1. A broker-dealer or investment adviser may delay a transaction or disbursement from an account of an older person or vulnerable person or from an account from which an older person or vulnerable person is a beneficiary if: (a) The broker-dealer, investment adviser or designated reporter reasonably believes, after initiating an internal review of the requested transaction or disbursement and the suspected exploitation, that the requested transaction or disbursement may result in the exploitation of the older person or vulnerable person.(b) The broker-dealer or investment adviser: (1) Immediately, but not later than 2 business days after the date of the delayed requested transaction or disbursement, provides written notification of the delay and the reason for the delay to all parties authorized to transact business on the account, other than any party that is reasonably believed to have engaged in the suspected or attempted exploitation of the older person or vulnerable person;(2) Immediately, but not later than 2 business days after the date of the delayed requested transaction or disbursement, notifies the Administrator of the Securities Division of the Office of the Secretary of State and the Administrator of the Aging and Disability Services Division of the Department of Health and Human Services; and(3) Continues its internal review of the suspected or attempted exploitation of the older person or vulnerable person, as necessary, and provides status updates to the Administrator of the Securities Division and the Administrator of the Aging and Disability Services Division, respectively, upon request.2. Any delay of a transaction or disbursement authorized by this section will expire upon the sooner of: (a) A determination by the broker-dealer or investment adviser that the transaction or disbursement will not result in the exploitation of an older person or vulnerable person; or(b) Fifteen business days after the date on which the broker-dealer or investment adviser first delayed a transaction or disbursement of the funds, unless either the Securities Division or Aging and Disability Services Division requests that the broker-dealer or investment adviser extend the delay, in which case the delay must expire not more than 25 business days after the date on which the broker-dealer or investment adviser first delayed a transaction or disbursement of the funds unless otherwise terminated or further extended by the Securities Division, Aging and Disability Services Division or an order of a court of competent jurisdiction.3. A court of competent jurisdiction may enter an order extending the delay of a transaction or the disbursement of funds or may order other protective relief based on the petition of:(a) The Administrator of the Securities Division or the Administrator of the Aging and Disability Services Division, respectively;(b) The broker-dealer or investment adviser that initiated the delay under this section; or(c) Any other interested party.4. A broker-dealer or investment adviser that, in good faith and exercising reasonable care, complies with this section shall not be penalized or sanctioned by the Administrator of the Securities Division for a delay in a transaction or disbursement.5. As used in this section:(a) "Exploitation" has the meaning ascribed to it in NRS 200.5092.(b) "Older person" has the meaning ascribed to it in NRS 200.5092.(c) "Vulnerable person" has the meaning ascribed to it in NRS 200.5092.Nev. Admin. Code § 90.Sec. 36
Added to NAC by Sec'y of State by R018-21A, eff. 6/2/2023NRS 90.614, 90.6145, 90.740, 90.750