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 the training of financial institution staff on identifying and responding to suspected financial exploitation. The training must cover common signs of exploitation, respect for 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 provides financial institutions the discretion to decline or hold transactions involving the accounts of vulnerable adults or suspected exploiters. Institutions must notify relevant parties of any transaction holds and report incidents to appropriate investigative entities. The bill is set to take effect upon the Governor's approval.

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