Section 17-NEW - [Newly enacted section not yet numbered] [Effective 7/1/2024] [Definitions]As used in the protect vulnerable adults from financial exploitation act:
(a) "Act" means the protect vulnerable adults from financial exploitation act.(b) "Agent" means the same as defined in K.S.A. 17-12a102, and amendments thereto.(c) "Broker-dealer" means the same as defined in K.S.A. 17-12a102, and amendments thereto.(d) "Commissioner" means the securities commissioner of Kansas.(e) "Eligible adult" means an elder person or dependent adult as defined in K.S.A. 21-5417, and amendments thereto.(f) "Financial exploitation" means the unlawful or improper use, control or withholding of an eligible adult's property, income, resources or trust funds by any other person or entity in a manner that is not for the profit of or to the advantage of the eligible adult. "Financial exploitation" includes, but is not limited to, the:(1) Use of deception, intimidation, coercion, extortion or undue influence by a person or entity to obtain or use an eligible adult's property, income, resources or trust funds in a manner for the profit of or to the advantage of such person or entity;(2) breach of a fiduciary duty, including, but not limited to, the misuse of a power of attorney, trust or a guardianship or conservatorship appointment, as it relates to the property, income, resources or trust funds of the eligible adult; or(3) obtainment or use of an eligible adult's property, income, resources or trust funds, without lawful authority, by a person or entity who knows or clearly should know that the eligible adult lacks the capacity to consent to the release or use of such eligible adult's property, income, resources or trust funds.(g) "Investment adviser" means the same as defined in K.S.A. 17-12a102, and amendments thereto.(h) "Investment adviser representative" means the same as defined in K.S.A. 17-12a102, and amendments thereto.(i) "Person reasonably associated with the eligible adult" means: (1) A person authorized to transact business on the account of the eligible adult;(2) an eligible adult's spouse, child, parent or sibling;(3) a person who was previously designated by the eligible adult to receive information under a customer agreement;(4) a legal guardian or conservator of the eligible adult;(5) a trustee, co-trustee or successor trustee of the account of the eligible adult;(6) a person named as a beneficiary on an account of the eligible adult;(7) an agent under a power of attorney of the eligible adult; or(8) any other person permitted to be notified under existing state or federal law, regulation or the rules of a self-regulatory organization, as defined in K.S.A. 17-12a102, and amendments thereto.(j) "Protective agencies" means the commissioner and the Kansas department for children and families.(k) "Qualified person" means any agent, broker-dealer, investment adviser, investment adviser representative or person who serves in a supervisory, compliance or legal capacity for a broker-dealer or investment adviser.Added by L. 2024, ch. 63,§ 2, eff. 7/1/2024.