Reporting Elder Financial Exploitation

Effective 09/30/2021

Ohio Revised Code 1707.49


Summary:
The “Reporting Elder Financial Exploitation” law mandates reporting to the Ohio Division of Securities
and the appropriate County Department of Job and Family Services (DJFS) by dealers, investment
advisers, and their agents who have a reasonable cause to believe that an eligible adult may be subject
to past, current, or attempted financial exploitation in connection with any transaction hold. The law
contains the following key provisions:
  • “Eligible adult”: defined in the law (age 60+ or otherwise vulnerable person).
  • “Financial exploitation” – defined in the law, includes use of POAs/guardianship.
  • If an employee of a dealer or investment adviser has reasonable cause to believe that an eligible adult who is an account holder may be subject to financial exploitation, then:
    • 1. The employee shall follow internal policies and procedures for reporting;
    • 2. The dealer or adviser may place a hold on any transaction impacted by the past, current, or attempted financial exploitation for a period of time not to exceed fifteen business days.
  • Firms placing such transaction holds must report to the Division of Securities and the County DJFS along with the transaction hold.
  • The law allows for a possible extension of the transaction hold for another 15 days under certain circumstances.
  • Civil and administrative immunity for good faith reporting and transaction holds.
  • Reports made to a state agency under this law are confidential investigative record of the Division; must be retained by reporting firm for 5 years.

Financial Exploitation Reporting Form
*ONLY For use only by dealers, investment advisers, and their agents pursuant to ORC 1707.49.

**For all other complaints to the Ohio Division of Securities, please complete one of the following
complaint forms: Online Complaint Reporting or Downloadable Complaint Form.

Note: Reporting discussed on this page is limited to financial exploitation and transaction holds
involving eligible adults in accordance with Ohio Revised Code 1707.49. This reporting is in addition to
reporting under Ohio’s Mandatory Reporting requirements (Ohio Revised Code 5101.63) for suspected
abuse, neglect, and exploitation of adults.

Relevant Law:
Ohio Revised Code 1707.49
Ohio Revised Code 5101.63

Helpful Resources:

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