{"identifier":"/us/usc/t12/s3423","title":12,"num":"\u00a7\u202f3423.","heading":"Immunity from suit for disclosure of financial exploitation of senior citizens","text":"\u00a7\u202f3423.\nImmunity from suit for disclosure of financial exploitation of senior citizens\n(a)\nImmunity\n(1)\nDefinitions\nIn this section\u2014\n(A) the term \u201cBank Secrecy Act officer\u201d means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of chapter 53 of title 31 (commonly known as the \u201cBank Secrecy Act\u201d);\n(B) the term \u201cbroker-dealer\u201d means a broker and a dealer, as those terms are defined in\nsection 78c(a) of title 15\n(C) the term \u201ccovered agency\u201d means\u2014\n(i) a State financial regulatory agency, including a State securities or law enforcement authority and a State insurance regulator;\n(ii) each of the Federal agencies represented in the membership of the Financial Institutions Examination Council established under\nsection 3303 of this title\n(iii) a securities association registered under section 78\no\n(iv) the Securities and Exchange Commission;\n(v) a law enforcement agency; or\n(vi) a State or local agency responsible for administering adult protective service laws;\n(D) the term \u201ccovered financial institution\u201d means\u2014\n(i) a credit union;\n(ii) a depository institution;\n(iii) an investment adviser;\n(iv) a broker-dealer;\n(v) an insurance company;\n(vi) an insurance agency; or\n(vii) a transfer agent;\n(E) the term \u201ccredit union\u201d has the meaning given the term in\nsection 5301 of this title\n(F) the term \u201cdepository institution\u201d has the meaning given the term in\nsection 1813(c) of this title\n(G) the term \u201cexploitation\u201d means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or a fiduciary, that\u2014\n(i) uses the resources of a senior citizen for monetary or personal benefit, profit, or gain; or\n(ii) results in depriving a senior citizen of rightful access to or use of benefits, resources, belongings, or assets;\n(H) the term \u201cinsurance agency\u201d means any business entity that sells, solicits, or negotiates insurance coverage;\n(I) the term \u201cinsurance company\u201d has the meaning given the term in\nsection 80a\u20132(a) of title 15\n(J) the term \u201cinsurance producer\u201d means an individual who is required under State law to be licensed in order to sell, solicit, or negotiate insurance coverage;\n(K) the term \u201cinvestment adviser\u201d has the meaning given the term in\nsection 80b\u20132(a) of this title\n(L) the term \u201cinvestment adviser representative\u201d means an individual who\u2014\n(i) is employed by, or associated with, an investment adviser; and\n(ii) does not perform solely clerical or ministerial acts;\n(M) the term \u201cregistered representative\u201d means an individual who represents a broker-dealer in effecting or attempting to effect a purchase or sale of securities;\n(N) the term \u201csenior citizen\u201d means an individual who is not younger than 65 years of age;\n(O) the term \u201cState\u201d means each of the several States, the District of Columbia, and any territory or possession of the United States;\n(P) the term \u201cState insurance regulator\u201d has the meaning given the term in\nsection 6735 of title 15\n(Q) the term \u201cState securities or law enforcement authority\u201d has the meaning given the term in\nsection 78x(f)(4) of title 15\n(R) the term \u201ctransfer agent\u201d has the meaning given the term in\nsection 78c(a) of title 15\n(2)\nImmunity from suit\n(A)\nImmunity for individuals\nAn individual who has received the training described in subsection (b) shall not be liable, including in any civil or administrative proceeding, for disclosing the suspected exploitation of a senior citizen to a covered agency if the individual, at the time of the disclosure\u2014\n(i) served as a supervisor or in a compliance or legal function (including as a Bank Secrecy Act officer) for, or, in the case of a registered representative, investment adviser representative, or insurance producer, was affiliated or associated with, a covered financial institution; and\n(ii) made the disclosure\u2014\n(I) in good faith; and\n(II) with reasonable care.\n(B)\nImmunity for covered financial institutions\nA covered financial institution shall not be liable, including in any civil or administrative proceeding, for a disclosure made by an individual described in subparagraph (A) if\u2014\n(i) the individual was employed by, or, in the case of a registered representative, insurance producer, or investment adviser representative, affiliated or associated with, the covered financial institution at the time of the disclosure; and\n(ii) before the time of the disclosure, each individual described in subsection (b)(1) received the training described in subsection (b).\n(C)\nRule of construction\nNothing in subparagraph (A) or (B) shall be construed to limit the liability of an individual or a covered financial institution in a civil action for any act, omission, or fraud that is not a disclosure described in subparagraph (A).