Bill > H3617

This bill amends South Carolina law to enhance protections for vulnerable adults against financial exploitation by introducing several key provisions. The legislation requires financial institutions to provide training to staff on identifying potential financial exploitation, including recognizing common warning signs and understanding appropriate actions to take. The training must be job-appropriate, maintain customer privacy, and be documented for regulatory review. Additionally, the bill allows vulnerable adults to designate a list of trusted persons whom the financial institution can contact if suspected financial exploitation is detected. Financial institutions are now empowered to decline or place holds on transactions involving a vulnerable adult's account, accounts where they are a beneficiary, or accounts of suspected exploiters. When taking such actions, the financial institution must make reasonable efforts to notify authorized account parties and the designated trusted persons, and must report the incident to appropriate investigative entities, including law enforcement. The bill aims to create a more proactive and protective framework for safeguarding vulnerable adults from financial abuse, giving financial institutions more tools and guidance to intervene when potential exploitation is suspected. The legislation will take effect upon the Governor's approval.

Business and Industry

https://www.scstatehouse.gov/billsearch.php?billnumbers=3617&session=126&summary=B