Bill > HB560

This bill enacts several new sections of Ohio law to prevent financial exploitation of vulnerable adults, specifically targeting seniors and individuals eligible for protective services. The legislation defines key terms like "financial exploitation" (which includes wrongful taking of assets, deception, or undue influence) and establishes protocols for depository institutions to protect eligible adults. Under the new law, financial institutions can place a temporary 15-day hold on suspicious transactions and are required to report potential financial exploitation to state authorities. The bill mandates that institutions develop internal training and procedures for identifying and responding to potential financial abuse, and provides immunity from liability for institutions and employees acting in good faith. Additionally, the law creates provisions for serving legal notices to "unascertainable persons" who might be attempting to fraudulently obtain an adult's funds, allowing for alternative service methods like electronic communication. Institutions must maintain records of such holds for at least five years and can notify trusted contacts about suspicious account activity, with some restrictions to prevent alerting potential perpetrators. The comprehensive approach aims to create safeguards that help protect older and vulnerable adults from financial predation while providing financial institutions clear guidelines for intervention.

Business and Industry

https://www.legislature.ohio.gov/legislation/136/hb560