A new Georgia law allows money managers and financial professionals to delay suspicious transactions for 15 days, a measure aimed at protecting older residents from losing their savings to scams.
Gov. Brian Kemp signed Senate Bill 84 into law Wednesday after it unanimously passed the state House and Senate earlier this year.
Under the law, investment firms and advisers can put transactions on hold and contact customers before their accounts are drained. It covers people who are least 65 years old and those who are mentally or physically incapacitated.
“Georgia law now grants financial institutions the ability to slow down and verify transactions involving the accounts of elderly and at-risk Georgians,” Secretary of State Brad Raffensperger said.
Georgia joins 34 other states with similar protections for senior citizens.
About the Author
