WA: Financial Institutions and Vulnerable Adults

Posted on September 13, 2010 by Victoria Blachly

The State of Washington recently provided more protection through ESSB 6202 to vulnerable adults - and more incentive for financial institutions to be proactive - wherein financial institutions are allowed to refuse transactions when there is a reasonable belief that financial exploitation of a vulnerable adult may have occurred or was or is being attempted.  The financial institution, without liability, may notify in writing all depositors, beneficiaries, or other persons claiming an interest and withhold payment until written consent from all interested parties is obtained or the court directs payment.   

Financial institutions must provide employee training on financial exploitation of vulnerable adults and the institutions and employees are immune from civil liability for certain good faith acts in response to suspected abuse. 

"Financial institutions" includes broker-dealers and investment advisers.

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