Honorable Tan Parker, Chair, House Committee on Investments & Financial Services
FROM:
Ursula Parks, Director, Legislative Budget Board
IN RE:
HB3224 by Perez (Relating to requiring dealers and investment advisers to report suspected financial abuse of elderly persons; providing a civil penalty; creating a criminal offense.), As Introduced
The provisions of the bill addressing felony sanctions are the subject of this analysis. The bill would amend the Securities Act and Human Resources Code as they relate to requiring dealers and investment advisers to report suspected financial abuse of elderly persons. Under the provisions of the bill, disclosing certain confidential information related to certain reports of financial abuse of elderly persons would be punishable as a Class C misdemeanor.
The provisions of the bill would not result in a significant impact on the demand for state correctional resources.