May 1, 2025
Michigan Attorney General Dana Nessel, along with the Elder Abuse Task Force, marked the activation of significant amendments to Michigan's Uniform Securities Act. These amendments require securities brokers, dealers, and investment advisors to report any suspected financial exploitation of vulnerable adults.
The statute, signed by Governor Gretchen Whitmer in December 2023, was officially enacted in March 2024, with the administrative rules taking effect this week. Those in the securities field must now notify law enforcement or Adult Protective Services if they suspect financial exploitation.
“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,” said AG Nessel. “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 legislative change is a significant achievement for the Elder Abuse Task Force, which started in 2019. The task force includes over 55 organizations from various sectors working against elder abuse. More than 100 members are spread across seven committees focusing on nine initiatives, including mandatory certification and training for professional guardians.
Other accomplishments include the statewide adoption of a Vulnerable Adult Incident Report form, the enactment of the Financial Exploitation Prevention Act (signed in 2021), and the implementation of the Uniform Power of Attorney Act effective July 1, 2024. AG Nessel recently released a public announcement about this new law.
In Michigan, over 100,000 older adults are victims of elder abuse, encompassing abuse, neglect, and exploitation. Residents are encouraged to call 800-24-ABUSE (22873) or 855-444-3911 to report elder abuse.