[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 2216 Introduced in Senate (IS)]
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114th CONGRESS
1st Session
S. 2216
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
October 28, 2015
Ms. Collins (for herself and Mrs. McCaskill) 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 2015''.
SEC. 2. IMMUNITY.
(a) Definitions.--In this Act--
(1) the term ``bank'' has the meaning given the term in
section 202(a) of the Investment Advisers Act of 1940 (15
U.S.C. 80b-2(a));
(2) the term ``broker-dealer'' means--
(A) a broker, as defined in section 3(a) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c(a)); or
(B) a dealer, as 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;
(B) each of the Federal financial institutions
regulatory agencies;
(C) a law enforcement agency; and
(D) the adult protective services agency of a
State;
(4) the term ``covered financial institution'' means--
(A) a bank;
(B) a credit union;
(C) an investment adviser; and
(D) a broker-dealer;
(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 ``exploitation'' has the meaning given the
term in section 2011 of the Social Security Act (42 U.S.C.
1397j);
(7) 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);
(8) 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); and
(9) the term ``senior citizen'' means an individual who is
not less than 65 years of age.
(b) Immunity From Suit.--
(1) Immunity for individuals.--Notwithstanding section 502
of the Gramm-Leach-Bliley Act (15 U.S.C. 6802), including any
regulations adopted thereunder, 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, or
legal advisor for a covered financial institution; and
(B) made the disclosure--
(i) in good faith; and
(ii) with reasonable care.
(2) Immunity for covered financial institutions.--
Notwithstanding section 502 of the Gramm-Leach-Bliley Act (15
U.S.C. 6802), including any regulations adopted thereunder, 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 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 officer or employee of the covered
financial institution described in section 3(a).
SEC. 3. TRAINING REQUIRED.
(a) In General.--A covered financial institution may provide
training regarding the identification and reporting of the suspected
exploitation of a senior citizen to each officer or employee of 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 or employee; 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.--The training required under subsection (a) shall be
provided as soon as reasonably practicable but not more than 12 months
after the date on which an officer or employee begins employment with
the covered financial institution.
SEC. 4. PREEMPTION.
Nothing in this Act shall be construed to preempt or limit any
provision of State law, to the extent that any provision of State law
provides a similar or greater level of protection against liability to
an individual described in section 2(b)(1) or a covered financial
institution described in section 2(b)(2) than is provided under those
sections.
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