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Committee approves due‑pass for bill giving banks temporary hold authority to curb financial exploitation of vulnerable adults
Summary
House Bill 323 would allow financial institutions to place a temporary hold on transactions when they reasonably suspect financial exploitation of a vulnerable adult, give institutions time to investigate, and provide limited liability protection for those actions. The Senate Commerce Committee voted to send the bill to the floor with a due‑pass.
Representative Jeff Ehlers introduced House Bill 323 to the Senate Commerce Committee as a tool to curb growing financial exploitation. Ehlers said the bill would let a credit union or bank "put a pause on that transaction" when the institution has a reasonable belief that a transaction is fraudulent, then notify other account holders as appropriate and investigate the matter for up to 15 days with a possible 15‑day extension.
"All of us know, probably friends, family, neighbors that have fallen for financial fraud," Representative Ehlers told the committee, and he said the measure targets schemes that often pressure victims to act quickly and to avoid telling family or friends. He said the…
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