RELEASE: Protecting Seniors From Financial Fraud
(April 4) – Speaker Pro Tem Jessie Danielson’s bill to fight the financial exploitation of seniors before it occurs won final House passage this morning.
HB17-1253, sponsored by Rep. Danielson, D-Wheat Ridge, creates a reporting requirement for investment advisors and brokers who have a “reasonable belief” that someone has ripped off, or is scheming to defraud, a Coloradan over the age of 65.
Financial exploitation is the fastest-growing category of elder abuse in many states. One out of every five citizens over the age of 65 has been victimized by a financial fraud.
“We owe it to Colorado seniors, many of whom are on fixed incomes and tight budgets, to put a stop to these crimes,” Rep. Danielson said. “The generosity that came to define the ‘Greatest Generation’ is exactly what makes seniors targets for this form of elder abuse.”
Groups representing the financial planning industry, law enforcement and older Coloradans support the bill.
The vote was 36-28, with every House Republican voting against creating this barrier to unscrupulous operators trying to prey on Colorado seniors.
The bill goes to the Senate.