Florida 2020 Regular Session Status: Enacted 1 R cosponsors

HB 813 — Protection of Vulnerable Investors

Last action — Chapter No. 2020-157

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  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed House
  4. ✓
    Passed Senate
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced November 26, 2019. Enacted.

Prognosis

Likely to advance 72% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • 1 sponsor

    1 primary, 0 co-sponsors signed on.

  • Single-party support

    Sponsorship is currently within one party (1 R).

  • Cleared a recorded vote

    Passed 5 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

Protection of Vulnerable Investors; Requires securities dealers, investment advisers, & associated persons to report knowledge or suspicion of abuse, neglect, or exploitation of vulnerable adults to DCF; authorizes dealers & investment advisers to delay certain disbursements or transactions based on reasonable belief of financial exploitation of specified adult; requires dealer or investment adviser to notify certain persons & OFR of such delays within specified timeframe; authorizes dealer or investment adviser to extend delay; provides that length of such delays may be shortened or extended by court of competent jurisdiction; provides immunity from administrative & civil liability for dealers, investment advisers, & associated persons; requires dealers & investment advisers to develop certain training policies or programs & maintain written records of compliance.

Bill Text

What changed in the latest version

98 added · 122 removed

98 line(s) added, 122 removed.

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Latest
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 813 2020 A bill to be entitled An act relating to the protection of vulnerable investors;
F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 813 2020 A bill to be entitled An act relating to the protection of vulnerable investors;
providing that the length of such delays may be shortened or extended Page 1 of 10 CODING:
providing that the length of such delays may be shortened or extended Page 1 of 9 CODING:
hb0813-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 813 2020 by a court of competent jurisdiction;
hb0813-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 813 2020 by a court of competent jurisdiction;
Page 2 of 10 CODING:
Page 2 of 9 CODING:
hb0813-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 813 2020 1.
hb0813-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 813 2020 1.
Dealer, investment adviser, or associated person under chapter 517, Page 3 of 10 CODING:
Dealer, investment adviser, or associated person under chapter 517, Page 3 of 9 CODING:
hb0813-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 813 2020 who knows, or has reasonable cause to suspect, that a vulnerable adult has been or is being abused, neglected, or exploited must shall immediately report such knowledge or suspicion to the central abuse hotline.
hb0813-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 813 2020 who knows, or has reasonable cause to suspect, that a vulnerable adult has been or is being abused, neglected, or exploited must shall immediately report such knowledge or suspicion to the central abuse hotline.
(c) "Trusted contact" means a natural person 18 years of age or older who the account owner has expressly identified and Page 4 of 10 CODING:
(c) "Trusted contact" means a natural person 18 years of age or older who the account owner has expressly identified and Page 4 of 9 CODING:
hb0813-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 813 2020 who is recorded in a dealer's or investment adviser's books and records as the person who may be contacted about the account.
hb0813-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 813 2020 who is recorded in a dealer's or investment adviser's books and records as the person who may be contacted about the account.
The Legislature intends to balance the rights of specified adults to Page 5 of 10 CODING:
The Legislature intends to balance the rights of specified adults to Page 5 of 9 CODING:
hb0813-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 813 2020 direct and control their assets, funds, and investments and exercise their constitutional rights consistent with due process with the need to provide securities dealers, investment advisers, and associated persons the ability to place narrow, time-limited restrictions on these rights in an effort to decrease specified adults' risk of loss due to abuse, neglect, or financial exploitation.
hb0813-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 813 2020 direct and control their assets, funds, and investments and exercise their constitutional rights consistent with due process with the need to provide securities dealers, investment advisers, and associated persons the ability to place narrow, time-limited restrictions on these rights in an effort to decrease specified adults' risk of loss due to abuse, neglect, or financial exploitation.
The notice, which may be Page 6 of 10 CODING:
The notice, which may be Page 6 of 9 CODING:
hb0813-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 813 2020 provided electronically, must provide the reason for the delay.
hb0813-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 813 2020 provided electronically, must provide the reason for the delay.
(c) Not later than 3 business days after the date on which the delay was first placed, the dealer or investment adviser notifies the office of the delay electronically on a form prescribed by commission rule.
(c) Not later than 3 business days after the date on which the delay was first placed, the dealer or investment adviser notifies the office of the delay by telephone using a number designated by the office for such purpose or electronically on a form prescribed by commission rule.
The form must be consistent with the purposes of this section and may include only the following information:
The notice must identify the dealer or investment adviser that made the delay, the name of the person who authorized the delay, and the date on which the delay was made.
1.
(d) The dealer or investment adviser immediately initiates an internal review of the facts and circumstances that caused the dealer or investment adviser to reasonably believe that the financial exploitation of the specified adult has occurred, is occurring, has been attempted, or will be attempted.
The date on which the notice is submitted to the office.
2.
The date on which the delay was first placed.
3.
The following information about the specified adult:
a.
Gender.
b.
Age.
c.
Zip code of residence address.
4.
The following information about the dealer or investment adviser who placed the delay:
a.
Name.
b.
Title.
c.
Firm name.
d.
Business address.
5.
A section with the following questions for which the only allowable responses are "Yes" or "No":
a.
Show all 62 changed rows (22 more)
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Is financial exploitation of a specified adult suspected in connection with a disbursement or transaction? b.
Are funds currently at risk of being lost? Page 7 of 10 CODING:
Words stricken are deletions;
words underlined are additions.
hb0813-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 813 2020 The form must contain substantially the following statement in conspicuous type:
"The office may take disciplinary action against any person making a knowing and willful misrepresentation on this form." (d) The dealer or investment adviser immediately initiates an internal review of the facts and circumstances that caused the dealer or investment adviser to reasonably believe that the financial exploitation of the specified adult has occurred, is occurring, has been attempted, or will be attempted.
A dealer or investment adviser that extends a delay must notify the office on a form prescribed by commission rule not later than 3 business days after the date on which the extension was applied.
A dealer or investment adviser that extends a delay shall notify the office in accordance with paragraph (3)(c) not later than 3 business Page 7 of 9 CODING:
The notice must identify the dealer or investment adviser that extended the delay and the date on which the delay was originally made.
The length of the delay may be shortened or Page 8 of 10 CODING:
hb0813-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 813 2020 extended at any time by a court of competent jurisdiction.
hb0813-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 813 2020 days after the date on which the extension was applied.
The notice must identify the dealer or investment adviser that extended the delay and the date on which the delay was originally made.
The length of the delay may be shortened or extended at any time by a court of competent jurisdiction.
(5) A dealer or investment adviser must make available to the office, upon request, all records relating to a delay placed by the dealer or investment adviser pursuant to this section, as prescribed by commission rule.
(5) A dealer or investment adviser must make available to the office, upon request, all records relating to a delay made by the dealer or investment adviser pursuant to this section, as prescribed by commission rule.
(7) Before placing a delay on a disbursement or transaction pursuant to this section, a dealer or an investment adviser must do all of the following:
(7) Before placing a delay on a disbursement or transaction pursuant to this section, a dealer or an investment adviser shall do all of the following:
(a) Develop training policies or programs reasonably designed to educate associated persons on issues pertaining to financial exploitation.
(a) Develop training policies or programs reasonably designed to educate associated persons on issues pertaining to Page 8 of 9 CODING:
(b) Conduct training for all associated persons at least annually and maintain a written record of all trainings conducted.
Page 9 of 10 CODING:
hb0813-02-c2 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/CS/HB 813 2020 (c) Develop, maintain, and enforce written procedures regarding the manner in which suspected financial exploitation is reviewed internally, including, if applicable, the manner in which suspected financial exploitation is required to be reported to supervisory personnel.
hb0813-01-c1 F L O R I D A H O U S E O F R E P R E S E N T A T I V E S CS/HB 813 2020 financial exploitation.
(b) Conduct training for all associated persons at least annually and maintain a written record of all trainings conducted.
(c) Develop, maintain, and enforce written procedures regarding the manner in which suspected financial exploitation is reviewed internally, including, if applicable, the manner in which suspected financial exploitation is required to be reported to supervisory personnel.
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hb0813-02-c2
hb0813-01-c1
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Action History

