(1) If a broker-dealer, an investment adviser, or a qualified individual reasonably believes that a person has engaged in or attempted to engage in the financial exploitation of an eligible adult, the broker-dealer, investment adviser, or qualified individual:
(a) shall promptly notify the division and Adult Protective Services; and
(b) subject to Subsection (2), may notify a person previously designated by the eligible adult, a person allowed to receive notification under applicable law or any customer agreement, or an individual reasonably associated with the eligible adult.
(2) A broker-dealer, an investment adviser, or a qualified individual may not notify a third party under Subsection (1)(b) if the third party is suspected of engaging in the financial exploitation of the eligible adult or other abuse of the eligible adult.