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Committee introduces RS32195 Change 1 to let banks place holds on suspected elder fraud
Summary
The House Business Committee voted to introduce RS32195 Change 1, a proposal to give financial institutions temporary authority to place holds and investigate transactions they reasonably suspect are fraudulent for people aged 65 and older and vulnerable adults.
Representative Jeff Ehlers, R‑21 (Meridian), described RS32195 Change 1 as a tool for financial institutions to help prevent fraud against senior citizens and vulnerable adults.
“This RS relates to preventing financial fraud among senior citizens aged 65 and older and vulnerable adults,” Ehlers said. “It gives a tool to our financial institutions. So if one of these individuals comes to them, trying to make a transaction and the financial institutions have a good reason to believe it's actually fraud, they can place a hold on it. They can do an initial investigation, and then we give them a little time to work with law enforcement agencies, Department of Finance, and others to do a full investigation.”
During the brief floor discussion, Representative Marmon asked why a statutory change was required if institutions could incorporate similar safeguards into internal policy. Representative Baylors responded that making the authority statutory “allows the financial institutions to ensure it is in law and that they're protected” and gives them legal protection when holding suspected fraudulent transactions.
Representative Goody (substituting for Representative Wheeler) moved to introduce RS32195 Change 1; the committee approved the motion by voice vote. Sponsors indicated witnesses and additional testimony would appear at a formal bill hearing.
