RELEASE: Gov. Nixon signs Senior Savings Protection Act to protect seniors, those with disabilities from financial exploitation
Governor also signs bills dealing with extension of a commercial zone and lighting on motorcycles
JEFFERSON CITY – Gov. Jay Nixon has signed into law the Senior Savings Protection Act, which will help prevent financial exploitation of seniors, as well as adults with disabilities. The bill is Senate Bill 244.
“As both Attorney General and as Governor, I’ve worked tirelessly to protect consumers, and especially seniors, with programs like the No Call list and Senior Sting,” Gov. Nixon said. “This will be another tool to help prevent the financial exploitation of Missouri seniors and adults who have disabilities, and I appreciate the General Assembly working in a bi-partisan manner to get this bill passed.”
Under the new law which takes effect Aug. 28, if a person associated with a financial broker-dealer has reason to believe that a requested transaction involving the account of a senior or adult with a disability would result in financial exploitation, the broker-dealer may refuse to process the transaction. The broker-dealer then must notify within two days the appropriate people authorized to transact business on the account, as well as the Missouri Department of Health and Senior Services and the Commissioner of Securities. The new law also authorizes the broker-dealer to notify those state authorities or a family member or legal guardian upon the suspicion that financial exploitation is occurring.
In addition to the Senior Savings Protection Act, Gov. Nixon also signed two other bills:
n Senate Bill 272, which extends a municipal commercial zone in Boone County; and
n House Bill 650, which allows certain auxiliary lighting on motorcycles.
Those bills also will take effect Aug. 28.