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States are increasingly wading into the fight to combat elder financial abuse, the top state securities regulator said Thursday.

The North American Securities Administrators Association released a model rule two years ago that mandates that advisers report suspected abuse to certain state authorities, allows them to stop disbursements from seniors' accounts and gives them protection from liability.

To date, 13 states have passed a version of the model act, and roughly 10 more states are expected to follow suit this year, said Joseph Borg, NASAA's president and the securities commissioner in Alabama.

"We know it's going to be introduced in a number of state legislatures," Mr. Borg said at an event in New York focused on financial wellness and aging. AARP, Bank of America Merrill Lynch, the New York Academy of Medicine and the Global Coalition on Aging sponsored the event.

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