  1. Chapter No. 2020-157

  2. Approved by Governor

  3. Signed by Officers and presented to Governor

  4. Ordered enrolled

  5. CS passed; YEAS 38 NAYS 0

  6. Read 3rd time

  7. Placed on 3rd reading

  8. Read 2nd time

  9. Substituted for CS/SB 1672

  10. Placed on Calendar, on 2nd reading

  11. Withdrawn from Banking and Insurance; Judiciary; Rules

  12. Received

  13. Referred to Banking and Insurance; Judiciary; Rules

  14. In Messages

  15. CS passed; YEAS 118 NAYS 0

  16. Read 3rd time

  17. Placed on 3rd reading

  18. Read 2nd time

  19. Placed on Special Order Calendar, 02/19/20

  20. Placed on Calendar

  21. CS/CS by Commerce Committee read 1st time

  22. Pending review of CS -under Rule 7.18(c)

  23. CS/CS by- Commerce Committee; YEAS 22 NAYS 0

  24. On Committee agenda-- Commerce Committee, 02/06/20, 9:00 am, Webster Hall

  25. Now in Commerce Committee

  26. Favorable by Children, Families and Seniors Subcommittee; YEAS 11 NAYS 0

  27. On Committee agenda-- Children, Families and Seniors Subcommittee, 01/29/20, 9:00 am, 12 HOB

  28. Now in Children, Families and Seniors Subcommittee

  29. CS by Insurance and Banking Subcommittee read 1st time

  30. Pending review of CS under Rule 7.18(c)

  31. CS by Insurance and Banking Subcommittee; YEAS 15 NAYS 0

  32. Introduced

  33. On Committee agenda-- Insurance and Banking Subcommittee, 01/15/20, 3:30 pm, Sumner Hall

  34. Referred to Insurance and Banking Subcommittee; Children, Families and Seniors Subcommittee; Commerce Committee

  35. Filed

Sponsors

Sponsorship breakdown

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1 sponsors · 0 co-sponsors · 163 not signed on

Sponsors (1)

Co-sponsors (0)

None.

