Idaho has enacted House Bill 182, known as the “Report and Hold” law, to help safeguard seniors and vulnerable individuals from financial fraud and exploitation.
The law empowers a wide range of financial professionals — including state or federally chartered banks, savings and loan associations, credit unions, credit union service organizations, regulated lenders, collection agencies, credit counselors, debt counselors, mortgage lenders and brokers, money transmitters, escrow agencies, broker-dealers, and investment advisers licensed or registered under Idaho or federal law —to intervene when they suspect a consumer is being scammed or manipulated. Those entities are defined as financial institutions under the legislation.
Individuals acting on behalf of those institutions, referred to as reporting persons, are authorized to place temporary holds on suspicious transactions and report suspected exploitation without fear of liability when acting in good faith.
The law applies to “specified adults,” defined as individuals aged 65 or older, or adults aged 18 or older who have a physical or mental impairment that renders them unable to protect their own interests. The goal is to prevent financial fraud and exploitation before it results in
irreparable financial harm.
