The bill H. 3617 aims to enhance protections for vulnerable adults against financial exploitation in South Carolina by amending Section 43-35-87 of the South Carolina Code of Laws. It introduces provisions for training financial institution staff on identifying and responding to suspected financial exploitation. The training must cover common signs of exploitation, respect customer privacy, and be tailored to the job responsibilities of the attendees. Financial institutions are required to maintain records of staff training and make them available to regulatory agencies upon request.

Additionally, the bill allows vulnerable adults to designate trusted persons whom financial institutions can contact if exploitation is suspected. It also outlines the procedures for financial institutions when they believe exploitation may occur, including the option to decline or hold transactions related to the vulnerable adult's accounts. Institutions must notify authorized parties of any actions taken and report incidents to appropriate investigative entities. The bill will take effect upon the Governor's approval.

Statutes affected:
12/12/2024: 43-35-87
Latest Version: 43-35-87