Colorado House Bill 17-1253: Protect Seniors From Financial Abuse Concerning the 'Protection of Vulnerable Adults from Financial Exploitation Act' was signed into law by Colorado Governor John Hickenlooper on Friday, June 2nd at the City of Wheat Ridge Police Department.
Prior to this bill’s passing, any request for funds from a client to a financial advisor to be distributed was to be immediately processed without question of intent. New legislation in the form of HB 17-1253 provides a window of time for licensed securities professionals (qualified professionals) to exercise due diligence. Any reasonable suspicion of financial exploitation of a vulnerable adult may now allow licensed securities professionals to effectively pause the distribution of funds for further investigation by the appropriate authorities.
Present for the signing was Mr. Kris Tower, CFP, Managing Director of American Portfolios Denver. Mr. Tower provided testimony before the Colorado State Senate Finance Committee on April 13th, 2017 regarding HB 17-1253. He is the 2018 President-Elect of the Colorado Financial Planning Association. The Association is the primary membership organization of Certified Financial Planners in Colorado and its 600 members serve 65,000 Colorado households.
Additional commentary on the nature and purpose of HB 17-1253 may be provided by contacting Mr. Kris Tower at American Portfolios Denver.