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Lawmakers OK financial fraud measure for seniors
The Associated Press//May 8, 2015//
Financial professionals who suspect an older Missouri resident or person with a disability is the target of financial fraud would have broader authority under a measure headed to the governor.
The Missouri Senate voted 33-1 Wednesday on a measure that supporters say will give latitude to financial advisers to protect seniors from financial exploitation.
The bill would provide legal protections for financial advisers who put a hold on transactions they deem suspicious for a limited time.
The hold would be allowed for only people over 60 or those with disabilities.
The financial professional would have to inform a relative, attorney or the authorities about the potential fraud.
The financial fraud bill is SB 244.
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