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Can you summarize AZRS 46-473?
Delaying disbursements or transactions; immunity
Short Summary
This legal document governs the ability of broker-dealers and investment advisers to delay disbursements or transactions from the accounts of eligible adults or accounts on which an eligible adult is a beneficiary. The delay can be initiated if there is a reasonable belief that the requested disbursement or transaction may result in financial exploitation of the eligible adult. The broker-dealer or investment adviser must provide written notification of the delay and the reason for the delay to all parties authorized to transact business on the account. They must also notify adult protective services and the corporation commission, continue the internal review of the suspected financial exploitation, and report the investigation’s results upon request. The delayed disbursement or transaction expires if it is determined that it will not result in financial exploitation or after a maximum of fifteen business days, unless extended by adult protective services, the corporation commission, or a court order. The document also grants immunity from administrative or civil liability to broker-dealers or investment advisers who delay a disbursement or transaction in good faith and with reasonable care.
Whom does it apply to?
Broker-dealers, investment advisers, eligible adults, adult protective services, and the corporation commission
What does it govern?
Delaying disbursements or transactions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Arizona