The bill S. 851 aims to enhance protections for eligible adults in South Carolina from financial exploitation by establishing a new section in the South Carolina Code of Laws. It defines key terms related to financial exploitation, including "eligible adult" and "financial institution," and outlines procedures for financial institutions to follow when they suspect financial exploitation may occur. The bill allows financial institutions to decline or place holds on transactions involving eligible adults if there is reasonable belief of exploitation, and it provides guidelines for notifying relevant parties and reporting incidents to investigative entities.

Additionally, the bill grants financial institutions the discretion to contact emergency contacts designated by eligible adults when exploitation is suspected, while ensuring that they are not liable for actions taken in good faith under this section. The legislation also includes provisions for the expiration of holds on transactions and the sharing of relevant records with law enforcement. Overall, the bill seeks to empower financial institutions to act in the best interest of vulnerable adults while providing legal protections for their actions.

Statutes affected:
01/28/2026: 34-3-900
Latest Version: 34-3-900