Louisiana Protection of Vulnerable Adults from Financial Exploitation Law

On June 17, 2016, Governor John Bel Edwards signed the "Louisiana Protection of Vulnerable Adults from Financial Exploitation Law" as Act No. 580 of the 2016 Regular Session. Effective January 1, 2017, this law enacts a modified version of a model act to protect vulnerable adults from financial exploitation adopted by the North American Securities Administrators Association. Louisiana is the third state to enact a modified version of this model act in an effort to provide more financial protection for vulnerable adults

This law provides a method for qualified individuals to report financial exploitation of an eligible adult to the Commissioner of Securities and Adult Protective Services, and delay a disbursement under very limited circumstances, when such abuse is suspected. The law applies to individuals and entities that are registered under the Louisiana Securities Law as salesman, investment adviser representatives, and those persons that serve in a supervisory, compliance or legal capacity for dealers and investment advisers. The law contains administrative and civil immunity provisions for reporting of suspected financial abuse to governmental agencies, designated third parties, and for delaying disbursements, but this does not include criminal immunity.

The forms to be used for reporting under this law may be found here.