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Last week, I introduced to the Judiciary Committee a bill that I hope will begin a series of discussions about the need to protect vulnerable adults from financial exploitation. Legislative Bill 953, which was proposed to me by the Nebraska Association of Insurance and Financial Advisors (NAIFA), allows for an extra layer of protection against exploitation of adults 60 years of age and older. I was glad to introduce this bill because I have seen in my personal business the detrimental exploitation has on families with vulnerable adults.
In essence, it allows for Financial Advisors, referred to in the bill as “qualified individuals,” and their associated firms the ability to temporarily refuse to execute financial transactions if they suspect that a client is the victim of financial exploitation. The transaction may be delayed for a maximum of 15 business days unless there is a court order to extend the temporary delay. If a qualified individual suspects financial exploitation, he or she is given the opportunity to notify the appropriate agencies (the Department of Insurance and/or the Department of Business and Finance). That notification is permissive and not compulsory. The agency must then respond to the qualified individual or firm within 15 business days whether or not the transaction should be executed. The client, defined as a “qualified adult” in the bill, is anyone sixty (60) years of age or older.
Although I hope to see a bill similar to LB953 passed in the very near future, I asked the Judiciary Committee not to take any further action on the bill this year. After I introduced the bill, I realized that there needs to be a lot more work done on this issue. Therefore, rather than push the legislation this year, I am planning on organizing an interim study dedicated to providing financial protection to adults who may be vulnerable to exploitation. I was glad to see that numerous financial organizations support the idea of this bill, and I look forward to receiving further input in the upcoming months.
As always, if we can be of assistance to you in any way, please do not hesitate to contact my office. My door is open and I have made it a goal to be accessible to the constituents of our district. Please stop by any time. My e-mail address is email@example.com, and the office phone number is 402-471-2756. Joe and Katie are always available to assist you with your needs. If I am not immediately available, please do not hesitate to work with them to address your concerns, thoughts, and needs. Please continue to follow me on Facebook at Kolterman for Legislature and on Twitter at @KoltermanforLegislature.