HELENA, MT— A bill to protect vulnerable Montanans from financial exploitation was signed by the governor today.
House Bill 24, sponsored by Representative Ron Ehli (R-Hamilton), will become law immediately. It allows investment advisers and other qualified individuals to report suspected exploitation of vulnerable persons to the Commissioner of Securities and Insurance, and allows financial transactions involving vulnerable persons to be temporarily delayed if exploitation is suspected.
“This new law will be a powerful tool in the fight to protect Montanans from fraud and exploitation,” said Commissioner of Securities and Insurance Matt Rosendale. “It allows Montanans to look out for each other and prevent bad actors from taking advantage of our most vulnerable citizens.”
“It’s much harder to protect people after they’ve already been scammed. This new law will help us prevent exploitation before it happens,” Rosendale said.
Vulnerable persons protected by the new law include elderly Montanans, those suffering from mental impairment due to advanced age, people with developmental disabilities, and those who live with other mental disorders.
The bill language can be found here.