On April 1, 2021, Arkansas modified its law protecting elder and vulnerable adults from financial exploitation. The enacted Arkansas Senate Bill 151 modifies Arkansas’s financial exploitation law, Ark. Code § 23-42-309, by allowing broker-dealers and investment advisers who suspect financial exploitation to delay a transaction, in addition to the previously allowed delay of a disbursement. Further, the law replaces an “eligible” adult with a “vulnerable” adult. A vulnerable adult is someone: 1) sixty-five or older; 2) supervised by adult protective services; or 3) thought to be susceptible to financial exploitation.
Arkansas also now requires firms to share documentation, including books and records, of the suspected financial exploitation in order for the firm to achieve immunity from any administrative or civil liability resulting from the disclosure.