h_phc_2017a_2017-03-28t13:40:06z0 Hearing Summary

Date: 03/28/2017

Location: HCR 0107

01:40 PM -- HB 17-1253



Representative Danielson, bill sponsor, presented House Bill 17-1253 to the committee. The bill requires certain financial professionals to report to the securities commissioner (commissioner) if they believe an at-risk person (covered adult) is being financially exploited, except that for mandatory reporters, making such a report does not satisfy the current law requirement to report directly to local law enforcement. The commissioner must forward any reports to local law enforcement and the county department of human or social services. The commissioner may access records for purposes of investigations, but may not release them under an open records request.



Financial professionals may notify any third party previously designated by or reasonably associated with the covered adult when he or she believes financial exploitation has occurred, except when that designated party is suspected of financial exploitation or other abuse of the covered adult. The bill provides for delayed disbursements of moneys and other protective services under specified circumstances and immunity from administrative or civil liability when a financial professional makes a disclosure when acting in good faith and exercising reasonable care to protect the information.



01:47 PM -- Connie Rettig, representing herself, testified in support of the bill. Ms. Rettig responded to questions from the committee.



01:53 PM -- Joe Neguse, Department of Regulatory Agencies, testified in support of the bill.



01:56 PM -- Gerald Rome, Division of Securities, Department of Regulatory Agencies, testified in support of the bill. Mr. Rome responded to questions from the committee.



02:10 PM -- Scott Turner, Office of the Attorney General, testified in support of the bill. Mr. Turner responded to questions from the committee.



02:13 PM -- Tim Lane, Colorado District Attorneys' Council, testified in support of the bill. Mr. Lane responded to questions from the committee.



02:32 PM -- John Bunting, representing himself, testified in support of the bill and distributed a handout (Attachment A) to the committee. Mr. Bunting responded to questions from the committee.



170328 AttachA.pdf



02:35 PM -- Cary Johnson, 1st Judicial District Attorney's Office, testified in support of the bill. Mr. Johnson responded to questions from the committee.



02:47 PM -- Kim Chamberlain, Securities Industry and Financial Markets Association, testified in support of the bill and distributed a handout (Attachment B).



170328 AttachB.pdf



02:51 PM -- Dennis Valentine, American Association of Retired Persons, testified in support of the bill. Mr. Valentine responded to questions from the committee.



02:58 PM -- Mindy Kemp, Colorado Department of Human Services, testified in support of the bill. Ms. Kemp responded to questions from the committee.



03:05 PM



Mr. Rome returned to the table to respond to questions from the committee.



03:07 PM -- Ed Shackelford, Colorado Senior Lobby, testified in support of the bill. Mr. Shackelford responded to questions from the committee.



03:10 PM -- Christina Johnson, Colorado Senior Lobby and the Colorado Commission on Aging, testified in support of the bill.



03:17 PM -- Natalie Wood, Bell Policy Center, testified in support of the bill and distributed a handout (Attachment C).



170328 AttachC.pdf



03:21 PM -- Kathleen Owings, National Association of Insurance and Financial Advisors, testified in opposition to the bill. Ms. Owings responded to questions from the committee.



03:28 PM



Representative Liston distributed amendment L.001 (Attachment D) and explained it to the committee.



170328 AttachD.pdf

03:38 PM



Representative Danielson gave concluding remarks on the bill. Committee members commented on the bill.