\n(b)\nTraining\n(1)\nIn general\nA covered financial institution or a third party selected by a covered financial institution may provide the training described in paragraph (2)(A) to each officer or employee of, or registered representative, insurance producer, or investment adviser representative affiliated or associated with, the covered financial institution who\u2014\n(A) is described in subsection (a)(2)(A)(i);\n(B) may come into contact with a senior citizen as a regular part of the professional duties of the individual; or\n(C) may review or approve the financial documents, records, or transactions of a senior citizen in connection with providing financial services to a senior citizen.\n(2)\nContent\n(A)\nIn general\nThe content of the training that a covered financial institution or a third party selected by the covered financial institution may provide under paragraph (1) shall\u2014\n(i) be maintained by the covered financial institution and made available to a covered agency with examination authority over the covered financial institution, upon request, except that a covered financial institution shall not be required to maintain or make available such content with respect to any individual who is no longer employed by, or affiliated or associated with, the covered financial institution;\n(ii) instruct any individual attending the training on how to identify and report the suspected exploitation of a senior citizen internally and, as appropriate, to government officials or law enforcement authorities, including common signs that indicate the financial exploitation of a senior citizen;\n(iii) discuss the need to protect the privacy and respect the integrity of each individual customer of the covered financial institution; and\n(iv) be appropriate to the job responsibilities of the individual attending the training.\n(B)\nTiming\nThe training under paragraph (1) shall be provided\u2014\n(i) as soon as reasonably practicable; and\n(ii) with respect to an individual who begins employment, or becomes affiliated or associated, with a covered financial institution after\nMay 24, 2018\n(C)\nRecords\nA covered financial institution shall\u2014\n(i) maintain a record of each individual who\u2014\n(I) is employed by, or affiliated or associated with, the covered financial institution in a position described in subparagraph (A), (B), or (C) of paragraph (1); and\n(II) has completed the training under paragraph (1), regardless of whether the training was\u2014\n(aa) provided by the covered financial institution or a third party selected by the covered financial institution;\n(bb) completed before the individual was employed by, or affiliated or associated with, the covered financial institution; and\n(cc) completed before, on, or after\nMay 24, 2018\n(ii) upon request, provide a record described in clause (i) to a covered agency with examination authority over the covered financial institution.\n(c)\nRelationship to State law\nNothing in this section shall be construed to preempt or limit any provision of State law, except only to the extent that subsection (a) provides a greater level of protection against liability to an individual described in subsection (a)(2)(A) or to a covered financial institution described in subsection (a)(2)(B) than is provided under State law.","url":"https://projectusc.org/usc/t12/s3423.html","content":[{"t":"sec","id":"/us/usc/t12/s3423","children":[{"t":"num","text":"\u00a7\u202f3423."},{"t":"heading","text":"Immunity from suit for disclosure of financial exploitation of senior citizens"},{"t":"subsec","id":"/us/usc/t12/s3423/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Immunity"},{"t":"para","id":"/us/usc/t12/s3423/a/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Definitions"},{"t":"chapeau","text":"In this section\u2014"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" the term \u201cBank Secrecy Act officer\u201d means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of chapter 53 of title 31 (commonly known as the \u201cBank Secrecy Act\u201d);","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" the term \u201cbroker-dealer\u201d means a broker and a dealer, as those terms are defined in ","children":[{"t":"ref","text":"section 78c(a) of title 15","href":"/us/usc/t15/s78c/a","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/C","children":[{"t":"num","text":"(C)"},{"t":"chapeau","text":" the term \u201ccovered agency\u201d means\u2014"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/C/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" a State financial regulatory agency, including a State securities or law enforcement authority and a State insurance regulator;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/C/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" each of the Federal agencies represented in the membership of the Financial Institutions Examination Council established under ","children":[{"t":"ref","text":"section 3303 of this title","href":"/us/usc/t12/s3303","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/C/iii","children":[{"t":"num","text":"(iii)"},{"t":"content","text":" a