New law protecting seniors’ money takes affect
Seniors scammed from millions of dollars yearly
LANSING, Mich. (WILX) - Senior citizens in Michigan will have new protections for their bank accounts Sunday.
The Financial Exploitation Prevention Act takes effect on September 26.
The new law requires financial institutions to better recognize signs of financial exploitation prevent transactions from going through.
Attorney General Dana Nessel said this will help save people a lot of money.
“It’s a great partnership. I’m excited as it moves forward because I just see so, so, so many people that are victimized in this way. That now won’t be,” said Nessel.
Nessel told News 10 Michigan seniors were scammed out of millions of dollars every year and it’s only gotten worse during the pandemic.
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