New Jersey Statutes 49:3-85. Definitions relative to financial exploitation of vulnerable adults
Terms Used In New Jersey Statutes 49:3-85
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- person: includes corporations, companies, associations, societies, firms, partnerships and joint stock companies as well as individuals, unless restricted by the context to an individual as distinguished from a corporate entity or specifically restricted to one or some of the above enumerated synonyms and, when used to designate the owner of property which may be the subject of an offense, includes this State, the United States, any other State of the United States as defined infra and any foreign country or government lawfully owning or possessing property within this State. See New Jersey Statutes 1:1-2
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
“Applicable county adult services provider” means the county adult services provider that services the county of residence of the eligible adult.
“County adult protective services provider” has the meaning in section 2 of P.L.1993, c.249 (C. 52:27D-407).
“Eligible adult” means:
(1) a person 65 years of age or older; or
(2) a person subject to the “Adult Protective Services Act,” P.L.1993, c.249 (C. 52:27D-406 et seq.).
“Financial exploitation” means:
(1) the wrongful or unauthorized taking, withholding, appropriation, or use of money, assets or property of an eligible adult; or
(2) any act or omission taken by a person, including through the use of a power of attorney, guardianship, or conservatorship of an eligible adult, to:
(a) obtain control, through deception, intimidation or undue influence, over the eligible adult’s money, assets or property to deprive the eligible adult of the ownership, use, benefit or possession of his or her money, assets or property; or
(b) convert money, assets or property of the eligible adult to deprive such eligible adult of the ownership, use, benefit or possession of his or her money, assets or property.
“Qualified individual” means any broker-dealer, agent, investment adviser, investment adviser representative or other person who serves in a supervisory, compliance, legal, or senior investor protection capacity for a broker-dealer or investment adviser.
L.2019, c.340, s.2.