securities association registered under section 78","children":[{"t":"text","text":"o","tail":"\u20133 of title 15;"}],"tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/C/iv","children":[{"t":"num","text":"(iv)"},{"t":"content","text":" the Securities and Exchange Commission;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/C/v","children":[{"t":"num","text":"(v)"},{"t":"content","text":" a law enforcement agency; or","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/C/vi","children":[{"t":"num","text":"(vi)"},{"t":"content","text":" a State or local agency responsible for administering adult protective service laws;","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/D","children":[{"t":"num","text":"(D)"},{"t":"chapeau","text":" the term \u201ccovered financial institution\u201d means\u2014"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/D/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" a credit union;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/D/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" a depository institution;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/D/iii","children":[{"t":"num","text":"(iii)"},{"t":"content","text":" an investment adviser;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/D/iv","children":[{"t":"num","text":"(iv)"},{"t":"content","text":" a broker-dealer;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/D/v","children":[{"t":"num","text":"(v)"},{"t":"content","text":" an insurance company;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/D/vi","children":[{"t":"num","text":"(vi)"},{"t":"content","text":" an insurance agency; or","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/D/vii","children":[{"t":"num","text":"(vii)"},{"t":"content","text":" a transfer agent;","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/E","children":[{"t":"num","text":"(E)"},{"t":"content","text":" the term \u201ccredit union\u201d has the meaning given the term in ","children":[{"t":"ref","text":"section 5301 of this title","href":"/us/usc/t12/s5301","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/F","children":[{"t":"num","text":"(F)"},{"t":"content","text":" the term \u201cdepository institution\u201d has the meaning given the term in ","children":[{"t":"ref","text":"section 1813(c) of this title","href":"/us/usc/t12/s1813/c","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/G","children":[{"t":"num","text":"(G)"},{"t":"chapeau","text":" the term \u201cexploitation\u201d means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or a fiduciary, that\u2014"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/G/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" uses the resources of a senior citizen for monetary or personal benefit, profit, or gain; or","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/G/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" results in depriving a senior citizen of rightful access to or use of benefits, resources, belongings, or assets;","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/H","children":[{"t":"num","text":"(H)"},{"t":"content","text":" the term \u201cinsurance agency\u201d means any business entity that sells, solicits, or negotiates insurance coverage;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/I","children":[{"t":"num","text":"(I)"},{"t":"content","text":" the term \u201cinsurance company\u201d has the meaning given the term in ","children":[{"t":"ref","text":"section 80a\u20132(a) of title 15","href":"/us/usc/t15/s80a\u20132/a","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/J","children":[{"t":"num","text":"(J)"},{"t":"content","text":" the term \u201cinsurance producer\u201d means an individual who is required under State law to be licensed in order to sell, solicit, or negotiate insurance coverage;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/K","children":[{"t":"num","text":"(K)"},{"t":"content","text":" the term \u201cinvestment adviser\u201d has the meaning given the term in ","children":[{"t":"ref","text":"section 80b\u20132(a) of this title","href":"/us/usc/t12/s80b\u20132/a","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/L","children":[{"t":"num","text":"(L)"},{"t":"chapeau","text":" the term \u201cinvestment adviser representative\u201d means an individual who\u2014"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/L/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" is employed by, or associated with, an investment adviser; and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/a/1/L/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" does not perform solely clerical or ministerial acts;","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/M","children":[{"t":"num","text":"(M)"},{"t":"content","text":" the term \u201cregistered representative\u201d means an individual who represents a broker-dealer in effecting or attempting to effect a purchase or sale of securities;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/N","children":[{"t":"num","text":"(N)"},{"t":"content","text":" the term \u201csenior citizen\u201d means an individual who is not younger than 65 years of age;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/O","children":[{"t":"num","text":"(O)"},{"t":"content","text":" the term \u201cState\u201d means each of the several States, the District of Columbia, and any territory or possession of the United States;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/P","children":[{"t":"num","text":"(P)"},{"t":"content","text":" the term \u201cState insurance regulator\u201d has the meaning given the term in ","children":[{"t":"ref","text":"section 6735 of title 15","href":"/us/usc/t15/s6735","tail":";"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/Q","children":[{"t":"num","text":"(Q)"},{"t":"content","text":" the term \u201cState securities or law enforcement authority\u201d has the meaning given the term in ","children":[{"t":"ref","text":"section 78x(f)(4) of title 15","href":"/us/usc/t15/s78x/f/4","tail":"; and"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/1/R","children":[{"t":"num","text":"(R)"},{"t":"content","text":" the term \u201ctransfer agent\u201d has the meaning given the term in ","children":[{"t":"ref","text":"section 78c(a) of title 15","href":"/us/usc/t15/s78c/a","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s3423/a/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Immunity from suit"},{"t":"subpara","id":"/us/usc/t12/s3423/a/2/A","children":[{"t":"num","text":"(A)"},{"t":"heading","text":"Immunity for individuals"},{"t":"chapeau","text":"An individual who has received the training described in subsection (b) shall not be liable, including in any civil or administrative proceeding, for disclosing the suspected exploitation of a senior citizen to a covered agency if the individual, at the time of the disclosure\u2014"},{"t":"clause","id":"/us/usc/t12/s3423/a/2/A/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" served as a supervisor or in a compliance or legal function (including as a Bank Secrecy Act officer) for, or, in the case of a registered representative, investment adviser representative, or insurance producer, was affiliated or associated with, a covered financial institution; and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/a/2/A/ii","children":[{"t":"num","text":"(ii)"},{"t":"chapeau","text":" made the disclosure\u2014"},{"t":"subclause","id":"/us/usc/t12/s3423/a/2/A/ii/I","children":[{"t":"num","text":"(I)"},{"t":"content","text":" in good faith; and","tail":"\n"}],"tail":"\n"},{"t":"subclause","id":"/us/usc/t12/s3423/a/2/A/ii/II","children":[{"t":"num","text":"(II)"},{"t":"content","text":" with reasonable care.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/2/B","children":[{"t":"num","text":"(B)"},{"t":"heading","text":"Immunity for covered financial institutions"},{"t":"chapeau","text":"A covered financial institution shall not be liable, including in any civil or administrative proceeding, for a disclosure made by an individual described in subparagraph (A) if\u2014"},{"t":"clause","id":"/us/usc/t12/s3423/a/2/B/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" the individual was employed by, or, in the case of a registered representative, insurance producer, or investment adviser representative, affiliated or associated with, the covered financial institution at the time of the disclosure; and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/a/2/B/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" before the time of the disclosure, each individual described in subsection (b)(1) received the training described in subsection (b).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/a/2/C","children":[{"t":"num","text":"(C)"},{"t":"heading","text":"Rule of construction"},{"t":"content","children":[{"t":"p","text":"Nothing in subparagraph (A) or (B) shall be construed to limit the liability of an individual or a covered financial institution in a civil action for any act, omission, or fraud that is not a disclosure described in subparagraph (A).","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s3423/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Training"},{"t":"para","id":"/us/usc/t12/s3423/b/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"In general"},{"t":"chapeau","text":"A covered financial institution or a third party selected by a covered financial institution may provide the training described in paragraph (2)(A) to each officer or employee of, or registered representative, insurance producer, or investment adviser representative affiliated or associated with, the covered financial institution who\u2014"},{"t":"subpara","id":"/us/usc/t12/s3423/b/1/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" is described in subsection (a)(2)(A)(i);","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/b/1/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" may come into contact with a senior citizen as a regular part of the professional duties of the individual; or","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/b/1/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" may review or approve the financial documents, records, or transactions of a senior citizen in connection with providing financial services to a senior citizen.