Section 17-NEW - [Newly enacted section not yet numbered] [Effective 7/1/2024] [Delay of transaction or disbursement by broker-dealer or investment adviser](a) A broker-dealer or investment adviser may delay a transaction associated with or disbursement from an account of an eligible adult or an account on which an eligible adult is a beneficiary if: (1) A qualified person reasonably believes, after initiating an internal review of the requested transaction or disbursement and the suspected financial exploitation, that the requested transaction or disbursement may further financial exploitation of an eligible adult; and(2) the broker-dealer or investment adviser: (A) Immediately, and in no event more than two business days after the date that a requested transaction or disbursement is delayed, provides written notification of the delay and the reason for such delay to all parties authorized to transact business on the account, unless such qualified person reasonably believes that any such party is engaged in suspected or attempted financial exploitation of the eligible adult;(B) immediately, and in no event more than two business days after the requested transaction or disbursement is delayed, notifies the protective agencies; and(C) continues such internal review of the suspected or attempted financial exploitation of the eligible adult, as necessary and reports the results of such investigation to the protective agencies upon request.(b) Any delay of a transaction or disbursement authorized by this section shall expire upon the soonest of:(1) A determination by the broker-dealer or investment adviser that the transaction or disbursement will not result in financial exploitation of the eligible adult; or(2) 15 business days following the date on which the broker-dealer or investment adviser first delayed the transaction or disbursement, unless either of the protective agencies requests that the broker-dealer or investment adviser extend the delay, in which case the delay shall expire not more than 25 business days after the date on which the broker-dealer or investment adviser first delayed the transaction or disbursement if not terminated sooner or further extended by either of the protective agencies or an order of a court of competent jurisdiction.(c) A court of competent jurisdiction may enter an order extending the delay of the transaction or disbursement or may order other protective relief based on the petition of either of the protective agencies, the broker-dealer or investment adviser that initiated the delay under this section or another interested party.Added by L. 2024, ch. 63,§ 7, eff. 7/1/2024.