NASHVILLE, Tenn. — A bill meant to protect elderly Tennesseans from financial exploitation passed unanimously in the House of Representatives and in the Senate. The bill directs the Tennessee Bureau of Investigation to effectively create a hotline for banks and financial institutions to report suspicious financial activity involving seniors.
It would need to be established by Oct. 1 and after receiving a report of possible financial exploitation, the TBI would need to work with law enforcement and adult protective services to investigate it.
HB 1248 was sponsored by Rep. Dennis Powers (R - Jacksboro) and he said around 7,000 people are victims of elderly financial abuse in the state, and a total of around $500 million may be stolen from them.
"It will also provide the data we need to know exactly how many of these attempts are made each year, how many investigators we may need in the future, and where they are needed. The need for this bill is to help prevent scams of financial exploitation for those who are 65 years or older, or other vulnerable adults before they happen," he said on the House floor.
He also said TBI is expected to create a "1-800" phone number for financial institutions, to start the process of getting help for vulnerable adults.
"I think this is a good piece of legislation that shows you have to learn something in order not have the proper impact, and this is something that is so significant," said Rep. Justin Pearson (D - Memphis). "Thank you for the bill."
Rep. Patsy Hazlewood (R - Signal Mountain) also thanked Powers for the bill.
The bill will go into effect on Oct. 1, 2024.
