senate Bill 338, known as the 'Louisiana Protection of Vulnerable Adults from Financial Exploitation Law', was enacted to provide legal measures for safeguarding vulnerable adults against financial exploitation. This includes individuals aged 60 and older, as well as those aged 18 to 59 who require adult protective services. The bill outlines the definitions pertaining to vulnerable adults, establishes the procedures for reporting suspected exploitation, and details the roles of the adult protection agency and investment advisors. Importantly, it grants immunity from liability to those who report or act in good faith regarding suspected exploitation, encouraging the reporting of such incidents.
Sentiment
Overall, the sentiment surrounding Senate Bill 338 appears to be positive, particularly from advocacy groups focused on protecting the elderly and vulnerable demographics. Supporters view the bill as a necessary advancement in legislation aimed at preventing financial crimes against those who may be most susceptible to exploitation. However, there may be concerns regarding the practical implementation of the provisions, such as the balance between safeguarding assets and the rights of individuals to access their finances.
Contention
Despite the supportive sentiments, there could be points of contention regarding the balance of power between regulatory oversight and individual rights. For example, the provision that allows the delay of disbursements could lead to conflicts between financial institutions and eligible adults regarding the right to access their funds. This highlights the need for careful consideration and clear guidelines on how such situations should be managed to prevent potential overreach while still providing the intended protections to vulnerable adults.
Provides for licensing and regulation of individuals and entities as health insurance navigators for a health benefit exchange (RR1 +$44,000 SG EX See Note)