Rating: +1

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Bill Summary:

House Bill 323 establishes a new section of Idaho law authorizing financial institutions, brokers, and investment advisors to intervene when they suspect financial exploitation of a vulnerable adult. The bill defines “specified adults” as individuals aged 65 or older or any adult with physical or mental impairments that render them susceptible to abuse. Financial professionals are empowered to place a temporary hold—up to 30 business days—on suspicious transactions or disbursements and report suspected exploitation to the Department of Finance or the Commission on Aging.

The bill allows firms to notify a trusted third party, provided that party is not suspected of involvement. It grants immunity from civil or administrative liability for good-faith actions taken under this law and permits the sharing of relevant records with adult protective services or law enforcement. The legislation takes effect on July 1, 2025.

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Reason for Rating:

H0323 protects elderly and disabled Idahoans from predatory financial abuse by enabling financial professionals to act as proactive defenders without expanding state bureaucracy. It strikes a balance between preventing fraud and preserving individual rights, providing clear safeguards against misuse and offering legal protection for those who intervene responsibly.

The bill reflects the Idaho Republican Party Platform’s support for protecting vulnerable populations, limiting government overreach, and encouraging public-private cooperation without imposing new mandates or agencies. For its alignment with principles of limited government, personal responsibility, and defense of the vulnerable, House Bill 323 is appropriately rated at +1.