Michigan has implemented new measures to strengthen its response to elder abuse, with updated laws now requiring financial professionals to report suspected exploitation of vulnerable adults. Acording to the Michigan Department of Attorney General release, as of this week, amendments to the Uniform Securities Act—signed by Governor Gretchen Whitmer in December 2023—are now in effect. These updates mandate that brokers, dealers, and investment advisors report any suspicions of financial abuse involving older or vulnerable residents.
Attorney General Dana Nessel highlighted the changes as part of ongoing efforts by the Elder Abuse Task Force, which launched in 2019 and includes more than 55 organizations and over 100 individuals. The group works through seven committees to address elder abuse through nine major initiatives.
Past initiatives include the development of a statewide Vulnerable Adult Incident Report form and the passage of the Financial Exploitation Prevention Act in 2021, which requires financial institutions to report suspected abuse. Another key development was the enactment of the Uniform Power of Attorney Act, effective July 1, 2024, which standardizes power of attorney forms across Michigan.
According to the Attorney General’s office, more than 100,000 older adults in Michigan are impacted by abuse, neglect, or exploitation. To report suspected elder abuse, residents can contact 800-24-ABUSE (22873) or 855-444-3911.
