LANSING – Today, Michigan Attorney General Dana Nessel and the Elder Abuse Task Force are celebrating the implementation of critical amendments to Michigan’s Uniform Securities Act. These changes designate securities brokers, dealers, and investment advisors as mandatory reporters of suspected financial exploitation of vulnerable adults. 

Signed into law by Governor Gretchen Whitmer in December 2023, the statute officially went into effect in March 2024. The corresponding administrative rules were enacted earlier this week (PDF). The securities industry is now legally required to alert law enforcement or Adult Protective Services when they suspect a vulnerable adult is being financially exploited. 

“By requiring securities brokers, dealers, and investment advisors to report suspected financial exploitation, the Uniform Securities Act closes a dangerous loophole that previously helped enable bad actors to drain the investment accounts of vulnerable residents,” Nessel said. “I am proud of the important work the Elder Abuse Task Force has done and continues to do to protect the life savings of our seniors and to ensure they can age with dignity, security, and peace of mind.”  

This statute is one of the major accomplishments of the Elder Abuse Task Force. Michigan's Elder Abuse Task Force launched in 2019 and consists of more than 55 different organizations in the public, private, and nonprofit sectors – all working together to combat elder abuse. The more than 100 individuals on the Task Force are divided into seven committees working diligently to accomplish nine initiatives (PDF), including requiring certification and training for professional guardians. Other achievements include the following: 

• The adoption of a Vulnerable Adult Incident Report form for investigation by law enforcement across the state, including the implementation of related trainings;
• The Financial Exploitation Prevention Act (FEPA), which was signed into law in 2021 to ensure mandated reporting for financial institutions on suspected fraud or exploitation; and
• The Uniform Power of Attorney Act, which was passed and became effective July 1, 2024, to make powers of attorney more accessible with a standard form in the statute. Attorney General Nessel recently released a public service announcement explaining the new law.