Michigan Laws 451.2531 – Definitions
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Terms Used In Michigan Laws 451.2531
- Account: means any account with a broker-dealer or investment adviser for which a client or customer has the authority to transact business. See Michigan Laws 451.2531
- Adult protective services: means the office, division, or unit under the department of health and human services that is charged with the investigation of abuse, neglect, or exploitation of vulnerable individuals under the social welfare act, 1939 PA 280, MCL 400. See Michigan Laws 451.2531
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Broker-dealer: means a person engaged in the business of effecting transactions in securities for the account of others or for the person's own account. See Michigan Laws 451.2102
- Caregiver: means a parent or other relative responsible for the health and safety of an individual, or a guardian, conservator, or any other individual with legal or fiduciary obligations to an individual. See Michigan Laws 451.2531
- Covered financial exploitation: means financial exploitation of an individual through deception, manipulation, coercion, intimidation, or improper leveraging of a caregiver relationship. See Michigan Laws 451.2531
- Fiduciary: A trustee, executor, or administrator.
- Financial exploitation: means any of the following:
(i) A fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual who uses or attempts to use the financial resources of another individual for monetary or personal benefit, profit, or gain. See Michigan Laws 451.2531Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs. Investment adviser: means a person that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. See Michigan Laws 451.2102a Law enforcement agency: means a police agency of a city, village, township, or county or the state police. See Michigan Laws 451.2531 State: means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States. See Michigan Laws 451.2102c Unauthorized: means without permission, or utilizing permission obtained from an individual through deception, manipulation, coercion, intimidation, or improper leveraging of a caregiver relationship. See Michigan Laws 451.2531
As used in this article:
(a) “Account” means any account with a broker-dealer or investment adviser for which a client or customer has the authority to transact business.
(b) “Adult protective services” means the office, division, or unit under the department of health and human services that is charged with the investigation of abuse, neglect, or exploitation of vulnerable individuals under the social welfare act, 1939 PA 280, MCL 400.1 to 400.119b.
(c) “Agency of competent jurisdiction” means an entity authorized to investigate or review suspicions of abuse or exploitation, including, but not limited to, adult protective services and a law enforcement agency.
(d) “Caregiver” means a parent or other relative responsible for the health and safety of an individual, or a guardian, conservator, or any other individual with legal or fiduciary obligations to an individual.
(e) “Covered financial exploitation” means financial exploitation of an individual through deception, manipulation, coercion, intimidation, or improper leveraging of a caregiver relationship.
(f) “Financial exploitation” means any of the following:
(i) A fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual who uses or attempts to use the financial resources of another individual for monetary or personal benefit, profit, or gain.
(ii) A fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual that results or is intended to result in depriving another individual of rightful access to or use of benefits, resources, belongings, or assets.
(g) “Law enforcement agency” means a police agency of a city, village, township, or county or the state police.
(h) “Unauthorized” means without permission, or utilizing permission obtained from an individual through deception, manipulation, coercion, intimidation, or improper leveraging of a caregiver relationship.
(i) “Vulnerable adult” means an adult who, because of mental or physical impairment or advanced age, is unable to protect himself or herself from covered financial exploitation.
(j) “Written” means inscribed in a tangible or electronic medium.