[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4538 Received in Senate (RDS)]
<DOC>
114th CONGRESS
2d Session
H. R. 4538
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
July 6, 2016
Received
_______________________________________________________________________
AN ACT
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 Safe Act of 2016''.
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;
(2) the term ``broker-dealer'' means a broker or dealer, as
those terms are defined, respectively, 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 Federal financial institutions
regulatory agencies;
(C) the Securities and Exchange Commission;
(D) a law enforcement agency;
(E) and State or local agency responsible for
administering adult protective service laws; and
(F) a State attorney general.
(4) the term ``covered financial institution'' means--
(A) a credit union;
(B) a depository institution;
(C) an investment advisor;
(D) a broker-dealer;
(E) an insurance company; and
(F) a State attorney general.
(5) the term ``credit union'' means a Federal credit union,
State credit union, or State-chartered credit union, as those
terms are defined in section 101 of the Federal Credit Union
Act (12 U.S.C. 1752);
(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 fiduciary, that--
(A) uses the resources of a senior citizen for
monetary 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 ``Federal financial institutions regulatory
agencies'' has the meaning given the term in section 1003 of
the Federal Financial Institutions Examination Council Act of
1978 (12 U.S.C. 3302);
(9) the term ``investment adviser'' has the meaning given
the term in section 202 of the Investment Advisers Act of 1940
(15 U.S.C. 80b-2);
(10) 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));
(11) the term ``registered representative'' means an
individual who represents a broker-dealer in effecting or
attempting to affect a purchase or sale of securities;
(12) the term ``senior citizen'' means an individual who is
not less than 65 years of age;
(13) the term ``State insurance regulator'' has the meaning
given such term in section 315 of the Gramm-Leach-Bliley Act
(15 U.S.C. 6735); and
(14) 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 possible exploitation of a senior citizen to
a covered agency if the individual, at the time of the
disclosure--
(A) served as a supervisor, compliance officer
(including a Bank Secrecy Act Officer), or registered
representative for a covered financial institution; and
(B) made the disclosure with reasonable care
including reasonable efforts to avoid disclosure other
than to a covered agency.
(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, affiliated or
associated with, the covered financial institution at
the time of the disclosure; and
(B) before the time of the disclosure, the covered
financial institution provided the training described
in section 3 to each individual described in section
3(a).
SEC. 3. TRAINING REQUIRED.
(a) In General.--A covered financial institution may provide
training described in subsection (b)(1) to each officer or employee of,
or registered 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 duties of the officer, employee, or
registered representative; 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) Training.--
(1) In general.--The training described in this paragraph
shall--
(A) instruct any individual attending the training
on how to identify and report the suspected
exploitation of a senior citizen;
(B) discuss the need to protect the privacy and
respect the integrity of each individual customer of a
covered financial institution; and
(C) be appropriate to the job responsibilities of
the individual attending the training.
(2) Timing.--The training required under subsection (a)
shall be provided as soon as reasonably practicable but not
later than 1 year after the date on which an officer, employee,
or registered representative begins employment with or becomes
affiliated or associated with the covered financial
institution.
(3) Bank secrecy act officer.--An individual who is
designated as a compliance officer under an anti-money
laundering program established pursuant to section 5318(h) of
title 31, United States Code, shall be deemed to have received
the training described under this subsection.
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.
Passed the House of Representatives July 5, 2016.
Attest:
KAREN L. HAAS,
Clerk.