Not signed on (163)

163 members have not signed on to this bill.

Show all 163 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Third Reading

Passed 38 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Republican 9000
Unaffiliated 26002
Democrat 2000
No Party Affiliation 1000
Total 38002
% of votes cast 95%0%0%5%
How each member voted (40)
Member Party Vote
Flores — Yea
Rader — Yea
Baxley — Yea
Gainer — Yea
Bean — Yea
Benacquisto — Yea
Simmons — Yea
Simpson — Yea
Book — Yea
Stargel — Yea
Bracy — Yea
Hutson — Yea
Stewart — Yea
Lee — Yea
Taddeo — Yea
Brandes — Yea
Thurston — Yea
Braynon — Yea
Montford — Yea
Torres — Yea
Broxson — Yea
Cruz — Yea
Perry — Yea
Diaz — Yea
Farmer — Yea
Powell — Yea
Gibson — Not Voting
President Galvano — Not Voting
Berman, Lori Democrat Yea
Rouson, Darryl Ervin Democrat Yea
Pizzo, Jason W. B. No Party Affiliation Yea
Albritton, Ben Republican Yea
Bradley, Jennifer Republican Yea
Gruters, Joe Republican Yea
Harrell, Gayle Republican Yea
Hooper, Ed Republican Yea
Mayfield, Debbie Republican Yea
Passidomo, Kathleen Republican Yea
Rodriguez, Ana Maria Republican Yea
Wright, Tom A. Republican Yea

Official roll call →

Passage, Third Reading

Passed 118 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Unaffiliated 79002
Republican 27000
Democrat 12000
Total 118002
% of votes cast 98%0%0%2%
How each member voted (120)
Member Party Vote
Alexander — Yea
Goff-Marcil — Yea
Aloupis — Yea
Good — Yea
Polo — Yea
Altman — Yea
Ponder — Yea
Grant, J. — Yea
Pritchett — Yea
Ausley — Yea
Grant, M. — Yea
Raschein — Yea
Renner — Yea
Bell — Yea
Grieco — Yea
Roach — Yea
Beltran — Yea
Hage — Yea
Robinson — Yea
Hart — Yea
Rodrigues, R. — Yea
Brown — Yea
Hattersley — Yea
Hill — Yea
Rommel — Yea
Bush — Yea
Ingoglia — Yea
Roth — Yea
Byrd — Yea
Sabatini — Yea
Caruso — Yea
Jacquet — Yea
Santiago — Yea
Casello — Yea
Jenne — Yea
Clemons — Yea
Silvers — Yea
Cortes — Yea
Cummings — Yea
Killebrew — Yea
Slosberg — Yea
Latvala — Yea
Sprowls — Yea
Diamond — Yea
Magar — Yea
Stevenson — Yea
Stone — Yea
Drake — Yea
Mariano — Yea
Sullivan — Yea
DuBose — Yea
Toledo — Yea
Tomkow — Yea
Duran — Yea
McGhee — Yea
Eagle — Yea
Mercado — Yea
Valdes — Yea
Newton — Yea
Watson, B. — Yea
Fernandez — Yea
Oliva — Yea
Watson, C. — Yea
Fernandez-Barquin — Yea
Omphroy — Yea
Webb — Yea
Fetterhoff — Yea
Willhite — Yea
Fine — Yea
Payne — Yea
Williams — Yea
Fischer — Yea
Williamson — Yea
Fitzenhagen — Yea
Pigman — Yea
Geller — Yea
Zika — Yea
Jacobs — Not Voting
Donalds — Not Voting
La Rosa — Yea
Thompson, Geraldine F. "Geri" — Yea
Antone, Bruce Hadley Democrat Yea
Daley, Dan Democrat Yea
Daniels, Kimberly Democrat Yea
Davis, Tracie Democrat Yea
Driskell, Fentrice Democrat Yea
Eskamani, Dr. Anna V. Democrat Yea
Gottlieb, Michael "Mike" Democrat Yea
Gregory, Emily Democrat Yea
Jones, Shevrin D. "Shev" Democrat Yea
Joseph, Dotie Democrat Yea
Polsky, Tina Scott Democrat Yea
Smith, Carlos Guillermo Democrat Yea
Andrade, Robert Alexander "Alex" Republican Yea
Brannan III, Robert Charles "Chuck" Republican Yea
Buchanan, James Republican Yea
Burton, Colleen Republican Yea
DiCeglie, Nick Republican Yea
Duggan, Wyman Republican Yea
Grall, Erin Republican Yea
Johnson, Chad Republican Yea
LaMarca, Chip Republican Yea
Leek, Thomas J. "Tom" Republican Yea
Maggard, Randall Scott "Randy" Republican Yea
Massullo, Ralph E., Jr. Republican Yea
McClain, Stan Republican Yea
McClure, Lawrence Republican Yea
Overdorf, Tobin Rogers "Toby" Republican Yea
Perez, Daniel Republican Yea
Plakon, Rachel Saunders Republican Yea
Plasencia, Susan Republican Yea
Rodriguez, Ana Maria Republican Yea
Rodriguez, Ana Maria Republican Yea
Shoaf, Jason Republican Yea
Sirois, Tyler I. Republican Yea
Smith, David Republican Yea
Stark, Paula A. Republican Yea
Trumbull, Jay Republican Yea
Vacant Republican Yea
Yarborough, Clay Republican Yea

