Gun-rights objections reportedly prompted Gov. Chris Sununu to veto legislation that would have allowed financial advisors to delay disbursement of funds from an investment account if they suspected financial abuse.
The financial advisors’ elevated role in the protection of their clients was included in a larger piece of legislation (HB 696) aimed at providing more protection for victims of domestic violence and abuse.
Despite support from both sides of the aisle and local chapters of AARP and the Alzheimer’s Association, as well as the Senior Law Project at New Hampshire Legal Assistance and several area police departments, the bill met its demise at the governor’s desk.
According to the New Hampshire Business Review, Gun-rights groups such as the NRA and the New Hampshire Firearms Coalition urged Sununu, a Republican, to veto the bill on the grounds that portions of it violated the second amendment.
Sununu did not cite examples or specific areas of concern from the bill, but said in a statement that, “HB 696 has the potential to endanger victims of domestic violence and their children by providing victims of domestic violence with a false sense of security and, ultimately, putting them at grave risk.”
The bill was similar to legislation passed by 19 other states with the help of the North American Securities Administrators Association and AARP to better protect vulnerable adults.
According to the AARP Public Policy Institute, one in five older Americans is the victim of financial exploitation each year. Seniors and the elderly are often targets for financial exploitation because they have almost $18 trillion in assets among them.
AdvisorNews Managing Editor Cassie Miller may be reached at cassie.miller@Adnewsfeedback.com. Cassie has an extensive background in magazine writing, editing and design. Follow her on Twitter @ANCassieM.