Bill protecting seniors from scams signed into law

Photo courtesy of Meals on Wheels
Photo courtesy of Meals on Wheels

Gov. Jay Nixon has signed into law a bill designed to help keep senior citizens from losing their savings to scams and con artists.

The bill, called the Senior Savings Protection Act, lets a financial agents put a 10-day hold on transactions they believe could be attempts to financially exploit people who are over 60 or have disabilities.

The broker-dealer must then contact state officials, and can also contact the person’s family or guardians. The hold would expire in 10 days or if no fraud is detected.

The law becomes effective Aug. 28. Currently, state law does not allow an agent who suspects exploitation to raise the issue with anyone not named on the account in question.

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