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)