Sec. of State Brad Raffensperger announces bill to protect retirees from scams
ATLANTA, Ga. (Atlanta News First) - Georgia Secretary of State Brad Raffensperger announced on Monday a new bill to protect elderly consumers from scams.
Senate Bill 84, also known as The Senior Protection from Exploitation Against Retirees (SPEAR) Act, amends the Georgia Uniform Securities Act of 2008. If passed, the bill would allow financial institutions to put a two-week grace period on any large transactions.
According to the Better Business Bureau, seniors are the age group most likely to be targeted by scammers. Senate Bill 84 aims to address that by allowing banks to monitor big purchases for elderly and disabled adults.
Secretary Raffensperger shared his support of the legislative effort during the news conference.
One of the bill’s sponsors Jason Estevez said his mother has Alzheimer’s and he’s seen the pamphlets she gets in the mail from scammers trying to target her. He said more needs to be done to target these thieves and help seniors hold on to their hard-earned money.
“The worst thing that can happen is we do the things we’ve done in the past. Which is mandate these financial institutions to pay out, and then the senior is out thousands of dollars, money they cant recover because the fraudster has already taken out the money from their account,” said Estevez.
34 states have already enacted similar laws.
Copyright 2023 WANF. All rights reserved.