New Jersey § 49:3-88

§ 49:3-88.

a. A broker-dealer or investment adviser may delay a transaction in connection with,

or a disbursement from, an account of an eligible adult or an account on which an

eligible adult is a beneficiary if: (1) the qualified individual reasonably believes, after initiating an internal review

of the requested transaction or disbursement and the suspected financial exploitation,

that the requested transaction or disbursement may result in financial exploitation

of an eligible adult; and (2) the broker-dealer or investment adviser: (a) immediately, but in no event more than two business days after the date on which

the transaction or disbursement was first delayed, provides written notification of

the delay and the reason for the delay to all parties authorized to transact business

on the account, unless any such party is reasonably believed to have engaged in suspected

or attempted financial exploitation of the eligible adult; (b) immediately, but in no event more than two business days after the date on which

the transaction or disbursement was first delayed, notifies the bureau and the applicable

county adult protective services provider; and (c) continues the internal review of the suspected or attempted financial exploitation

of the eligible adult, as necessary, and provides updates to the bureau or the applicable

county adult protective services provider upon request, but no later than seven business

days after the completion of the review. b. Any delay of a transaction or disbursement as authorized by this section shall

expire upon the sooner of: (1) a determination by the broker-dealer or investment adviser that the transaction

or disbursement will not result in financial exploitation of the eligible adult;

or (2) 15 business days after the date on which the broker-dealer or investment adviser

first delayed the transaction or disbursement of the funds, unless either the bureau

or the applicable county adult protective services provider requests that the broker-dealer

or investment adviser extend the delay, in which case the delay shall expire no more

than 25 business days after the date on which the broker-dealer or investment adviser

first delayed the transaction or disbursement of the funds, unless otherwise terminated

or further extended by either of the agencies or an order of a court of competent

jurisdiction. c. A court of competent jurisdiction may enter an order extending the delay of the

transaction or disbursement of funds or may order other protective relief based on

the petition of the bureau, the applicable county adult protective services provider,

the broker-dealer or investment adviser that initiated the delay under this section,

or other interested party. d. A broker-dealer or investment adviser who, in good faith and exercising reasonable

care, acts in compliance with this section shall be immune from any administrative

or civil liability that might otherwise arise from such delay in a transaction or

disbursement in accordance with this section. e. Notwithstanding any provision of law to the contrary, the bureau or the applicable

county adult services provider may disclose to any notifying broker-dealer or investment

adviser reasonable information regarding the general status or final disposition of

any investigation that arose from a report made by the qualified person in connection

with an extension under this section or reasonable efforts to protect an eligible

adult from financial exploitation or other abuse.