The ASSET Act builds a safety net for vulnerable adults by requiring financial institution oversight and law enforcement involvement when financial fraud is suspected.
March 19, 2026
The Honorable Ken DeGraaf
Colorado House District 22
200 E Colfax
RM 307
Denver, CO 80203
Dear Representative DeGraaf,
On behalf of AMAC Action, the advocacy affiliate of the Association of Mature American Citizens (AMAC) with over 2 million members nationwide, including over 48,400 residing in Colorado, I write to express our strong support for HB26-1110, a bill creating the Adults’ Security and Safeguards from Exploitation in Transactions Act or ASSET Act.
As an organization comprised of Americans over the age of fifty, we frequently hear from AMAC members who have been victimized by various financial schemes. As you know, many retirees live on fixed incomes and without safety nets strong enough to withstand any kind of financial exploitation.
The ASSET Act builds such a safety net by requiring a qualified individual at a financial institution to act when they suspect that a vulnerable adult is the victim of financial fraud. These individuals would be empowered to:
- Notify appropriate local law enforcement or the county agency managing adult protective services; and
- Notify a third party previously designated by or associated with the eligible adult.
Additionally, disbursements may be delayed if exploitation is suspected until the results of an internal review or law enforcement investigation are available.
Thank you, Representative DeGraaf, for your protection of vulnerable Americans who are targeted by predatory financial scammers. Your legislation provides peace of mind for thousands of Coloradans who worked hard, saved their money, and want to enjoy their well-earned retirement.
Sincerely,
Andrew J. Mangione Jr.
Senior Vice President
AMAC Action
As a retired career financial advisor I’ll tell you I don’t need institution bureaucrats watching over me, invading my privacy or intruding in my financial life. That’s the groundwork being laid here and I don’t want it.
Did AMAC not read the bill? Does AMAC not realize that CO is controlled by left wing control freak Democrats who are destroying are state faster than CA? WHO does AMAC think they are representing-they are worse than AARP. My bank and credit union accounts are in institutions that I trust and are transparent about how they protect us from fraud. This bill requires them to notify local law enforcement and county protective services. I understand local law enforcement for going after the fraud. However, adult protective services is so the state can control me and my estate. The institution can notify a 3rd party previously designated by or reasonably associated with the eligible adult. That’s terrible who I designated should be notified not adult protective services. They can hold my payment up to 180 days and I or my designated person might have to get a court order to release my funds? Why? They are my funds. The records of state adult protective services and local law enforcement are not public record? The person/institution is immune from liability if someone deems they acted reasonably? Please AMAC withdraw your support of this awful bill. While I understand banks and institutions might get frustrated when they cannot prevent someone from making a mistake even after being advised; we don’t need a bill that takes away my rights and the rights of my designees and gives it to a state protective services to drain my accounts faster than the fraudster. Andrew please withdraw yours and AMAC’s support for this terrible bill!!!!
Andrew
Your support of this bill in no way represents my thoughts on the matter.
I agree with Cheryl and Chuck.
We do not need this
There are seniors who need protection , however let’s all consider it and find a better way to do so.