61-1-202. Governmental and third party disclosures.
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Effective 5/8/2018
61-1-202. Governmental and third party disclosures.
(1)If a broker-dealer, an investment adviser, or a qualified individual reasonably believes that a person has engaged in or attempted to engage in the financial exploitation of an eligible adult, the broker-dealer, investment adviser, or qualified individual:
(a)shall promptly notify the division and Adult Protective Services; and
(b)subject to Subsection
(2), may notify a person previously designated by the eligible adult, a person allowed to receive notification under applicable law or any customer agreement, or an individual reasonably associated with the eligible adult.
(2)A broker-dealer, an investment adviser, or a qualified individual may not notify a third party under Subsection (1)(b) if the third party is suspected of engaging in the financial exploitation of the eligible adult or other abuse of the eligible adult.
Enacted by Chapter 159 , 2018 General Session