1. A qualified individual may refuse a request for disbursement or transaction from the account of a qualified adult, or an account on which a qualified adult is a beneficiary or beneficial owner, if:

(1) The qualified individual reasonably believes that the requested disbursement or transaction will result in financial exploitation of the qualified adult; and

Terms Used In Missouri Laws 409.615

  • 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
  • following: when used by way of reference to any section of the statutes, mean the section next preceding or next following that in which the reference is made, unless some other section is expressly designated in the reference. See Missouri Laws 1.020
  • 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.
  • State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020

(2) The qualified individual, within two business days:

(a) Makes a reasonable effort to notify all parties authorized to transact business on the account orally or in writing, unless such parties are reasonably believed to have engaged in suspected or attempted financial exploitation of the qualified adult;

(b) Notifies the agencies; and

(c) Sends written notice to the qualified adult. Such notice shall include the name and contact information for the qualified individual who refused the disbursement or transaction and for the investor protection hotline administered by the securities division of the secretary of state.

2. Any refusal of a disbursement or transaction as authorized by this section shall expire upon the sooner of:

(1) The time when the qualified individual reasonably believes that the disbursement or transaction will not result in financial exploitation of the qualified adult; or

(2) Ten business days after the initial refusal of disbursement or transaction by the qualified individual.

3. Notwithstanding subsection 2 of this section to the contrary, following the refusal by a qualified individual of an initial request for disbursement or transaction from the account of a qualified adult:

(1) A court of competent jurisdiction may enter an order extending the refusal of a disbursement or transaction or any other protective relief;

(2) The commissioner of securities may enter an order extending the refusal of a disbursement or transaction for the time necessary to protect the qualified adult; or

(3) The director of the department of health and senior services, after notifying the commissioner of securities, may enter an order to extend the refusal of a disbursement or transaction for the time necessary to protect the qualified adult.

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Subsequent to the issuance of an order under subdivision (2) or (3) of this subsection, the agency that issued the order shall conduct a review of the circumstances every thirty days to determine if the order extension should remain in effect.

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