Protect Vulnerable Adults from Financial Exploitation Act

Report Financial Exploitation

Beginning July 1, 2024, when your firm’s agents, investment adviser representatives, or other persons serving in a supervisory, compliance, or legal capacity learn of circumstances making them reasonably suspect that an elder or vulnerable adult is being financially exploited in Kansas, your firm has an obligation to report. 

FIRST, your firm must report the suspected financial exploitation to the Compliance, Enforcement and Anti-Fraud Division of the Kansas Department of Insurance.

SECOND, pursuant to the Protect Vulnerable Adults from Financial Exploitation Act, your firm may delay a transaction or disbursement if, after reviewing the requested transaction or disbursement, you reasonably believe it may further financial exploitation of an elder or vulnerable adult.

If your firm delays, then you must report the suspected exploitation and the delay immediately (using this form). Please see K.S.A. 17-12a412, 44-1017a, and 58-3065 for more information. For additional questions, please contact the Department’s Compliance, Enforcement, and Anti-Fraud Division at (785) 296-5203.