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House perfects bill allowing financial institutions to notify a "trusted contact" to curb suspected elder or fraud abuse
Summary
Lawmakers advanced a bill permitting banks and other financial institutions to contact a designated trusted person when staff suspect an account holder may be a victim of fraud or exploitation; the contact would not gain account control. The House perfected and printed the bill.
The House advanced legislation described as the "trusted contact" bill that would allow financial institutions to notify a designated family member or other trusted person if staff suspect an account holder is being exploited or is withdrawing large sums under suspicious circumstances.
Representative (Greene County), speaking for the…
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