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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4538 Engrossed in House (EH)]

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114th CONGRESS
  2d Session
                                H. R. 4538

_______________________________________________________________________

                                 AN ACT

 
  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 Safe Act of 2016''.

SEC. 2. IMMUNITY.

    (a) Definitions.--In this Act--
            (1) the term ``Bank Secrecy Act Officer'' means an 
        individual responsible for ensuring compliance with the 
        requirements mandated by subchapter II of chapter 53 of title 
        31, United States Code;
            (2) the term ``broker-dealer'' means a broker or dealer, as 
        those terms are defined, respectively, 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, including 
                a State securities or law enforcement authority and a 
                State insurance regulator;
                    (B) each of the Federal financial institutions 
                regulatory agencies;
                    (C) the Securities and Exchange Commission;
                    (D) a law enforcement agency;
                    (E) and State or local agency responsible for 
                administering adult protective service laws; and
                    (F) a State attorney general.
            (4) the term ``covered financial institution'' means--
                    (A) a credit union;
                    (B) a depository institution;
                    (C) an investment advisor;
                    (D) a broker-dealer;
                    (E) an insurance company; and
                    (F) a State attorney general.
            (5) the term ``credit union'' means a Federal credit union, 
        State credit union, or State-chartered credit union, as those 
        terms are defined in section 101 of the Federal Credit Union 
        Act (12 U.S.C. 1752);
            (6) the term ``depository institution'' has the meaning 
        given the term in section 3(c) of the Federal Deposit Insurance 
        Act (12 U.S.C. 1813(c));
            (7) the term ``exploitation'' means the fraudulent or 
        otherwise illegal, unauthorized, or improper act or process of 
        an individual, including a caregiver or fiduciary, that--
                    (A) uses the resources of a senior citizen for 
                monetary personal benefit, profit, or gain; or
                    (B) results in depriving a senior citizen of 
                rightful access to or use of benefits, resources, 
                belongings or assets;
            (8) 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);
            (9) 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);
            (10) the term ``insurance company'' has the meaning given 
        the term in section 2(a) of the Investment Company Act of 1940 
        (15 U.S.C. 80a-2(a));
            (11) the term ``registered representative'' means an 
        individual who represents a broker-dealer in effecting or 
        attempting to affect a purchase or sale of securities;
            (12) the term ``senior citizen'' means an individual who is 
        not less than 65 years of age;
            (13) the term ``State insurance regulator'' has the meaning 
        given such term in section 315 of the Gramm-Leach-Bliley Act 
        (15 U.S.C. 6735); and
            (14) the term ``State securities or law enforcement 
        authority'' has the meaning given the term in section 24(f)(4) 
        of the Securities Exchange Act of 1934 (15 U.S.C. 78x(f)(4)).
    (b) Immunity From Suit.--
            (1) Immunity for individuals.--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 
                (including a Bank Secrecy Act Officer), or registered 
                representative for a covered financial institution; and
                    (B) made the disclosure with reasonable care 
                including reasonable efforts to avoid disclosure other 
                than to a covered agency.
            (2) Immunity for covered financial institutions.--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, or, in the case 
                of a registered representative, affiliated or 
                associated with, 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 individual described in section 
                3(a).

SEC. 3. TRAINING REQUIRED.

    (a) In General.--A covered financial institution may provide 
training described in subsection (b)(1) to each officer or employee of, 
or registered representative affiliated or associated with, 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, employee, or 
        registered representative; 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.--
            (1) In general.--The training described in this paragraph 
        shall--
                    (A) instruct any individual attending the training 
                on how to identify and report the suspected 
                exploitation of a senior citizen;
                    (B) discuss the need to protect the privacy and 
                respect the integrity of each individual customer of a 
                covered financial institution; and
                    (C) be appropriate to the job responsibilities of 
                the individual attending the training.
            (2) Timing.--The training required under subsection (a) 
        shall be provided as soon as reasonably practicable but not 
        later than 1 year after the date on which an officer, employee, 
        or registered representative begins employment with or becomes 
        affiliated or associated with the covered financial 
        institution.
            (3) Bank secrecy act officer.--An individual who is 
        designated as a compliance officer under an anti-money 
        laundering program established pursuant to section 5318(h) of 
        title 31, United States Code, shall be deemed to have received 
        the training described under this subsection.

SEC. 4. RELATIONSHIP TO STATE LAW.

     Nothing in this Act shall be construed to preempt or limit any 
provision of State law, except only to the extent that section 2 
provides a greater level of protection against liability to an 
individual described in section 2(b)(1) or to a covered financial 
institution described in section 2(b)(2) than is provided under State 
law.

            Passed the House of Representatives July 5, 2016.

            Attest:

                                                                 Clerk.
114th CONGRESS

  2d Session

                               H. R. 4538

_______________________________________________________________________

                                 AN ACT

  To provide immunity from suit for certain individuals who disclose 
 potential examples of financial exploitation of senior citizens, and 
                          for other purposes.
```