LANSING, Mich., May 25, 2023 — The House Committee on Insurance and Financial Services voted in favor of state Rep. Angela Witwer’s (Delta Township) House Bill 4197. The bill would help prevent the financial exploitation of older and vulnerable adults by allowing broker-dealers and investment advisors to place temporary holds on disbursements of funds or securities when financial exploitation is suspected.

“I am grateful for the support of this important legislation,” Witwer said. “Older Michiganders have contributed so much to our state. This legislation provides them with the financial protection they need and deserve.”

Financial exploitation can be wide-ranging and difficult to prevent — as a result, it often goes unreported. Witwer’s bill would strengthen the current Financial Industry Regulatory Authority/U.S. Securities and Exchange Commission (FINRA/SEC) rule by adding language allowing temporary holds on suspicious transactions. It would also enshrine extra protections for Michigan residents by codifying current FINRA/SEC rules in the Michigan Uniform Securities Act and providing local and state jurisdictions better tools to protect vulnerable adults.