Older Georgians would gain protections from scams under a bill that aims to safeguard investments before they’re gone, Secretary of State Brad Raffensperger said Monday.
Suspicious transactions could be delayed by investment firms and advisers for 15 business days while they’re reviewed under Senate Bill 84, which would cover people who are at least 65 years old and those who are mentally or physically incapacitated.
“I’ve seen a rapid rise in seniors being financially exploited,” Raffensperger, who oversees securities in Georgia, said during a press conference at the state Capitol. “This legislation will implement commonsense safeguards to protect the most vulnerable in our communities.”
The bill also includes provisions to require brokers to notify the state if they have reasonable cause to suspect financial exploitation and allow notification of relatives or other individuals designated by victims.
Thirty-four other states already have similar laws.
“This bill will give financial institutions a tool to be preemptive instead of waiting until after the fact, where the money may be gone,” said state Sen. Chuck Hufstetler, a Republican from Rome who sponsored the measure. “There’s many horror stories of that out there.”
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