State Measures to Prevent the Financial Abuse of Older Adults Gaining Steam

States are increasingly wading into the fight to combat the financial abuse of older adults, the top state securities regulator said Thursday. The North American Securities Administrators Association (NASAA) released a model rule two years ago that mandates that advisers report suspected abuse to certain state authorities, allows them to stop disbursements from seniors' accounts, and gives them protection from liability, reports InvestmentNews . To date, 13 states have passed a version of the model act, and roughly 10 more states are expected to follow suit this year, said Joseph Borg, NASAA's president and the securities commissioner. "We know it's going to be introduced in a number of state legislatures," Borg said at an event in New York focused on financial wellness and aging. Some states may be waiting to see what happens at the federal level before taking action, Borg said. Legislation similar to NASAA's model rule is currently working its way through Congress.