Representatives White, Swearingen Announce Proponent Testimony on "Protect Our Parents" Act

State Representatives D.J. Swearingen (R-Huron) and Andrea White (R-Kettering) today announced that the Ohio House Financial Institutions Committee heard proponent testimony on House Bill 560, the “Protect Our Parents Act.” 

HB 560 aims to safeguard older Ohioans and vulnerable adults from financial exploitation – a growing trend here in Ohio and across the country – by providing clarity for financial institutions and strengthening coordination between private institutions and public agencies in cases where there is suspected fraud occurring. House Bill 560 ultimately seeks to provide clear statutory authority for financial institutions and state agencies to intervene when exploitation is suspected, while maintaining appropriate safeguards and due process.

“For too long, we’ve seen seniors in Ohio get ripped off by all kinds of terrible scams and lose their savings.  This has to end,” said Rep. Swearingen. “We believe that House Bill 560 will give seniors the ability to guard their money in the bank and stop the fraudsters that take advantage of innocent victims.”

“We know every day in Ohio, individuals are being preyed on through deliberate attempts to deceive and defraud, particularly our older and vulnerable adults,” said Rep. White. “HB 560 protects Ohioans by providing our financial institutions with important tools to help stop theft its tracks.”

House Bill 560 includes multiple provisions to prevent elder fraud including:

• Requiring depository institutions to develop and enforce procedures for reporting suspected financial exploitation of older Ohioans and vulnerable adults.
• Allowing depository institutions to place a temporary hold of up to 15 days on transactions thought to be impacted by financial exploitation, which could be extended under certain circumstances. Under current law, banks and credit unions often detect suspicious activity involving elderly customers, such as sudden large withdrawals, unusual wire transfers, or abrupt changes in account control but lack clear authority to temporarily pause a transaction while authorities investigate.
• Requiring depository institutions to report such transactional holds immediately to the applicable county department of job and family services.
• Establishing a process for temporary protection orders in cases involving financial exploitation, including circumstances where the responsible individual cannot be readily identified or located. This provision allows courts to preserve disputed funds for a defined period while service and investigation proceed.
  
  

Additionally, House Bill 560 provides civil and administrative immunity for financial institutions and employees who act in good faith when placing a hold, making a report, or declining to act while attempting to comply with the updated statute. The bill also allows for coordination with investigators and authorizes courts or agencies to extend or terminate a hold when appropriate.

The bill is currently being vetted in the House Financial Institutions Committee.