State Seal2 copy            Bill Number: S.B. 1483

            Mesnard Floor Amendment

            Reference to: printed bill

            Amendment drafted by: Leg Council

 

 

FLOOR AMENDMENT EXPLANATION

 

1.    Allows a qualified individual to notify any third party reasonably associated with an eligible adult if the qualified individual reasonably believes that the financial exploitation of an eligible adult may have occurred, may have been attempted or is being attempted.

2.    Allows a broker dealer or investment advisor to delay a transaction, in addition to any disbursement, from the account of an eligible adult in certain circumstances.

3.    Requires a broker dealer or investment advisor that delays a disbursement or transaction to notify Adult Protective Services (APS) or the Corporation Commission (Commission) of the results of the broker dealer's or investment advisor's investigation on request, rather than within seven business days of the requested disbursement.

4.    Allows a delayed disbursement or transaction to be extended by APS, the Commission or a court for more than 25 business days after the date on which the disbursement or transaction was first delayed.

5.    Modifies the definition of qualified individual.

6.    Makes technical and conforming changes.

 

 

Fifty-fourth Legislature                                                  Mesnard

First Regular Session                                                   S.B. 1483

 

MESNARD FLOOR AMENDMENT

SENATE AMENDMENTS TO S.B. 1483

(Reference to printed bill)

 

Page 1, line 30, strike "an agent" insert "a broker‑dealer"

Line 31, strike "representative"; strike the second "or" insert a comma; after "legal" insert "or senior investor protection"

Page 2, line 2, after "by" insert "or reasonably associated with"

Line 9, after "disbursements" insert "or transactions"

Lines 10, 15 and 16, after "disbursement" insert "or transaction"

Lines 20 and 25, strike "requested" insert "delayed"; after "disbursement" insert "or transaction"

Line 30, after "commission" strike remainder of line

Line 31, strike "disbursement" insert "on request"

Lines 32, 34 and 37, after "disbursement" insert "or transaction"

Line 42, after "disbursement" insert "or transaction"; strike "sooner" insert "otherwise"; after "terminated" insert "or further extended"

Page 3, lines 2, 7 and 9, after "disbursement" insert "or transaction"

Amend title to conform

 

 

J.D. MESNARD

 

1483FloorMESNARD

03/05/2019

02:21 PM

C: MH