LANSING — State Rep. Angela Witwer (Delta Township) introduced legislation today to help prevent the financial exploitation of seniors and other vulnerable adults in Michigan. The bill would allow broker-dealers and investment advisors to place temporary holds on disbursements of funds or securities when there is reason to believe financial exploitation of a customer has occurred.
“As the population of our state rapidly ages, the financial exploitation of Michigan’s seniors is a problem we need to address,” said Witwer. “After a lifetime of hard work and contributions to their communities, it’s up to us to ensure our older Michiganders are protected from scams and abuse. This bill better enables financial professionals to quickly address suspicious activity on accounts belonging to seniors and other vulnerable adults.”
According to the American Bankers Association, senior financial abuse cost victims almost $3 billion across the U.S. last year alone. This bill has received bipartisan support, and is the latest in a series of bills Witwer has introduced this year to improve the lives of Michigan’s senior population.