Bill > H5162

This bill, titled "Protecting Eligible Adults from Financial Exploitation," aims to safeguard individuals, specifically those aged fifty-five and older or vulnerable adults, from financial harm by amending South Carolina law. It defines "financial institution" broadly to include banks and credit unions, but excludes certain investment professionals. "Financial exploitation" is defined as the improper use of an eligible adult's funds or assets for personal gain, or coercing them into transactions through undue influence or deception. The bill empowers financial institutions to temporarily halt or decline transactions if they reasonably suspect financial exploitation is occurring or may occur, and allows them to notify designated emergency contacts or close associates of the eligible adult, provided these individuals are not suspected of exploitation. Financial institutions are granted immunity from liability for good-faith actions taken under this bill, but are not shielded from liability if they actively participate in or aid in the exploitation. The bill also allows financial institutions to provide relevant records to law enforcement or investigative entities.

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https://www.scstatehouse.gov/billsearch.php?billnumbers=5162&session=126&summary=B