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Bill To Protect Senior Citizens From Financial Exploitation Goes To Governor
Friday, April 30, 2021An Iowa Insurance Division (IID)-backed bill that would increase protections for older investors is heading to Governor Kim Reynolds’ desk. HF 839 would allow broker-dealers and investment advisers to file a report if they suspect elder financial exploitation and give IID authority to investigate. The division would also be required to submit an annual report to the governor and the legislature. HF 839 unanimously passed the House in late March. The Senate unanimously passed the measure last week with an amendment that removed a $75,000 appropriation for a dedicated elder exploitation investigator. On Tuesday the House unanimously approved the amended bill, which now goes to the governor for consideration.