This bill establishes new protocols for financial institutions regarding the suspected financial exploitation of protected adults, defined as individuals aged 62 and older or those deemed incapacitated or vulnerable. Employees of financial institutions are required to report any suspicions of financial exploitation to their institution, which must then notify appropriate agencies, such as the Oklahoma Department of Human Services or local law enforcement. The bill also allows financial institutions to inform a designated trusted contact about the suspected exploitation and grants them the authority to place temporary holds on transactions if they believe exploitation is occurring. These holds can last up to 20 business days under certain conditions, and institutions are required to provide notice of the hold to all parties involved.

Additionally, the bill amends the Financial Privacy Act to permit the disclosure of financial records in cases of suspected financial exploitation, ensuring that financial institutions can cooperate with investigations without facing liability, provided they act in good faith. The new legal language inserted into the Financial Privacy Act clarifies that disclosures required by this act are permissible. The bill aims to enhance protections for vulnerable adults while balancing the need for privacy and compliance with existing financial regulations. The act is set to take effect on November 1, 2026.