Senate Bill 244 is designed to protect the money of more Missouri residents, especially the elderly. Bill sponsor Eric Schmitt claimed the bill gives professionals a time limit to report any suspicious activity.
“Financial professionals who reasonably believe financial exploitation of the elderly or disabled individuals – when that is occurring, they may refuse to make a dispersement from the investment account for up to ten days,” Schmitt said.
While the bill is designed to protect people’s money, Senator Jill Schupp had a few questions, including a minimum.
“Is there a minimum amount of money that this bill starts at for somebody to put a hold on whatever transaction?” Schupp asked during a hearing.
Schmitt confirmed there is currently no minimum set in the text of the bill. The new law took effect on August 28, 2015.