OH HB647

Requires financial institutions (banks, credit unions, money transmitters) to provide a warning statement to individuals before conducting wire transfers about signs and possibilities of financial scams and fraud.

Directs the Ohio Attorney General to establish a brief model warning statement that all covered institutions must provide to customers seeking wire transfers.

Requires the Attorney General to post the model statement on their website and issue press releases 30 days before and after publication to notify institutions.

Institutions must comply with the requirement within 30 days after the model statement is posted to the Attorney General's website.

Violations are treated as unfair or deceptive trade practices under Ohio law, allowing injured persons to sue for relief and enabling the Attorney General to enforce the requirement.