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 who complete this 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 those suspected of exploitation. Institutions must notify authorized parties of any transaction holds and report incidents to appropriate investigative entities, while clarifying that they are not obligated to notify suspected exploiters. The act will take effect upon the Governor's approval.

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