House Bill 1003

AN ACT TO CREATE NEW SECTION 75-71-413, MISSISSIPPI CODE OF 1972, TO REQUIRE BROKER-DEALERS AND INVESTMENT ADVISERS REGISTERED UNDER THE MISSISSIPPI SECURITIES ACT WHO ARE REQUIRED TO FILE A REPORT WITH THE DEPARTMENT OF HUMAN SERVICES UNDER THE MISSISSIPPI VULNERABLE PERSONS ACT UPON SUSPICION THAT A VULNERABLE PERSON IS BEING EXPLOITED TO IMMEDIATELY FORWARD A COPY OF THE REPORT TO THE SECRETARY OF STATE; TO PROVIDE THAT IF A BROKER-DEALER OR INVESTMENT ADVISER REASONABLY BELIEVES THAT A REQUESTED DISBURSEMENT MAY RESULT IN FINANCIAL EXPLOITATION OF ITS CUSTOMER, THAT PERSON MAY DELAY A DISBURSEMENT FOR UP TO FIFTEEN BUSINESS DAYS; TO PROVIDE THAT IF A DISBURSEMENT IS DELAYED, THE BROKER-DEALER OR INVESTMENT ADVISER SHALL IMMEDIATELY INITIATE AN INTERNAL REVIEW OF THE SUSPECTED OR ATTEMPTED FINANCIAL EXPLOITATION OF THE CUSTOMER AND REPORT THE RESULTS OF THE REVIEW WITHIN SEVEN BUSINESS DAYS; TO PROVIDE THAT DISCLOSURES AND NOTIFICATIONS OF DISBURSEMENT DELAYS SHALL NOT BE MADE TO ANY THIRD PARTY WHO IS SUSPECTED OF FINANCIAL EXPLOITATION OR OTHER ABUSE; TO PROVIDE THAT A PERSON WHO MAKES DISCLOSURES OR DELAYS DISBURSEMENTS UNDER THIS SECTION SHALL BE IMMUNE FROM ANY ADMINISTRATIVE OR CIVIL LIABILITY THAT MIGHT OTHERWISE ARISE FROM COMPLIANCE WITH THIS SECTION OR ACTIVITY AUTHORIZED UNDER THIS SECTION; AND FOR RELATED PURPOSES.

In the House of Representatives

• Henry Zuber III

  Sponsor

l9n doesn't hold this bill's text yet.

In the House of Representatives Jan 16 – Feb 9

1. Jan 16Referred to the House committee on Banking and Financial Services
2. Jan 31Reported from committee in the House: title sufficient, do pass
3. Feb 8Read the third time in the House
4. Feb 9Died on the calendar in the House