This act [58-13D-1 to 58-13D-8 NMSA 1978] may be cited as the “Protecting Vulnerable Adults from Financial Exploitation Act”. History: Laws 2017, ch. 106, § 1. ANNOTATIONS Effective dates. — Laws 2017, ch. 106, § 9 made Laws 2017, ch. 106, § 1 effective July 1, 2017.
As used in the Protecting Vulnerable Adults from Financial Exploitation Act: A. “agencies” means the securities division of the regulation and licensing department and the adult protective services division of the aging and long-term services department; B. “agent” means an individual, other than a broker-dealer, who represents a broker-dealer in effecting or attempting to effect […]
A. If a broker-dealer, investment adviser or qualified individual reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted or is being attempted, a broker-dealer, investment adviser or qualified individual: (1) shall promptly notify the agencies; (2) shall attempt to notify a third-party previously designated by the eligible adult; […]
A broker-dealer, investment adviser or qualified individual who, in exercising reasonable care, complies with Section 3 [58-13D-3 NMSA 1978] of the Protecting Vulnerable Adults from Financial Exploitation Act and has completed the training required pursuant to Section 7 [58-13D-7 NMSA 1978] of that act shall be immune from any administrative or civil liability that might […]
A. A broker-dealer or investment adviser may delay a disbursement or transaction from an account of an eligible adult or an account on which an eligible adult is a beneficiary if: (1) the broker-dealer, investment adviser or qualified individual reasonably believes, after initiating an internal review of the requested disbursement or transaction and the suspected […]
A broker-dealer or investment adviser that, in exercising reasonable care, complies with Section 5 [58-13D-5 NMSA 1978] of the Protecting Vulnerable Adults from Financial Exploitation Act and has completed the training required pursuant to Section 7 [58-13D-7 NMSA 1978] of that act, shall be immune from any administrative or civil liability that might otherwise arise […]
A. The director of the securities division of the regulation and licensing department shall promulgate, by rule, training guidelines or a standardized training curriculum that broker-dealers and investment advisers may use. A broker-dealer or investment adviser may develop the broker-dealer’s or investment adviser’s own training as approved by the director. The training required by this […]
A broker-dealer or investment adviser shall provide access to or copies of records that are relevant to the suspected or attempted financial exploitation of an eligible adult to the agencies and to law enforcement, either as part of a referral to the agencies, as part of a referral to law enforcement or upon request of […]
