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Committee introduces bill to let financial institutions place temporary holds on suspected elder fraud
Summary
RS32195 change 1 would allow banks and credit unions to place temporary holds and investigate transactions when they reasonably suspect financial exploitation of people aged 65 and older or vulnerable adults; the committee voted to introduce the resolution.
The House Business Committee introduced RS32195 change 1 on Feb. 7, a draft resolution designed to give financial institutions a limited legal mechanism to temporarily hold transactions when they have reason to suspect fraud targeting seniors or vulnerable adults.
Representative Jeff Ehlers, District 21, Meridian, the sponsor, said the…
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