Section 8-6-170 – Short Title.

Section 8-6-170 Short title. This article shall be known and may be cited as the Protection of Vulnerable Adults from Financial Exploitation Act. (Act 2016-141, §1.)

Section 8-6-171 – Definitions.

Section 8-6-171 Definitions. In this article, unless the context otherwise requires, the following words and terms shall have the following meanings: (1) AGENT. The same meaning as in subdivision (2) of Section 8-6-2. (2) BROKER-DEALER. The same meaning as in subdivision (3) of Section 8-6-2. (3) COMMISSION. The Alabama Securities Commission. (4) DEPARTMENT. The Department […]

Section 8-6-172 – Notification of Department and Commission – Disclosure of Information.

Section 8-6-172 Notification of department and commission – Disclosure of information. If a qualified individual reasonably believes that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted, the qualified individual shall promptly notify the department and the commission. (Act 2016-141, §3.)

Section 8-6-173 – Notification of Department and Commission – Liability.

Section 8-6-173 Notification of department and commission – Liability. A qualified individual that in good faith and exercising reasonable care makes a disclosure of information pursuant to Section 8-6-172 shall be immune from administrative or civil liability that might otherwise arise from such disclosure or for any failure to notify. (Act 2016-141, §4.)

Section 8-6-174 – Notification of Certain Third Parties – Disclosure of Information.

Section 8-6-174 Notification of certain third parties – Disclosure of information. If a qualified individual reasonably believes that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted, the qualified individual may notify a reasonably associated individual, legal guardian, any third party previously designated by the vulnerable adult, […]

Section 8-6-175 – Notification of Certain Third Parties – Liability.

Section 8-6-175 Notification of certain third parties – Liability. A qualified individual that, in good faith and exercising reasonable care, complies with Section 8-6-174 shall be immune from any administrative or civil liability that might otherwise arise from such disclosure. (Act 2016-141, §6.)

Section 8-6-176 – Delay of Disbursement – Authorized.

Section 8-6-176 Delay of disbursement – Authorized. (a) A broker-dealer or investment adviser may delay a disbursement from an account of a vulnerable adult or an account on which a vulnerable 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 […]

Section 8-6-177 – Delay of Disbursement – Liability.

Section 8-6-177 Delay of disbursement – Liability. A broker-dealer or investment adviser that, in good faith and exercising reasonable care, complies with Section 8-6-176 shall be immune from any administrative or civil liability that might otherwise arise from such delay in a disbursement in accordance with this section. (Act 2016-141, §8.)

Section 8-6-178 – Access to and Availability of Records.

Section 8-6-178 Access to and availability of records. 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 a vulnerable adult to agencies charged with administering state adult protective services laws and to law enforcement, either as part of a referral […]

Section 8-6-179 – Rulemaking Authority.

Section 8-6-179 Rulemaking authority. The commission, from time to time, may make, amend, and rescind such rules pursuant to the Alabama Administrative Procedure Act and prescribe such forms as are necessary and desirable to carry out the provisions of this article. No rules or forms may be made or prescribed unless the commission finds that […]