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s3423/b/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Content"},{"t":"subpara","id":"/us/usc/t12/s3423/b/2/A","children":[{"t":"num","text":"(A)"},{"t":"heading","text":"In general"},{"t":"chapeau","text":"The content of the training that a covered financial institution or a third party selected by the covered financial institution may provide under paragraph (1) shall\u2014"},{"t":"clause","id":"/us/usc/t12/s3423/b/2/A/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" be maintained by the covered financial institution and made available to a covered agency with examination authority over the covered financial institution, upon request, except that a covered financial institution shall not be required to maintain or make available such content with respect to any individual who is no longer employed by, or affiliated or associated with, the covered financial institution;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/b/2/A/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" instruct any individual attending the training on how to identify and report the suspected exploitation of a senior citizen internally and, as appropriate, to government officials or law enforcement authorities, including common signs that indicate the financial exploitation of a senior citizen;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/b/2/A/iii","children":[{"t":"num","text":"(iii)"},{"t":"content","text":" discuss the need to protect the privacy and respect the integrity of each individual customer of the covered financial institution; and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/b/2/A/iv","children":[{"t":"num","text":"(iv)"},{"t":"content","text":" be appropriate to the job responsibilities of the individual attending the training.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/b/2/B","children":[{"t":"num","text":"(B)"},{"t":"heading","text":"Timing"},{"t":"chapeau","text":"The training under paragraph (1) shall be provided\u2014"},{"t":"clause","id":"/us/usc/t12/s3423/b/2/B/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" as soon as reasonably practicable; and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/b/2/B/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" with respect to an individual who begins employment, or becomes affiliated or associated, with a covered financial institution after ","children":[{"t":"text","text":"May 24, 2018","tail":", not later than 1 year after the date on which the individual becomes employed by, or affiliated or associated with, the covered financial institution in a position described in subparagraph (A), (B), or (C) of paragraph (1)."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s3423/b/2/C","children":[{"t":"num","text":"(C)"},{"t":"heading","text":"Records"},{"t":"chapeau","text":"A covered financial institution shall\u2014"},{"t":"clause","id":"/us/usc/t12/s3423/b/2/C/i","children":[{"t":"num","text":"(i)"},{"t":"chapeau","text":" maintain a record of each individual who\u2014"},{"t":"subclause","id":"/us/usc/t12/s3423/b/2/C/i/I","children":[{"t":"num","text":"(I)"},{"t":"content","text":" is employed by, or affiliated or associated with, the covered financial institution in a position described in subparagraph (A), (B), or (C) of paragraph (1); and","tail":"\n"}],"tail":"\n"},{"t":"subclause","id":"/us/usc/t12/s3423/b/2/C/i/II","children":[{"t":"num","text":"(II)"},{"t":"chapeau","text":" has completed the training under paragraph (1), regardless of whether the training was\u2014"},{"t":"num","text":"(aa)"},{"t":"content","text":" provided by the covered financial institution or a third party selected by the covered financial institution;"},{"t":"text","text":"\n","tail":"\n"},{"t":"num","text":"(bb)"},{"t":"content","text":" completed before the individual was employed by, or affiliated or associated with, the covered financial institution; and"},{"t":"text","text":"\n","tail":"\n"},{"t":"num","text":"(cc)"},{"t":"content","text":" completed before, on, or after ","children":[{"t":"text","text":"May 24, 2018","tail":"; and"}]},{"t":"text","text":"\n","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s3423/b/2/C/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" upon request, provide a record described in clause (i) to a covered agency with examination authority over the covered financial institution.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t12/s3423/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Relationship to State law"},{"t":"content","children":[{"t":"p","text":"Nothing in this section shall be construed to preempt or limit any provision of State law, except only to the extent that subsection (a) provides a greater level of protection against liability to an individual described in subsection (a)(2)(A) or to a covered financial institution described in subsection (a)(2)(B) than is provided under State law.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}