NEW LAW TO HELP PROTECT SENIORS FROM FINANCIAL EXPLOITATION

Legislation that will allow financial professionals to share financial records with law enforcement and hold a disbursement of funds if they believe a senior or vulnerable adult is being financially exploited has been signed by Governor Pence and will become law on July 1. The new law creates incentives to encourage broker-dealers to report potential financial exploitation as early as possible, when their intervention may be able to prevent harm or limit the damage to victims of financial exploitation. Studies report that one in five seniors have been victims of financial fraud, including exploitation by friends and family members, abuses of powers of attorney and a number of other dangers. The National Adult Protective Services Association estimates that only 1 in 44 cases of financial exploitation are ever reported. Indiana is the fourth state to enact such a law, joining Washington, Delaware and Missouri.