US Codex
Bill
Notes

H.R. 4538 — what changed

Senior Safe Act of 2016

From Introduced in House to Reported in House. 3 sections amended between Introduced in House and Reported in House.

Sec. 2 Immunity

(a)
Definitions— In this Act—
(1)
changed the term bank has the meaning given “Bank Secrecy Act Officer” means an individual responsible for ensuring compliance with the term in section 202(a) requirements mandated by subchapter II of the Investment Advisers Act chapter 53 of 1940 (15 U.S.C. 80b–2(a));title 31, United States Code;
(2)
changed the term broker-dealer means—“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));
(A)
removed a broker, as defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)); or
(B)
removed a dealer, as defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a));
(3)
changed the term covered agency “covered agency” means—
(A)
changed a State financial regulatory agency;agency, including a State securities or law enforcement authority;
(B)
each of the Federal financial institutions regulatory agencies;
(C)
added the Securities and Exchange Commission;
(D)
renumbered was (2)(5)(4) a law enforcement agency; and
(E)
added and State or local agency responsible for administering adult protective service laws;
(D)
removed the adult protective services agency of a State;
(4)
changed the term covered “covered financial institution institution” means—
(A)
removed a bank;
(A)
renumbered was (2)(6)(3) a credit union;
(B)
added a depository institution;
(C)
changed an investment adviser; andadvisor;
(D)
changed a broker-dealer;broker-dealer; and
(E)
added an insurance company;
(5)
changed the term credit union “credit union” has the meaning given the that term in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301);
(6)
changed the term exploitation “depository institution” has the meaning given the term in section 2011 3(a) of the Social Security Federal Deposit Insurance Act (42 (12 U.S.C. 1397j);1813(a));
(7)
changed the term Federal financial institutions regulatory agencies has the meaning given the term in section 1003 of “exploitation” means the Federal Financial Institutions Examination Council Act fraudulent or otherwise illegal, unauthorized, or improper act or process of 1978 (12 U.S.C. 3302);an individual, including a caregiver or fiduciary, that—
(A)
added uses the resources of a senior citizen for monetary personal benefit, profit, or gain; or
(B)
added results in depriving a senior citizen of rightful access to or use of benefits, resources, belongings or assets;
(8)
changed the term investment adviser “Federal financial institutions regulatory agencies” has the meaning given the term in section 202 1003 of the Investment Advisers Federal Financial Institutions Examination Council Act of 1940 (15 1978 (12 U.S.C. 80b–2); and3302);
(9)
changed the term senior citizen means an individual who is not less than 65 years “investment adviser” has the meaning given the term in section 202 of age.the Investment Advisers Act of 1940 (15 U.S.C. 80b-2);
(10)
added 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)
added 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)
added the term “senior citizen” means an individual who is not less than 65 years of age; and
(13)
added 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)
changed Immunity for individuals— Notwithstanding section 502 of the Gramm-Leach-Bliley Act (15 U.S.C. 6802), including any regulations adopted thereunder, an 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)
changed served as a supervisor, compliance officer, officer (including a Bank Secrecy Act Officer), or legal advisor registered representative for a covered financial institution; and
(B)
changed made the disclosure—disclosure with reasonable care including reasonable efforts to avoid disclosure other than to a covered agency.
(i)
removed in good faith; and
(ii)
removed with reasonable care.
(2)
changed Immunity for covered financial institutions— Notwithstanding section 502 of the Gramm-Leach-Bliley Act (15 U.S.C. 6802), including any regulations adopted thereunder, a 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)
changed the individual was employed by 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)
changed before the time of the disclosure, the covered financial institution provided the training described in section 3 to each officer or employee of the covered financial institution individual described in section 3(a).

Sec. 3 Training required

(a)
changed In general— A covered financial institution may provide training regarding the identification and reporting of the suspected exploitation of a senior citizen described in subsection (b)(1) to each officer or employee of of, or registered representative affiliated or associated with, the covered financial institution who—
(1)
is described in section 2(b)(1)(A);
(2)
changed may come into contact with a senior citizen as a regular part of the duties of the officer officer, employee, or employee; registered representative; or
(3)
may review or approve the financial documents, records, or transactions of a senior citizen in connection with providing financial services to a senior citizen.
(b)
added Training—
(1)
added In general— The training described in this paragraph shall—
(A)
added instruct any individual attending the training on how to identify and report the suspected exploitation of a senior citizen;
(B)
added discuss the need to protect the privacy and respect the integrity of each individual customer of a covered financial institution; and
(C)
added be appropriate to the job responsibilities of the individual attending the training.
(2)
added Timing— The training required under subsection (a) shall be provided as soon as reasonably practicable but not later than 1 year after the date on which an officer, employee, or registered representative begins employment with or becomes affiliated or associated with the covered financial institution.
(3)
added Bank Secrecy Act Officer— An individual who is designated as a compliance officer under an anti-money laundering program established pursuant to section 5318(h) of title 31, United States Code, shall be deemed to have received the training described under this subsection.
(b)
removed Training— The training required under subsection (a) shall be provided as soon as reasonably practicable but not more than 12 months after the date on which an officer or employee begins employment with the covered financial institution.

Sec. 4 Relationship to State law

changed Nothing in this Act shall be construed to preempt or limit any provision of State law, except only to the extent that any provision of State law section 2 provides a similar or greater level of protection against liability to an individual described in section 2(b)(1) or to a covered financial institution described in section 2(b)(2) than is provided under those sections.State law.