California Registered Broker-Dealers and Investment Advisers are Mandatory Reporters of Elder Abuse

Broker-Dealers and Investment Advisers are Mandatory Reporters of Elder Abuse (SB 496 Financial Abuse Report)

As a reminder, effective January 1, 2020, SB 496 makes California registered broker-dealers and investment advisers mandated reporters of suspected financial abuse of an elder or dependent adult.  In addition, the bill authorizes broker-dealers and investment advisers to notify a previously designated trusted contact of the financial abuse, and temporarily delay a requested disbursement from the victim’s account.

The bill also requires broker dealers and investment advisers to notify the Department of Business Oversight (DBO), among other entities, of the suspected financial abuse of elders and notify the DBO of delayed disbursements.

Report suspected elder abuse to the DBO at SB496ReportsBDIA@dbo.ca.gov.

Here is a link to the new full bill:  SB 496, Chapter 351, Statutes of 2019.