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Committee expands protections for vulnerable adults in securities transactions (SB151)
Summary
The committee passed SB151, which expands definitions and protections allowing broker‑dealers and investment advisers to investigate and act on suspected financial exploitation of vulnerable adults, including some people under 65. The change aims to give industry tools to detect and report exploitation earlier.
The Insurance & Commerce Committee approved Senate Bill 151, which the sponsor described as mostly cleanup language with a substantive addition to help protect vulnerable adults from financial exploitation.
Senator Desmaine said section 4 expands protections to allow broker‑dealers…
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