OH HB560

Allows banks, savings institutions, and credit unions to place holds of up to 15 business days on transactions involving eligible adults (age 60+) when there is reasonable cause to believe financial exploitation has occurred or is being attempted

Requires depository institutions to immediately report any transaction holds to the Division of Financial Institutions and the county department of job and family services, with the hold extendable by these agencies, investigating federal/state agencies, or a court

Mandates that institutions notify authorized account parties and trusted contacts within 3 business days of placing a hold, unless that party is suspected of involvement in the exploitation

Provides civil and administrative immunity to institutions and employees who act in good faith when placing holds or making reports, and requires institutions to maintain records of holds for at least 5 years

Creates a legal process for obtaining temporary protection orders against "unascertainable persons" (scammers with untraceable identities), allowing substitute service through the same communication method used to contact the victim and requiring disputed funds to be held for 30 days