[Congressional Bills 115th Congress]
[From the U.S. Government Publishing Office]
[S. 223 Introduced in Senate (IS)]
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115th CONGRESS
1st Session
S. 223
To provide immunity from suit for certain individuals who disclose
potential examples of financial exploitation of senior citizens, and
for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
January 24, 2017
Ms. Collins (for herself, Mrs. McCaskill, Mr. Isakson, Mr. Casey, Mr.
Tillis, Ms. Klobuchar, Mr. Wicker, Mrs. Shaheen, Mrs. Capito, Mr.
Tester, Mr. Barrasso, Mr. Donnelly, Mr. Heller, Mr. King, and Mr.
Kaine) introduced the following bill; which was read twice and referred
to the Committee on Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To provide immunity from suit for certain individuals who disclose
potential examples of financial exploitation of senior citizens, and
for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Senior$afe Act of 2017''.
SEC. 2. IMMUNITY.
(a) Definitions.--In this Act--
(1) the term ``Bank Secrecy Act officer'' means an
individual responsible for ensuring compliance with the
requirements mandated by subchapter II of chapter 53 of title
31, United States Code (commonly known as the ``Bank Secrecy
Act'');
(2) the term ``broker-dealer'' means a broker and a dealer,
as those terms are defined in section 3(a) of the Securities
Exchange Act of 1934 (15 U.S.C. 78c(a));
(3) the term ``covered agency'' means--
(A) a State financial regulatory agency, including
a State securities or law enforcement authority and a
State insurance regulator;
(B) each of the entities represented in the
membership of the Federal Financial Institutions
Examination Council established under section 1004 of
the Federal Financial Institutions Examination Council
Act of 1978 (12 U.S.C. 3303);
(C) the Securities and Exchange Commission;
(D) a law enforcement agency; and
(E) a State or local agency responsible for
administering adult protective service laws;
(4) the term ``covered financial institution'' means--
(A) a credit union;
(B) a depository institution;
(C) an investment adviser;
(D) a broker-dealer;
(E) an insurance company; and
(F) an insurance agency;
(5) the term ``credit union'' has the meaning given the
term in section 2 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (12 U.S.C. 5301);
(6) the term ``depository institution'' has the meaning
given the term in section 3(c) of the Federal Deposit Insurance
Act (12 U.S.C. 1813(c));
(7) the term ``exploitation'' means the fraudulent or
otherwise illegal, unauthorized, or improper act or process of
an individual, including a caregiver or a fiduciary, that--
(A) uses the resources of a senior citizen for
monetary or personal benefit, profit, or gain; or
(B) results in depriving a senior citizen of
rightful access to or use of benefits, resources,
belongings, or assets;
(8) the term ``insurance agency'' means any business entity
that sells, solicits, or negotiates insurance coverage;
(9) 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));
(10) the term ``insurance producer'' means an individual
who is required under State law to be licensed in order to
sell, solicit, or negotiate insurance coverage;
(11) the term ``investment adviser'' has the meaning given
the term in section 202(a) of the Investment Advisers Act of
1940 (15 U.S.C. 80b-2(a));
(12) the term ``investment adviser representative'' means
an individual who--
(A) is employed by or associated with an investment
adviser; and
(B) does not perform solely clerical or ministerial
acts;
(13) the term ``registered representative'' means an
individual who represents a broker-dealer in effecting or
attempting to effect a purchase or sale of securities;
(14) the term ``senior citizen'' means an individual who is
not younger than 65 years of age;
(15) the term ``State'' means each of the several States,
the District of Columbia, and any territory or possession of
the United States;
(16) the term ``State insurance regulator'' has the meaning
given the term in section 315 of the Gramm-Leach-Bliley Act (15
U.S.C. 6735); and
(17) 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) Immunity for individuals.--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 suspected exploitation of a senior citizen
to a covered agency if the individual, at the time of the
disclosure--
(A) served as a supervisor or compliance officer
(including as a Bank Secrecy Act officer) for, or, in
the case of a registered representative, investment
adviser representative, or insurance producer, was
affiliated or associated with, a covered financial
institution; and
(B) made the disclosure--
(i) in good faith; and
(ii) with reasonable care.
(2) Immunity for covered financial institutions.--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) the individual was employed by, or, in the case
of a registered representative, insurance producer, or
investment adviser representative, affiliated or
associated with, the covered financial institution at
the time of the disclosure; and
(B) before the time of the disclosure, each
individual described in section 3(a) received the
training described in section 3.
(3) Rule of construction.--Nothing in paragraph (1) or (2)
shall be construed to limit the liability of an individual or a
covered financial institution in a civil action for any act,
omission, or fraud that is not a disclosure described in
paragraph (1).
SEC. 3. TRAINING.
(a) In General.--A covered financial institution or a third party
selected by a covered financial institution may provide the training
described in subsection (b)(1) to each officer or employee of, or
registered representative, insurance producer, or investment adviser
representative affiliated or associated with, the covered financial
institution who--
(1) is described in section 2(b)(1)(A);
(2) may come into contact with a senior citizen as a
regular part of the professional duties of the individual; 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) Content.--
(1) In general.--The content of the training that a covered
financial institution or a third party selected by the covered
financial institution may provide under subsection (a) shall--
(A) be maintained by the covered financial
institution and made available to a covered agency with
examination authority over the covered financial
institution, upon request, except that a covered
financial institution shall not be required to maintain
or make available such content with respect to any
individual who is no longer employed by or affiliated
or associated with the covered financial institution;
(B) instruct any individual attending the training
on how to identify and report the suspected
exploitation of a senior citizen internally and, as
appropriate, to government officials or law enforcement
authorities, including common signs that indicate the
financial exploitation of a senior citizen;
(C) discuss the need to protect the privacy and
respect the integrity of each individual customer of
the covered financial institution; and
(D) be appropriate to the job responsibilities of
the individual attending the training.
(2) Timing.--The training under subsection (a) shall be
provided--
(A) as soon as reasonably practicable; and
(B) with respect to an individual who begins
employment with or becomes affiliated or associated
with a covered financial institution after the date of
enactment of this Act, not later than 1 year after the
individual becomes employed by or affiliated or
associated with the covered financial institution in a
position described in paragraph (1), (2), or (3) of
subsection (a).
(3) Records.--A covered financial institution shall--
(A) maintain a record of each individual who--
(i) is employed by or affiliated or
associated with the covered financial
institution in a position described in
paragraph (1), (2), or (3) of subsection (a);
and
(ii) has completed the training under
subsection (a), regardless of whether the
training was--
(I) provided by the covered
financial institution or a third party
selected by the covered financial
institution;
(II) completed before the
individual was employed by or
affiliated or associated with the
covered financial institution; and
(III) completed before, on, or
after the date of enactment of this
Act; and
(B) upon request, provide a record described in
subparagraph (A) to a covered agency with examination
authority over the covered financial institution.
SEC. 4. RELATIONSHIP TO STATE LAW.
Nothing in this Act shall be construed to preempt or limit any
provision of State law, except only to the extent that section 2
provides a 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 State
law.
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