Sec. 2. Immunity

418 words·~2 min read·/bill/114/s/2216/is/section-2

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In this Act— the term bank has the meaning given the term in section 202(a) of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2(a) ); the term broker-dealer means— a broker, as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ); or a dealer, as defined in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ); the term covered agency means— a State financial regulatory agency; each of the Federal financial institutions regulatory agencies; a law enforcement agency; and the adult protective services agency of a State; the term covered financial institution means— a bank; a credit union; an investment adviser; and a broker-dealer; the term credit union has the meaning given the term in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5301 ); the term exploitation has the meaning given the term in section 2011 of the Social Security Act ( 42 U.S.C. 1397j ); the term Federal financial institutions regulatory agencies has the meaning given the term in section 1003 of the Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3302 ); the term investment adviser has the meaning given the term in section 202 of the Investment Advisers Act of 1940 ( 15 U.S.C. 80b–2 ); and the term senior citizen means an individual who is not less than 65 years of age.

Notwithstanding section 502 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6802 ), including any regulations adopted thereunder, an individual who has received the training described in section 3 shall not be liable, including in any civil or administrative proceeding, for disclosing the possible exploitation of a senior citizen to a covered agency if the individual, at the time of the disclosure— served as a supervisor, compliance officer, or legal advisor for a covered financial institution; and made the disclosure— in good faith; and with reasonable care.

Notwithstanding section 502 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6802 ), including any regulations adopted thereunder, a covered financial institution shall not be liable, including in any civil or administrative proceeding, for a disclosure made by an individual described in paragraph

(1)if— the individual was employed by the covered financial institution at the time of the disclosure; and before the time of the disclosure, the covered financial institution provided the training described in section 3 to each officer or employee of the covered financial institution described in section 3(a).

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