GRAND RAPIDS, Mich. (WOOD) — The Financial Exploitation Prevention Act goes into effect Sunday in Michigan, giving banks and credit unions the ability to freeze accounts when a potential scam is detected.
The bill is aimed at protecting elders in Michigan who are often at a higher risk of being taken advantage of.
Michigan Attorney General Dana Nessel says those protections will be significant in preventing scammers.
“What we see time and time again are seniors and other vulnerable adults who have worked years and years to put together life savings so that they can retire and suddenly every dime they worked tirelessly to save is just gone in a heartbeat,” Nessel said. “This is a way we can prevent that from happening and we didn’t have this tool in our toolbox before but we do now.”