Dear Neighbor,
During session, we successfully passed legislation that protects and supports individuals in the state who are in the twilight years of their life. Unfortunately, as the elderly population steadily rises, scam attempts against that community also increases. To help shield our older residents from being victimized, we passed PA 23-161, AN ACT CONCERNING FINANCIAL EXPLOITATION OF SENIOR CITIZENS.
Starting July 1, 2024, banks and credit unions will have the power to temporarily suspend or hold transactions involving an account of an adult over the age of 60 if there is a reasonable suspicion of financial exploitation for up to 45 days.
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