ATLANTA, Ga. – A new law now on Georgia Gov. Brian Kemp’s desk would give banks and credit unions a tool to temporarily delay certain transactions when there is reasonable cause to suspect financial exploitation.
House Bill 945 applies to an “eligible adult,” defined in the bill as someone 65 or older or a disabled adult. Under the bill, a financial institution may place a hold on the execution of a financial transaction if it has reasonable cause to suspect the transaction may involve, facilitate, result in, or contribute to financial exploitation.
The bill allows holds on transactions involving:
- An account of an eligible adult.
- An account on which an eligible adult is a beneficiary.
- An account of a person suspected of perpetrating the exploitation.
If a hold is placed, the financial institution must notify in writing all parties authorized to transact business on the account and any “trusted contact” on the account within three business days, unless the institution reasonably believes those people may be involved in the suspected exploitation.
The institution must also initiate a review of the facts and circumstances that led to the hold.
A hold expires on the 15th business day after it is placed, but the financial institution may extend the hold for up to an additional 15 business days if its review continues to support a reasonable belief of financial exploitation.
The bill says the length of a hold may be shortened or extended by a court. It would allow an eligible adult to designate at least one trusted contact on an account. A financial institution could contact that person to address possible financial exploitation or other concerns related to account administration.
To add a trusted contact, account holders should speak directly with their bank or credit union.
HB 945 includes immunity provisions for financial institutions and their employees who act in good faith and exercise reasonable care under the bill.
The bill’s current version does not include a specific effective date clause. That typically means it would take effect upon the governor’s signature, unless another date is set in the final enrolled act.
Resources for seniors and families
To report suspected elder financial abuse to your bank or credit union, ask to speak with a fraud or compliance officer.
You should also file a police report with your local department if you believe you or a loved one is the victim of financial exploitation or fraud. Keep a copy of the report number; you may need it when contacting your bank, an attorney or a state agency.
You can also report it to these agencies:
- FBI Elder Fraud Hotline: Call 1-800-CALL-FBI (1-800-225-5324) or submit a tip at tips.fbi.gov.
- Federal Trade Commission: Report fraud at reportfraud.ftc.gov.
- Georgia Division of Aging Services/Adult Protective Services: Call 1-866-552-4464 to report suspected exploitation of a vulnerable adult in Georgia.
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