MichiganVotes.org: Michigan Laws, Bills and Votes
using concise, plain and objective descriptions
using concise, plain and objective descriptions
Legislation watch
2021 Senate Bill 315: Let brokers hold back suspected financial abuse disbursements
Introduced by Sen. Jim Runestad R-White Lake on March 24, 2021
To allow brokers and investment advisors who suspect that financial exploitation is being committed against a client or customer to delay the disbursement of funds from the account of an individual age 65 or older, or one who may have cognitive impairments. The bill would require notice be given to any others on the account. The delay would expire in 15 days unless the broker or advisor determines the disbursement is legitimate sooner than that. Official Text and Analysis.
Referred to the Senate Insurance and Banking Committee on March 24, 2021
Referred to the Senate Finance Committee on June 8, 2021
Reported in the Senate on June 24, 2021
With the recommendation that the substitute (S-1) be adopted and that the bill then pass.
To allow brokers and investment advisors who suspect that financial exploitation is being committed against a client or customer to delay the disbursement of funds from the account of an individual age 65 or older, or one who may have cognitive impairments. The bill would require notice be given to any others on the account. The delay would ordinarily expire in 15 days but could be extended to up to 40 days.
Received in the House on September 14, 2021
Referred to the House Financial Services Committee on September 14, 2021
Reported in the House on June 8, 2022
With the recommendation that the substitute (H-3) be adopted and that the bill then pass.