2021 Senate Bill 315

Let brokers hold back suspected financial abuse disbursements

Introduced in the Senate

March 24, 2021

Introduced by Sen. Jim Runestad (R-15)

To allow brokers and investment advisors who suspect that financial exploitation is being committed against a client or customer to delay the disbursement of funds from the account of an individual age 65 or older, or one who may have cognitive impairments. The bill would require notice be given to any others on the account. The delay would expire in 15 days unless the broker or advisor determines the disbursement is legitimate sooner than that.

Referred to the Committee on Insurance and Banking

June 8, 2021

Referred to the Committee on Finance

June 24, 2021

Reported without amendment

With the recommendation that the substitute (S-1) be adopted and that the bill then pass.

Sept. 14, 2021

Passed in the Senate 35 to 0 (details)

To allow brokers and investment advisors who suspect that financial exploitation is being committed against a client or customer to delay the disbursement of funds from the account of an individual age 65 or older, or one who may have cognitive impairments. The bill would require notice be given to any others on the account. The delay would ordinarily expire in 15 days but could be extended to up to 40 days.

Received in the House

Sept. 14, 2021

Referred to the Committee on Financial Services

June 8, 2022

Reported without amendment

With the recommendation that the substitute (H-3) be adopted and that the bill then pass.