Empowering States to Protect Seniors from Bad Actors Act

This bill, known as the "Empowering States to Protect Seniors from Bad Actors Act," amends the Investor Protection and Securities Reform Act of 2010 to establish a new grant program. The program aims to enhance the protection of senior investors and policyholders by providing competitive grants to eligible state entities. An eligible entity includes state securities commissions and insurance departments, and a senior is defined as any individual aged 62 or older. Grant funds are intended to combat senior financial fraud , which encompasses fraudulent or illegal acts using a senior's resources for personal gain, depriving them of assets, or certain federal fraud offenses. States can utilize these grants to hire staff for identifying, investigating, and prosecuting fraud cases, and to fund technology, equipment, and training for regulators and law enforcement. Additionally, grants can support the provision of educational materials and training for seniors to increase awareness, develop comprehensive plans to combat fraud, and enhance state laws for protection. Applicants must submit proposals detailing the scope of senior financial fraud in their state, how proposed activities will protect seniors, assist in prosecution, and coordinate with other state efforts. The maximum grant amount is $500,000 annually per eligible entity, or $1,000,000 if an entity serves both securities and insurance functions. The Commission is required to establish performance objectives, reporting requirements, and conduct annual audits to ensure funds are used for their intended purposes, with $10,000,000 authorized annually for fiscal years 2025 through 2030.