(a) A qualified person may delay a disbursement from, or a transaction in connection with, an account of an elder or a vulnerable adult, or an account on which an elder or a vulnerable adult is a beneficiary, if:

Terms Used In Hawaii Revised Statutes 485A-806

  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Commissioner: means the commissioner of securities of this State. See Hawaii Revised Statutes 485A-102
  • Elder: means an individual sixty-two years of age or older. See Hawaii Revised Statutes 485A-801
  • Financial exploitation: means :

    (1) The wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or property of an elder or a vulnerable adult; or

    (2) Any act or omission by a person, including through the use of a power of attorney, guardianship, or conservatorship of an elder or a vulnerable adult, to:

    (A) Obtain control through deception, intimidation, or undue influence over the elder's or vulnerable adult's money, assets, or property to deprive the elder or vulnerable adult of the ownership, use, benefit, or possession of the elder's or vulnerable adult's money, assets, or property; or

    (B) Convert money, assets, or property of the elder or vulnerable adult to deprive the elder or vulnerable adult of the ownership, use, benefit, or possession of the elder's or vulnerable adult's money, assets, or property. See Hawaii Revised Statutes 485A-801

  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Person: means an individual; corporation; business trust; estate; trust; partnership; limited liability company; association; joint venture; government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity. See Hawaii Revised Statutes 485A-102
  • Qualified person: means any agent, broker-dealer, investment adviser representative, investment adviser, or person who serves in a supervisory or compliance capacity for a broker-dealer or an investment adviser. See Hawaii Revised Statutes 485A-801
  • Vulnerable adult: means a person eighteen years of age or older who, because of mental, developmental, or physical impairment, is unable to:

    (1) Communicate or make responsible decisions to manage the person's own care or resources;

    (2) Carry out or arrange for essential activities of daily living; or

    (3) Protect oneself from abuse. See Hawaii Revised Statutes 485A-801

(1) The qualified person reasonably believes that the requested disbursement or transaction may result in financial exploitation of the elder or vulnerable adult after initiating an internal review of the requested disbursement or transaction and the suspected financial exploitation; and
(2) The qualified person:

(A) Immediately, but in no event more than two business days after the requested disbursement or transaction is delayed, provides written notification of the delay and the reason for the delay to all parties authorized to transact business on the account, unless any party is reasonably believed to have engaged in suspected or attempted financial exploitation of the elder or vulnerable adult;
(B) Immediately, but in no event more than two business days after the requested disbursement or transaction is delayed, notifies the commissioner; and
(C) Continues its internal review of the suspected or attempted financial exploitation of the elder or vulnerable adult, as necessary, and provides status updates to the commissioner upon request.
(b) Any delay of a requested disbursement or transaction as authorized by this section shall expire upon the sooner of:

(1) A determination by the qualified person that the requested disbursement or transaction will not result in financial exploitation of the elder or vulnerable adult; or
(2) Fifteen business days after the date on which the qualified person first delayed the requested disbursement or transaction, unless the commissioner requests that the qualified person extend the delay, in which case the delay shall expire no later than twenty-five business days after the date on which the qualified person first delayed the requested disbursement or transaction, unless sooner terminated or further extended by the commissioner or by an order of a court of competent jurisdiction.
(c) A court of competent jurisdiction may enter an order extending the delay of the requested disbursement or transaction, or may order other protective relief based on the petition of the commissioner, the qualified person who initiated the delay under this section, or other interested party.

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