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Bill
Notes

H.R. 4538 — what changed

Senior Safe Act of 2016

From Reported in House to Engrossed in House. 2 sections amended between Reported in House and Engrossed in House.

Section 1 Short title

changed This Act may be cited as the “Senior$afe “Senior Safe Act of 2016”.

Sec. 2 Immunity

(a)
Definitions— In this Act—
(1)
the term “Bank Secrecy Act Officer” means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of chapter 53 of title 31, United States Code;
(2)
the term “broker-dealer” means a broker or dealer, as those terms are defined, respectively, in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a));
(3)
the term “covered agency” means—
(A)
changed a State financial regulatory agency, including a State securities or law enforcement authority;authority and a State insurance regulator;
(B)
each of the Federal financial institutions regulatory agencies;
(C)
the Securities and Exchange Commission;
(D)
changed a law enforcement agency; andagency;
(E)
changed and State or local agency responsible for administering adult protective service laws;laws; and
(F)
added a State attorney general.
(4)
the term “covered financial institution” means—
(A)
a credit union;
(B)
a depository institution;
(C)
an investment advisor;
(D)
changed a broker-dealer; andbroker-dealer;
(E)
changed an insurance company;company; and
(F)
added a State attorney general.
(5)
changed the term “credit union” has the meaning given that term means a Federal credit union, State credit union, or State-chartered credit union, as those terms are defined in section 2 101 of the Dodd-Frank Wall Street Reform and Consumer Protection Federal Credit Union Act (12 U.S.C. 5301);1752);
(6)
changed the term “depository institution” has the meaning given the term in section 3(a) 3(c) of the Federal Deposit Insurance Act (12 U.S.C. 1813(a));1813(c));
(7)
the term “exploitation” means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or fiduciary, that—
(A)
uses the resources of a senior citizen for monetary personal benefit, profit, or gain; or
(B)
results in depriving a senior citizen of rightful access to or use of benefits, resources, belongings or assets;
(8)
the term “Federal financial institutions regulatory agencies” has the meaning given the term in section 1003 of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3302);
(9)
changed the term “investment adviser” has the meaning given the term in section 202 of the Investment Advisers Act of 1940 (15 U.S.C. 80b-2);80b–2);
(10)
the term “insurance company” has the meaning given the term in section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a–2(a));
(11)
the term “registered representative” means an individual who represents a broker-dealer in effecting or attempting to affect a purchase or sale of securities;
(12)
changed the term “senior citizen” means an individual who is not less than 65 years of age; andage;
(13)
added the term “State insurance regulator” has the meaning given such term in section 315 of the Gramm-Leach-Bliley Act (15 U.S.C. 6735); and
(14)
renumbered was (2)(15) the term “State securities or law enforcement authority” has the meaning given the term in section 24(f)(4) of the Securities Exchange Act of 1934 (15 U.S.C. 78x(f)(4)).
(b)
Immunity from suit—
(1)
Immunity for individuals— An individual who has received the training described in section 3 shall not be liable, including in any civil or administrative proceeding, for disclosing the possible exploitation of a senior citizen to a covered agency if the individual, at the time of the disclosure—
(A)
served as a supervisor, compliance officer (including a Bank Secrecy Act Officer), or registered representative for a covered financial institution; and
(B)
made the disclosure with reasonable care including reasonable efforts to avoid disclosure other than to a covered agency.
(2)
Immunity for covered financial institutions— A covered financial institution shall not be liable, including in any civil or administrative proceeding, for a disclosure made by an individual described in paragraph (1) if—
(A)
the individual was employed by, or, in the case of a registered representative, affiliated or associated with, the covered financial institution at the time of the disclosure; and
(B)
before the time of the disclosure, the covered financial institution provided the training described in section 3 to each individual described in section 3(a).