Bill > H0323

This bill establishes comprehensive protections for vulnerable adults from financial exploitation by creating new legal provisions for financial institutions and reporting agencies. The bill defines "specified adults" as individuals 65 years or older, or adults 18 and older with mental or physical impairments that prevent them from protecting their own interests. It outlines what constitutes financial exploitation, including wrongful taking of funds, using deception or undue influence to control a person's assets, or converting their property. Financial institutions, brokers, and investment advisers are given the authority to place temporary holds on accounts (up to 30 business days) if they reasonably suspect financial exploitation, and they must notify authorized parties about such holds. The bill also provides legal protections for reporting persons, granting them immunity from liability when they act in good faith to report or prevent potential financial exploitation. Reporting persons can notify authorized agencies like the Idaho Commission on Aging or the Department of Finance about suspected exploitation, and these communications will remain confidential. The bill is designed to protect vulnerable adults by giving financial institutions and agencies tools to intervene and prevent financial abuse, while also ensuring that reporting persons are protected when they act with honest intentions to help potential victims.

Business and Industry

Ways and Means Committee (House)

https://legislature.idaho.gov/sessioninfo/2025/legislation/H0323/