Sec. 491. Immunity

622 words·~3 min read·/bill/115/hr/10/rfs/section-491

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

In this subtitle— the term Bank Secrecy Act Officer means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of chapter 53 of title 31, United States Code; the term broker-dealer means a broker or dealer, as those terms are defined, respectively, 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, including a State securities or law enforcement authority and a State insurance regulator; each of the Federal financial institutions regulatory agencies; the Securities and Exchange Commission; a law enforcement agency; and State or local agency responsible for administering adult protective service laws; and a State attorney general. the term covered financial institution means— a credit union; a depository institution; an investment advisor; a broker-dealer; an insurance company; a State attorney general; and a transfer agent. the term credit union means a Federal credit union, State credit union, or State-chartered credit union, as those terms are defined in section 101 of the Federal Credit Union Act ( 12 U.S.C. 1752 ); the term depository institution has the meaning given the term in section 3(c) of the Federal Deposit Insurance Act ( 12 U.S.C. 1813(c) ); the term exploitation means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or fiduciary, that— uses the resources of a senior citizen for monetary personal benefit, profit, or gain; or results in depriving a senior citizen of rightful access to or use of benefits, resources, belongings or assets; 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 ); the term insurance company has the meaning given the term in section 2(a) of the Investment Company Act of 1940 ( 15 U.S.C. 80a–2(a) ); the term registered representative means an individual who represents a broker-dealer in effecting or attempting to affect a purchase or sale of securities; the term senior citizen means an individual who is not less than 65 years of age; the term State insurance regulator has the meaning given such term in section 315 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6735 ); the term State securities or law enforcement authority has the meaning given the term in section 24(f)(4) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78x(f)(4) ); and the term transfer agent has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 ( 15 U.S.C. 78c(a) ).

An individual who has received the training described in section 492 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 (including a Bank Secrecy Act Officer), or registered representative for a covered financial institution; and made the disclosure with reasonable care including reasonable efforts to avoid disclosure other than to a covered agency.

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, or, in the case of a registered representative, affiliated or associated with, 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 492 to each individual described in section 492(a).

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