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Kansas bill would let banks and credit unions notify 'trusted contacts' and pause suspicious transactions
Summary
HB 2591 would authorize financial institutions to notify a designated trusted contact and place short-term holds (10 business days, with possible extensions) on transactions when they suspect financial exploitation of an adult account holder; credit unions, banks, AARP and the Department of Insurance provided supportive testimony and operational details.
A House committee heard proponent testimony for HB 2591, a bill that would give financial institutions optional authority to maintain a trusted-contact program and allow them, after reporting suspected exploitation to a designated agency, to place a temporary hold on suspect transactions.
Committee staff summarized the bill’s key elements: institutions may report suspected financial exploitation in good faith to law enforcement or the Kansas Department for Children and Families; they may notify an adult-designated trusted contact; and they may place an…
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