Empowering States to Protect Seniors from Bad Actors Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
This bill, the Empowering States to Protect Seniors from Bad Actors Act, aims to bolster state efforts to safeguard senior investors and policyholders from financial fraud. It provides grants to state securities and insurance regulators to enhance their ability to identify, investigate, prosecute, and educate seniors about scams. The bill recognizes the significant rise in fraud losses targeting seniors and seeks to strengthen state-level protections against these crimes.
Key provisions
- Provides grants to state securities and insurance regulators.
- Defines ‘senior’ as individuals aged 62 or older.
- Creates a definition of ‘senior financial fraud’ encompassing various exploitative practices.
- Allows grant funds to be used for staff, technology, training, education, and legal enforcement.
- Requires grant recipients to submit detailed accounting of fund usage and performance reports.
- Establishes annual audits of grant programs.
- Sets a maximum grant amount of $500,000 per year, with a higher limit for entities serving both securities and insurance functions.
- Authorizes appropriations of $10 million per year for fiscal years 2025 through 2030.
Who is affected
- Senior citizens
- State securities regulators
- State insurance departments
- Financial fraud victims
- Caregivers and fiduciaries
Notable changes
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