Definitions

As used in this article, the term: (1) “Account” means any account with a broker-dealer or investment adviser for which a client has the authority to transact business. 820 10-5-101 (2) “Adult protective agency” means any office, division, department, or unit in this state that is charged with the investigation of abuse, neglect, or exploitation of an elder person or disabled adult. (3) “Eligible adult” means: (A) A person 65 years of age or older; or (B) A person 18 years of age or older who is mentally or physically incapacitated, has Alzheimer’s disease, or has dementia. (4) “Financial exploitation” means: (A) The wrongful or unauthorized taking, withholding, appropriation, or use of the money, assets, or property of an eligible adult; or (B) Any act or omission taken by a person, including, but not limited to, through the use of a power of attorney, guardianship, or conservatorship of an eligible adult, to: (i) Obtain the control, use, or benefit of 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 through deception, intimidation, or undue influence or by the use of any scheme, device, or artifice to defraud; or (ii) Convert the money, assets, or property of the eligible adult to deprive the eligible adult of the ownership, use, benefit, or possession of his or her money, assets, or property. (5) “Qualified individual” means any agent, investment adviser representative, or person who serves in a supervisory, compliance, or legal capacity for a broker-dealer or investment adviser. History. Code 1981, § 10-5-100, enacted by Ga. L. 2023, p. 550, § 1/SB 84, effective July 1, 2023; Ga. L. 2024, p. 1052, § 2(47)/SB 448, effective July 1, 2024. Amendments. The 2024 amendment, effective July 1, 2024, part of an Act to revise, modernize, and correct the Code, substituted “adviser” for “advisor” in paragraph (5). 10-5-101. Prompt notification to Commissioner of exploitation; requirements. (a) If a qualified individual has reasonable cause to believe that the financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted, then the qualified individual shall promptly notify the Commissioner. (b) The notification required by subsection (a) of this Code section 821 10-5-103 may be made by oral or written communication or by form as issued by the Commissioner. Such notice shall include, to the extent possible: (1) The name and address of the eligible adult; (2) The name and address of the eligible adult’s caretaker; (3) The age of the eligible adult; (4) The nature and extent of the eligible adult’s potential or actual injury or condition resulting from the financial exploitation; (5) Any other pertinent information; and (6) Any additional information that is required by a rule adopted or form or order issued by the Commissioner. History. Code 1981, § 10-5-101, enacted by Ga. L. 2023, p. 550, § 1/SB 84, effective July 1, 2023.