The Texas State Legislature has passed elder abuse prevention bill H.B. 3921. The Financial Services Institute (FSI) collaborated with other stakeholders in Texas to draft this bill and was part of a working group for months prior to its passage this week. H.B. 3921 passed the Senate and the House with overwhelming support and is expected to be signed by Governor Greg Abbott.
“We are one step closer to better protecting seniors from predators while ensuring financial services professionals do not inadvertently violate privacy laws,” said FSI President & CEO Dale Brown. “One of our main advocacy priorities is the prevention of financial exploitation of vulnerable investors. We applaud the Texas State Legislature for listening to and working with our members by taking this critical step forward to prevent elder financial abuse.”
The bill addresses our reporting and holding concerns with respect to elder abuse. Investment advisers and broker-dealers are required to report suspicions of elder abuse to the Commissioner and the Department of Family and Protective Services and it allows the investment adviser or broker-dealer to withhold disbursements for 10 business days.
During FSI’s Texas State Capitol Day in February, H.B. 3921 was discussed with Texas lawmakers to elicit their support. FSI members attended and shared personal stories with legislators and their staff regarding elder abuse.
“We have long said that the power of FSI comes from our members,” Brown said. “When financial advisors become citizen lobbyists they can truly make a difference.”
About the Financial Services Institute (FSI): The Financial Services Institute (FSI) is the only organization advocating solely on behalf of independent financial advisors and independent financial services firms. Since 2004, through advocacy, education and public awareness, FSI has successfully promoted a more responsible regulatory environment for more than 100 independent financial services firm members and their 160,000+ affiliated financial advisors – which comprise over 60% of all producing registered representatives. We effect change through involvement in FINRA governance as well as constructive engagement in the regulatory and legislative processes, working to create a healthier regulatory environment for our members so they can provide affordable, objective advice to hard-working Main Street Americans. For more information, please visit financialservices.org.
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