Legislative Session number- 84

Bill Name: SF3115

Relating to consumer protection; protecting senior citizens from financial
exploitation

ARTICLE 1 - PROTECTION OF SENIOR CITIZENS

Requiring the
commissioner of commerce to establish a toll free telephone hotline for senior
citizens to report financial exploitation to the department of commerce;
specifying certain duties of the commissioner relating to publicizing the
hotline and resolving the complaints; defining certain terms; authorizing
financial institutions to disclose customer records to appropriate law
enforcement agencies under certain conditions; providing for protection of
improvident transfers of title; authorizing certain civil actions to obtain
relief

ARTICLE 2 - CONSUMER PROTECTION IN ANNUITY TRANSACTIONS

Regulating
certain annuity transactions for group and individual annuity contracts and
certificates; defining certain terms; specifying certain disclosure document and
buyers guide requirements for annuity contract application purposes; requiring
insurers to provide annual status reports to contract owners; imposing penalties
for violations
(je)