Official roll call →

Favorable With Committee Substitute (Commerce Committee)

Passed 22 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Republican 5000
Unaffiliated 17002
Total 22002
% of votes cast 92%0%0%8%
How each member voted (24)
Member Party Vote
Ausley — Yea
Casello — Yea
Donalds — Yea
Eagle — Yea
Fernández — Not Voting
Fischer — Yea
Fitzenhagen — Yea
Hage — Yea
Jacquet — Yea
Jenne — Yea
Robinson — Yea
Rodrigues, R. — Yea
Sabatini — Yea
Santiago — Yea
Silvers — Yea
Stone — Yea
Willhite — Yea
Williamson — Not Voting
La Rosa — Yea
Andrade, Robert Alexander "Alex" Republican Yea
Buchanan, James Republican Yea
Overdorf, Tobin Rogers "Toby" Republican Yea
Plasencia, Susan Republican Yea
Stark, Paula A. Republican Yea

Official roll call →

Favorable (Children, Families & Seniors Subcommittee)

Passed 11 Yea · 0 Nay · 4 Other
Party YeaNayPresentNot Voting
Unaffiliated 8003
Republican 1001
Democrat 2000
Total 11004
% of votes cast 73%0%0%27%
How each member voted (15)
Member Party Vote
Ausley — Yea
Clemons — Yea
Cortes, J. — Yea
Fernandez-Barquin — Yea
Fetterhoff — Yea
Fitzenhagen — Yea
Newton — Not Voting
Polo — Not Voting
Ponder — Yea
Roach — Not Voting
Roth — Yea
Gregory, Emily Democrat Yea
Polsky, Tina Scott Democrat Yea
Brannan III, Robert Charles "Chuck" Republican Yea
Smith, David Republican Not Voting

Official roll call →

Favorable With Committee Substitute (Insurance & Banking Subcommittee)

Passed 15 Yea · 0 Nay
Party YeaNayPresentNot Voting
Unaffiliated 9000
Democrat 2000
Republican 4000
Total 15000
% of votes cast 100%0%0%0%
How each member voted (15)
Member Party Vote
Altman — Yea
Caruso — Yea
Clemons — Yea
Diamond — Yea
Donalds — Yea
Drake — Yea
Fetterhoff — Yea
Jacquet — Yea
Zika — Yea
Driskell, Fentrice Democrat Yea
Jones, Shevrin D. "Shev" Democrat Yea
Duggan, Wyman Republican Yea
McClain, Stan Republican Yea
Perez, Daniel Republican Yea
Stark, Paula A. Republican Yea

Official roll call →

Subjects

finance civil-rights
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Frequently asked questions

What does HB 813 do?
Protection of Vulnerable Investors; Requires securities dealers, investment advisers, & associated persons to report knowledge or suspicion of abuse, neglect, or exploitation of vulnerable adults to DCF; authorizes dealers & investment advisers to delay certain disbursements or transactions based on reasonable belief of financial exploitation of specified adult; requires dealer or investment adviser to notify certain persons & OFR of such delays within specified timeframe; authorizes dealer or investment adviser to extend delay; provides that length of such delays may be shortened or extended by court of competent jurisdiction; provides immunity from administrative & civil liability for dealers, investment advisers, & associated persons; requires dealers & investment advisers to develop certain training policies or programs & maintain written records of compliance.
Who sponsors HB 813?
HB 813 is sponsored by McClure, Lawrence (Republican).
What is the current status of HB 813?
This bill has been enacted into law. Introduced November 26, 2019. Enacted.
Where can I track HB 813?
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