Section 51:735 - Delaying disbursements and immunityA. A dealer or investment advisor may delay disbursement from an account of an eligible adult or an account on which an eligible adult is a beneficiary, if all of the following conditions are met: (1) The dealer, investment advisor, or qualified individual reasonably believes, after initiating an internal review of the requested disbursement and the suspected financial exploitation, that the requested disbursement may result in financial exploitation of an eligible adult.(2) The dealer or investment advisor meets at least one of the following criteria: (a) Immediately, but in no event more than two business days after the requested disbursement, provide written notification of the delay and the reason for the delay to all parties authorized to transact business on the account, unless any such party is reasonably believed to have engaged in suspected or attempted financial exploitation of the eligible adult.(b) Immediately, but in no event more than two business days after the requested disbursement, notify the adult protection agency and the commissioner of securities.(c) Continue internal review of the suspected or attempted financial exploitation of the eligible adult, as necessary, and report the investigation results to the adult protection agency and the commissioner of securities within seven business days after the requested disbursement.B. Unless a court or the commissioner enters an order extending the refusal of disbursement or providing any other applicable protective relief, any delay of a disbursement as authorized by this Section will expire upon the sooner of the following: (1) A determination by the dealer or investment advisor that the disbursement will not result in financial exploitation of the eligible adult.(2) Fifteen business days after the date on which the dealer or investment advisor first delayed disbursement of the funds, unless either an adult protection agency or the commissioner of securities requests that the dealer or investment advisor extend the delay to no more than twenty-five business days after the date on which the dealer or investment advisor first delayed disbursement of the funds, unless sooner termination by the dealer or investment advisor or an order by a court of competent jurisdiction.C. A court of competent jurisdiction may enter an order extending the delay of the disbursement of funds or may order other protective measures based on the petition of the commissioner of securities, adult protective services, the dealer, or other interested party.D. A dealer, investment advisor, or qualified individual who, in good faith and exercising reasonable care, complies with this Section shall be immune from any administrative or civil liability that might otherwise arise from such delay in a disbursement. Acts 2016, No. 580, §1, eff. Jan. 1, 2017. Acts 2016, No. 580, §1, eff. 1/1/2017.