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, except those suspected of exploitation, and that relevant agencies must be notified within two business days. Additionally, it introduces provisions for extending the delay of disbursements or transactions under certain circumstances, including the possibility of a temporary hold being extended for up to thirty business days if supported by an internal review.

Furthermore, the bill expands the entities that can initiate a delay in disbursements or transactions, allowing state regulators or agencies of competent jurisdiction to be involved. It also clarifies the conditions under which a court may extend the delay or provide other protective relief. The amendments aim to strengthen the framework for preventing financial exploitation of vulnerable adults by ensuring timely communication and review processes while allowing for necessary extensions of protective measures.

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