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SPONSOR: |
Rep. Bolden & Rep. Potter |
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HOUSE OF REPRESENTATIVES 148th GENERAL ASSEMBLY |
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HOUSE BILL NO. 17 |
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AN ACT TO AMEND TITLE 31 OF THE DELAWARE CODE RELATING TO ADULT PROTECTIVE SERVICES. |
Section 1. Amend §3902, Title 31 of the Delaware Code by making deletions as shown by strike through and insertions as shown by underline as follows:
§3902. Definitions.
As used in this chapter:
(12) "Financial institution" means any of the following:
a. A "depository
institution," as defined in §3(c) of the Federal Deposit Insurance Act (12
U.S.C. (12 U.S.C. §1813(c)).
§1813(c));
b. A "federal
credit union" or "state credit union," as defined in §101 of the Federal
Credit Union Act (12 U.S.C. §1752), including, but not limited to, an
institution-affiliated party of a credit union, as defined in
§206(r) of the Federal Credit Union Act (12 U.S.C. §1786(r)); or (12
U.S.C. §1786(r)).
c. An
"institution-affiliated party," as defined in §3(u) of the Federal Deposit
Insurance Act (12 U.S.C.
§1813(u)).
d. A broker-dealer, investment adviser, or federal covered adviser, as defined in §73-103 of Title 6.
SYNOPSIS
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Chapter 438, Volume 79 of the Laws of Delaware (House Bill 417 from the 147th General Assembly) provides a mechanism for financial institutions to freeze transactions that they suspect are financial exploitation of an elderly person and requires them to report suspected financial exploitation to the proper state or federal agency. Chapter 438, Volume 79 of the Laws of Delaware defined "financial institution" for the first time in Chapter 39 of Title 31. When introduced, House Bill 417 included "broker-dealer", "investment adviser", and "federal covered adviser" within the definition of "financial institution"; however, these terms were removed by an amendment due to concerns expressed by some of these entities. This Act restores "broker-dealer", "investment adviser", and "federal covered adviser" to the definition of "financial institution" following successful discussions with these entities regarding the intent and scope of Chapter 438, Volume 79 of the Laws of Delaware. The changes on lines 6 to 7 and line 10 are made to correct punctuation, in keeping with the Delaware Legislative Drafting Manual. |