New Resource on State Temporary Hold Laws to Combat Elder Financial Abuse

There is a new resource focused on state temporary hold and delay laws for financial transactions in cases where elder abuse is suspected. These laws give financial institutions and broker-dealers and investment advisers the authority to temporarily delay transactions or hold funds when there is reasonable suspicion of financial exploitation, providing a critical safeguard to protect older adults from financial harm. This resource, developed by an advisory group to the FTC, provides a comprehensive overview of how temporary hold laws work to protect older adults from financial exploitation and key elements of these laws across various jurisdictions. As financial abuse of older persons continues to increase, it is crucial that all stakeholders are familiar with these legal provisions and understand how they can be applied to prevent financial exploitation.

State laws specific to financial institutions, including banks and credit unions, can be found here. State laws specific to broker-dealers and investment advisers can be found here. Visit the FTC’s website to find additional information about the advisory group’s work addressing scams against older adults, including training and education resources.

Sincerely,

Andy Mao
National Elder Justice Coordinator
Deputy Director, Civil Fraud Section
US Department of Justice

Mission Statement

The mission of the Elder Justice Initiative is to support and to help coordinate the Department’s enforcement and programmatic efforts to combat elder abuse, neglect and financial fraud and scams that target our nation’s older adults.

Elder Justice Initiative | Department of Justice

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