LEGISLATION
Senior Safe Act from page 32
Inspiration behind the Act
The inspiration for the Senior Safe Act was Maine’s Senior$afe training program, an initiative
launched in 2014 by the Maine Council on Elder Abuse Prevention that is designed to train
financial professionals to detect and report cases of suspected senior financial abuse.
The Senior Safe Act does not mandate that any employees be trained. However, to qualify
for the immunity provided by the law, training must be provided to and completed by the
employees who are eligible for immunity and those employees who may come into contact
with a senior citizen as a regular part of their professional duties or may review or approve the
financial documents, records, or transactions of a senior citizen in connection with providing
financial services to a senior citizen.
Training terms
The Senior Safe Act provides that, to receive the immunity provided by the Act, the training must:
1 instruct any individual attending the training on how to identify and report the suspected exploitation
of a senior citizen internally and, as appropriate, to government officials or law enforcement authorities,
including common signs that indicate the financial exploitation of a senior citizen;
2 discuss the need to protect the privacy and respect the integrity of each individual customer of the
covered financial institution;
3 be appropriate to the job responsibilities of the individual attending the training.
For current employees, affiliated persons, and associated persons, to receive immunity,
training must be completed as soon as reasonably practical. New employees or persons who
become affiliated or associated with a covered financial institution have no later than one year
from the date of hire, affiliation, or association to complete the training.
Records of employees who completed the training and the content of the training must
be maintained by the covered financial institution and made available to a covered agency
with examination authority over the covered financial institution, upon request, except that a
covered financial institution shall not be required to maintain or make available such content
with respect to any individual who is no longer employed by or affiliated or associated with
the covered financial institution.
An eligible employee who has received the training and makes a disclosure to a covered
agency in good faith and with reasonable care receives individual immunity pursuant to the
Senior Safe Act. A covered financial institution also receives institutional immunity when an
eligible employee makes a disclosure to a covered agency and all employees have received
training to the extent necessary to qualify for immunity under the Senior Safe Act.
The Senior Safe Act allows financial advisors who are in a unique position to protect senior
consumers and investors from financial fraud and exploitation. It allows them to truly serve
the best interest of their clients. Passage of the Senior Safe Act is a win for consumers and
advisors alike.
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Perspectives
Q1 2020