Alvord Bill Expanding Safeguards Against Financial Exploitation Becomes Law

OKLAHOMA CITY – Senate Bill 2067, by Senator Jerry Alvord, R-Wilson, has been signed into law, creating stronger safeguards to help financial institutions identify, report and prevent suspected financial exploitation of protected adults.

Existing laws limit institutions' ability to give appropriate agencies the information needed to act quickly. Alvord’s legislation removes these barriers and provides that financial institution employees shall report suspicious transactions internally and notify appropriate agencies, such as the Department of Human Services, local district attorneys, or law enforcement.

“This new law will give financial institutions clear processes to help protect vulnerable adults from increasingly common financial scams,” Alvord said. “Scammers frequently target older adults, convincing them to hand over funds needed to pay for necessities like medicine, food, and rent. With SB 2067 now law, financial institutions can act swiftly and responsibly to help prevent vulnerable Oklahomans from becoming victims of financial exploitation and losing their hard-earned savings.”

Banks or credit unions may place a temporary hold on the reported account or alert a trusted contact designated by the account holder. The measure provides immunity to criminal and civil liability to any employee or financial institution acting in good faith and in compliance with the provisions of this measure.

Senate Bill 2067 passed both legislative chambers unanimously before being signed into law. The bill was carried in the House by Rep. Mark Lepak, R-Claremore.

“I was happy to carry this 'makes sense' legislation,” Lepak said. “Bad actors increasingly target and prey upon our older population. Oklahomans aged 60 and older lost more than $50 million to fraud in 2024 alone, a 66 percent increase over 2023. Nationally, adults over 60 reported nearly $4.9 billion in fraud losses in 2024, with average losses exceeding $83,000 per victim. Financial exploitation is a devastating crime– real people are losing their life savings, their independence, and their dignity to these criminals.” 

SB 2067 will officially take effect Nov. 1.

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For more information, contact: communications@oksenate.gov.