Idaho Enacts “Report and Hold” Law to Strengthen Financial Protections for Seniors and Vulnerable Adults

Idaho has enacted House Bill 182, known as the “Report and Hold” law, to help safeguard seniors and vulnerable individuals from financial fraud and exploitation. The law empowers a wide range of financial professionals — including state or federally chartered banks, savings and loan associations, credit unions, credit union service organizations, regulated lenders, collection agencies, credit counselors, debt counselors, mortgage lenders and brokers, money transmitters, escrow agencies, broker-dealers, and investment advisers licensed or registered under Idaho or federal law —to intervene when they suspect a consumer is being scammed or manipulated. These entities are defined as financial institutions under the legislation. Individuals acting on behalf of these institutions, referred to as reporting persons, are authorized to place temporary holds on suspicious transactions and report suspected exploitation without fear of liability when acting in good faith.

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