Committee advances 'SAFER Arkansas' bill to help banks, APS and AG curb elder financial exploitation

The Senate Insurance & Commerce Committee voted to advance House Bill 13-91, the SAFER Arkansas Act, which creates a statutory scheme within the Arkansas Deceptive Trade Practices Act to better detect and respond to financial exploitation of retirees.

Representative Wing, sponsor, said the measure responds to growing scams that victimized retirees and described the bill as addressing two problems: out‑of‑state scammers and exploitation by caregivers. He told the committee he became involved through personal experience and coalition work with the Attorney General's Office, the Arkansas Bankers Association, credit unions, securities regulators and Alzheimer’s advocates.

Shannon Hollyon of the Arkansas Attorney General's Office explained the bill's operation: mandated reporters continue to report abuse, neglect and exploitation to Adult Protective Services (APS); APS must report to the Attorney General within 48 hours about suspected financial exploitation incidents that the AG might be able to remediate. Hollyon also described a 'hold and report' tool that would allow banks to place a temporary hold on a suspicious transaction while the situation is vetted.

Laurie Trogdon of the Arkansas Bankers Association told senators banks know their customers and that the bill would allow them to place a temporary hold—similar to procedures used by investment advisers—so they can investigate or involve law enforcement.

Committee members asked for clarifications, including the bill’s elder-age definition (the transcript records a concern that "elder person means a person who is 60 years of age or older"). Representative Wing and witnesses said they had negotiated key language with stakeholders and that the amendment before the committee had addressed earlier concerns. The committee passed the bill as amended on a voice vote.

Proponents said the mechanism has already helped recover funds; Hollyon told the committee that publicity and coordination had resulted in roughly $25,000 recovered in about ten days. The bill now moves forward from committee for the next legislative steps.