H.R. 2478
Delays investment redemptions when financial exploitation is suspected
Allows investment companies and transfer agents to delay cashing out certain investments by up to 25 days when they suspect an older or impaired adult is being financially exploited.
- Applies to people 65 or older, or 18 or older with a mental or physical impairment
- Initial delay up to 15 days; 10 more days if exploitation is determined
- State regulators, agencies, or courts can extend the delay
- Company must hold the redemption money in a demand deposit account
Passed the House · Senate's turn