Nebraska Enacts Broker-Dealer and Investment Adviser Financial Exploitation Law

Bressler, Amery & Ross, P.C.
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On March 31, 2021, Nebraska became the latest state to pass legislation to protect elder and vulnerable adults from financial exploitation. The new law allows broker-dealers and investment advisers to report suspected financial exploitation to The Adult Protective Services Division of the Department of Health and Human Services or The Department of Banking and Finance.  Firms are also allowed, but not required, to contact (i) third parties previously designated by the eligible adult or (ii) individuals allowed to receive notification under applicable law or any customer agreement. 

Consistent with legislation enacted in other jurisdictions, Nebraska’s law permits broker-dealers and investment advisers to delay disbursements or transactions from an account owned by an eligible adult if certain conditions are met.  Firms that take action pursuant to these provisions in good faith and exercising reasonable care are granted civil and administrative immunity.  The law will become effective in late-June or early-July 2021. 

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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