Bill > S0851

This bill, titled "Protection from Financial Exploitation," amends South Carolina law to add a new section that defines "financial exploitation" and establishes procedures for financial institutions to protect "eligible adults" from such exploitation. An "eligible adult" is defined as someone aged 55 or older, or a "vulnerable adult" as defined by existing law, and "financial exploitation" refers to the improper use of an eligible adult's assets or property for personal gain, or causing them to engage in disadvantageous transactions through deception or undue influence. The bill grants financial institutions the discretion to temporarily halt or delay transactions if they reasonably suspect financial exploitation is occurring or may occur, and outlines notification requirements to account holders and reporting obligations to investigative entities. It also allows financial institutions to offer customers the option to designate emergency contacts who can be notified if exploitation is suspected, and provides immunity from liability for financial institutions and their employees acting in good faith under these provisions, while still allowing for civil action against those who materially aid in exploitation.

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https://www.scstatehouse.gov/billsearch.php?billnumbers=0851&session=126&summary=B