§ 32 §16806 — Delaying disbursements

A broker-dealer or investment adviser may delay disbursements in accordance with this section.
1.
Disbursement delay authorized.
A broker-dealer or investment adviser may delay a disbursement from an account of an eligible adult or an account on which an eligible adult is a beneficiary if the broker-dealer or investment adviser or a qualified individual reasonably believes, after initiating an internal review of the requested disbursement and the suspected financial exploitation, that the requested disbursement may result in financial exploitation of the eligible adult. If a broker-dealer or investment adviser delays a disbursement under this subsection, the broker-dealer or investment adviser shall:
2.
Expiration.
A delay of a disbursement as authorized by this section expires upon the sooner of:
3.
Judicial order.
A court of competent jurisdiction may enter an order extending the delay of the disbursement of funds or may order other protective relief based on a petition from the Department of Health and Human Services or the administrator or from the broker-dealer or the investment adviser that initiated the delay under this section or from another interested party.

Legislative History

PL 2019, c. 17, §1 (NEW).