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