The bill amends Section 58-13D-5 of the New Mexico Statutes to enhance protections for vulnerable adults against financial exploitation. It allows broker-dealers and investment advisers to delay disbursements or transactions from accounts of eligible adults if there is a reasonable belief that financial exploitation has occurred, is occurring, has been attempted, or will be attempted. The bill specifies that written notification of the delay must be provided to all authorized parties, and it introduces new provisions for notifying relevant agencies and providing status reports on internal reviews.

Additionally, the bill expands the circumstances under which a delay can be extended, allowing for a temporary hold of up to ten business days, with the possibility of extending it for an additional thirty business days if certain conditions are met. It also clarifies that a court may enter an order to extend the delay or provide other protective relief based on petitions from various stakeholders, including state regulators and the broker-dealer or investment adviser involved. These changes aim to strengthen the framework for preventing financial exploitation of vulnerable adults while ensuring that necessary oversight and protections are in place.

Statutes affected:
introduced version: 58-13D-5