Contents
Background
Development & Rationale
Overview of Recent Developments
Section 1. Short Title
Section 2. Definitions
Section 3. Governmental Disclosures
Section 4. Immunity for Governmental Disclosures
Section 5. Third-Party Disclosures
Section 6. Immunity for Third-Party Disclosures
Section 7. Delaying Disbursements
Section 8. Immunity for Delaying Disbursements
Section 9. Records
NASAA Model Legislation or Regulation to Protect Vulnerable Adults from Financial Exploitation | Adopted January 22, 2016
Legislative Text & Updated Commentary
for the 2021-22 Legislative Session
Section 8. Immunity for Delaying Disbursements
A broker-dealer or investment adviser that, in good faith and exercising reasonable care, complies with Section 7 shall be immune from any administrative or civil liability that might otherwise arise from such delay in a disbursement in accordance with this section.
Commentary:
Section 8 is intended to provide immunity to broker-dealers and investment advisers (and any qualifying individuals therein) for delaying disbursements pursuant to Section 7.