Sen. Susan Collins, chair of the Senate Special Committee on Aging, has reintroduced her Senior Safe Act, which is designed to protect vulnerable adults from financial exploitation.
In introducing the Senior$afe Act of 2017 (S. 223), Collins, R-Maine, noted that the bill aims to protect banks, credit unions, investment advisors, broker-dealers, insurance companies and certain supervisory, compliance and legal employees from civil or administrative liability — as long as they receive training in how to spot and report predatory activity and disclose any possible exploitation of senior citizens to state or federal regulatory and law enforcement entities.
A similar bill passed the House last July.
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