TX
Texas House Bill HB3224

Texas 2017 - 85th Regular

Texas House Bill HB3224

Voted on by House
 
Out of Senate Committee
 
Voted on by Senate
 
Governor Action
 
Bill Becomes Law
 

Caption

Relating to requiring dealers and investment advisers to report suspected financial abuse of elderly persons; providing a civil penalty; creating a criminal offense.

Impact

The bill modifies the Securities Act to include provisions specifically focused on the reporting and investigation of suspected financial abuse of elderly persons. By enforcing these mandatory reporting requirements, the bill aims to mitigate the risks of exploitation and misuse of assets, which are particularly prevalent within a demographic that often depends on trust-based relationships for financial decisions. The legislative measures are expected to help protect the financial interests of elderly persons by holding financial professionals accountable in safeguarding their clients.

Summary

House Bill 3224 is aimed at enhancing the protection of elderly individuals from financial abuse by establishing mandatory reporting requirements for dealers and investment advisers. The bill defines 'financial abuse' and enforces penalties for non-compliance, mandating that any agent or investment adviser who suspects financial abuse must report this to their respective dealer or investment adviser without delay. This requirement is intended to empower professionals to act swiftly in the interest of vulnerable elderly individuals, ensuring their financial security and wellbeing is prioritized.

Contention

One notable point of contention surrounding HB 3224 lies in the potential burden it places on investment advisers and dealers, who must navigate the new obligations alongside their existing responsibilities. Critics may argue that this could lead to over-reporting due to fear of penalties, complicating the operational processes for these professionals. Additionally, there are concerns regarding the adequacy of training for advisers on how to identify signs of financial exploitation effectively and understand the nuances of the reporting requirements, which could impact the bill's efficacy in real-world applications.

Companion Bills

No companion bills found.

Previously Filed As

TX SB576

Relating to the reporting, investigation, and prosecution of the criminal offense of financial abuse of an elderly individual.

TX HB1421

Relating to increasing the criminal penalty for a peace officer who fails to report the suspected abuse, neglect, or exploitation of an elderly person or a person with a disability.

TX HB4635

Relating to organized crime, racketeering activities, and collection of unlawful debts; providing a civil penalty; creating criminal offenses.

TX SB2079

Relating to peace officer reporting of suspected abuse, neglect, or exploitation of an elderly person or a person with a disability to the adult protective services division of the Department of Family and Protective Services.

TX SB1788

Relating to organized crime, racketeering activities, and collection of unlawful debts; providing a civil penalty; creating criminal offenses.

TX SB2086

Relating to a property right in DNA; providing injunctive relief and a civil penalty; creating a criminal offense.

TX HB1402

Relating to the criminal penalties for certain criminal offenses.

TX HB2226

Relating to state and municipal motor fuel taxes; providing civil penalties; creating criminal offenses; requiring occupational licenses; authorizing the imposition of taxes; providing for increases and decreases in the rates of taxes.

TX HB2187

Relating to the criminal offense of abandoning or endangering a child, elderly individual, or disabled individual.

TX HB4364

Relating to prohibiting certain sales and purchases of firearms; creating criminal offenses; providing a civil penalty.

Similar Bills

TX HB3972

Relating to the financial exploitation of certain elderly persons.

TX SB791

Relating to the financial abuse of elderly persons, including requiring financial institutions to report suspected financial abuse of elderly persons; providing a civil penalty; creating criminal offenses.

TX HB959

Relating to the financial abuse of elderly persons, including requiring financial institutions to report suspected financial abuse of elderly persons; providing a civil penalty; creating criminal offenses.

TX HB916

Relating to requiring financial institutions to report the suspected financial abuse of elderly persons; providing a civil and criminal penalty.

TX SB792

Relating to requiring financial institutions to report the suspected financial abuse of elderly persons; providing a civil and criminal penalty.

TX HB2656

Relating to the authority of the Department of Family and Protective Services to investigate abuse, neglect, or exploitation of individuals receiving services from certain providers.

TX SB1880

Relating to the authority of the Department of Family and Protective Services to investigate abuse, neglect, or exploitation of individuals receiving services from certain providers.

TX HB4307

Relating to the creation of the office of inspector within the State Auditor's Office and the appointment of deputy inspectors general at the Health and Human Services Commission, Texas Youth Commission, Texas Department of Criminal Justice, Texas Education Agency, and Texas Department of Transportation; providing penalties.