Section 24 - Senior investor protection(a) The Commissioner may, in addition to other powers conferred on the Commissioner by law, adopt rules and issue orders necessary to protect senior investors from being misled by false or misleading certifications, licenses, professional designations, or other credentials that imply or indicate a special level of knowledge with regard to senior investors or their needs in the sale of securities or insurance, or both, in the providing of investment advice.(b) To implement the protections described in subsection (a) of this section, the Commissioner may: (1) establish standards for senior-specific certifications, licenses, professional designations, and other credentials;(2) develop initiatives to investigate and take action against fraudulent, misleading, dishonest, or unethical marketing practices directed toward seniors;(3) develop educational materials and training aimed at reducing such marketing practices; and(4) accept grants from government or private entities to fund the activities set forth in this section.(c) Any rules adopted or orders issued by the Commissioner under this section shall conform to the extent practicable to the North American Securities Administrators Association Model Rule on the Use of Senior-Specific Certifications and Professional Designation, as amended, and the National Association of Insurance Commissioners Model Regulation on the Use of Senior-Specific Certifications and Professional Designations in the Sale of Life Insurance and Annuities, as amended.(d)(1) A violation of a rule adopted or orders issued under this section with respect to the business of insurance shall constitute an unfair or deceptive act or practice in the business of insurance, and the Commissioner may enforce such violations pursuant to the Commissioner's authority conferred by the Insurance Trade Practices Act, chapter 129 of this title, and pursuant to any other authority conferred upon the Commissioner by law.(2) A violation of a rule adopted or order issued under this section with respect to the business of securities and investment advice shall constitute a violation of 9 V.S.A. § 5412(d)(13), and the Commissioner may enforce such violations pursuant to the Commissioner's authority conferred by the Vermont Uniform Securities Act, 9 V.S.A. chapter 150, and pursuant to any other authority conferred upon the Commissioner.(e) The Commissioner, in addition to other powers conferred on the Commissioner by law, may increase the amount of an administrative penalty by not more than $5,000.00 per violation for violations involving a person who is a vulnerable adult as defined in 33 V.S.A. § 6902(14).Added 2009 , No. 53, § 3; amended 2017 , No. 80, § 2.