Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Committee advances bill letting banks and brokers pause suspected elder‑fraud transactions; supporters cite rapid prevention needs
Summary
House Bill 323 would allow banks, credit unions, broker‑dealers and advisers to place a 15‑day pause on transactions they reasonably suspect are the result of financial exploitation of a person 65 or older or a vulnerable adult.
BOISE — The House Business Committee on March 3 advanced House Bill 323, a measure that gives financial institutions authority to temporarily freeze or delay transactions they reasonably suspect are the product of financial exploitation of a vulnerable adult or a person 65 and older.
Representative Jeff Ehlers, R‑Meridian, sponsored the bill and said it mirrors legislation enacted in roughly 40 other states. “This provides a tool that the financial institutions are looking forward to hopefully help slow down fraud,” Ehlers said, describing the bill as targeted to urgent, high‑pressure frauds that often push seniors to quickly move cash, including through crypto‑ATMs.
Under the bill’s language as presented, a “reporting person” — defined in the draft as a broker‑dealer, investment adviser or financial institution — may place a temporary…
Already have an account? Log in
Subscribe to keep reading
Unlock the rest of this article — and every article on Citizen Portal.
- Unlimited articles
- AI-powered breakdowns of topics, speakers, decisions, and budgets
- Instant alerts when your location has a new meeting
- Follow topics and more locations
- 1,000 AI Insights / month, plus AI Chat
