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Senate advances first-substitute bill to let brokers delay transactions when suspecting elder financial exploitation
Summary
Senators moved and approved a first-substitute to Senate Bill 88, which lets investment advisors and broker-dealers delay transactions for a short period and report suspected exploitation of a vulnerable adult to the Division of Securities and the Division of Aging while an investigation proceeds.
The Utah Senate on Day 9 voted to advance a first substitute to Senate Bill 88, aimed at halting financial exploitation of vulnerable adults by allowing financial professionals to delay suspicious transactions and report them to state authorities.
Senator Brown, presenting the first substitute, said stakeholders…
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