Sec. 2. Immunity

774 words·~4 min read·/bill/115/hr/3758/rh/section-2

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

In this Act— 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 (commonly known as the Bank Secrecy Act ); the term broker-dealer means a broker and a dealer, as those terms are 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, including a State securities or law enforcement authority and a State insurance regulator; each of the entities represented in the membership of the Federal Financial Institutions Examination Council established under section 1004 of the Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3303 ); the Securities and Exchange Commission; a securities association registered under section 15A of the Securities Exchange Act of 1934 ( 15 U.S.C. 78o–3 ); a law enforcement agency; and a State or local agency responsible for administering adult protective service laws; the term covered financial institution means— a credit union; a depository institution; an investment adviser; a broker-dealer; an insurance company; an insurance agency; and a transfer agent; 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 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 a fiduciary, that— uses the resources of a senior citizen for monetary or 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 insurance agency means any business entity that sells, solicits, or negotiates insurance coverage; 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 insurance producer means an individual who is required under State law to be licensed in order to sell, solicit, or negotiate insurance coverage; the term investment adviser 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 investment adviser representative means an individual who— is employed by or associated with an investment adviser; and does not perform solely clerical or ministerial acts; the term registered representative means an individual who represents a broker-dealer in effecting or attempting to effect a purchase or sale of securities; the term senior citizen means an individual who is not younger than 65 years of age; the term State means each of the several States, the District of Columbia, and any territory or possession of the United States; the term State insurance regulator has the meaning given the 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 3 shall not be liable, including in any civil or administrative proceeding, for disclosing the suspected exploitation of a senior citizen to a covered agency if the individual, at the time of the disclosure— served as a supervisor or compliance officer (including as a Bank Secrecy Act officer) for, or, in the case of a registered representative, investment adviser representative, or insurance producer, was affiliated or associated with, a covered financial institution; and made the disclosure— in good faith; and with reasonable care.

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, insurance producer, or investment adviser representative, affiliated or associated with, the covered financial institution at the time of the disclosure; and before the time of the disclosure, each individual described in section 3(a) received the training described in section 3. Nothing in paragraph

(1)or

(2)shall be construed to limit the liability of an individual or a covered financial institution in a civil action for any act, omission, or fraud that is not a disclosure described in paragraph (1).

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