HB3020

Oklahoma HB3020 expands protections against financial exploitation of protected adults by financial institutions.

Oklahoma HB3020 amends the Financial Privacy Act to allow financial institutions to disclose information for investigations into financial exploitation of protected adults. A protected adult is defined as someone 62 years of age or older, or an incapacitated person. Financial institutions must notify the appropriate agency if they suspect financial exploitation. They may also notify a trusted contact designated by the protected adult. The bill authorizes temporary holds on transactions if exploitation is suspected, with specific timelines and conditions.