Banking Commerce and Insurance

Financial protections for seniors, vulnerable adults passed

Senators approved a bill March 25 that allows certain financial professionals to delay suspicious transactions.

Sen. Brett Lindstrom
Sen. Brett Lindstrom

LB297, introduced by Omaha Sen. Brett Lindstrom, allows broker-dealers and investment advisers to hold transactions for up to 30 business days in suspected cases of exploitation of seniors and vulnerable adults.

Under the bill, broker-dealers and investment advisers are required to notify the Adult Protective Services Division of the state Department of Health and Human Services and the state Department of Banking and Finance within two business days in order to delay a transaction and conduct an internal review.

Lawmakers approved LB297 on a 47-0 vote.

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