Georgia House Bill 945 Targets Scams Against Seniors

Atlanta, GA – A bill now on Gov. Brian Kemp’s desk—House Bill 945—aims to strengthen protections for older adults and disabled adults by giving banks and credit unions the authority to temporarily pause financial transactions when there is reasonable cause to suspect exploitation.

The legislation defines an “eligible adult” as someone age 65 or older or a disabled adult. Under the bill, financial institutions may place a temporary hold on transactions involving the account of an eligible adult, an account where the eligible adult is a beneficiary, or an account linked to a suspected perpetrator of financial exploitation.

If a hold is placed, the bank must notify authorized account holders and any designated “trusted contact” within three business days, unless those individuals are suspected of involvement. The institution is also required to review the situation to determine whether exploitation is occurring.

Initial holds last up to 15 business days and may be extended for an additional 15 days if concerns persist. Courts may shorten or extend the hold as needed. The bill also allows account holders to designate trusted contacts who can be reached if suspicious activity is detected.

HB 945 includes protections for financial institutions acting in good faith and exercising reasonable care. It would generally take effect upon the governor’s signature unless otherwise specified.

Officials also encourage families and seniors to report suspected financial abuse to their bank, local law enforcement, and appropriate state or federal agencies as soon as possible.