Senate advances first-substitute bill to let brokers delay transactions when suspecting elder financial exploitation

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 — including state securities administrators and industry groups — reconvened after concerns were raised by the insurance industry. The substitute makes definitional clarifications and timing adjustments but does not change the bill’s substantive purpose: "If they suspect that there is exploitation, then they can delay a transaction or a disbursement," the sponsor said, and must "immediately report to the Division of Securities and the Division of Aging." A brief investigation would follow with the goal of stopping an asset transfer before funds or assets are lost.

Supporters said the change is intended to give regulators the short window needed to investigate suspected exploitation and protect assets, not to alter fiduciary responsibilities. The measure received repeated 'aye' responses on the floor and was moved for passage; the transcript records floor assent but does not provide a full roll-call tally in the available excerpt.