The bill H. 5162 aims to enhance protections for eligible adults in South Carolina against financial exploitation by establishing a new section in the South Carolina Code of Laws. It defines key terms such as "financial institution," "eligible adult," and "financial exploitation," and outlines procedures for financial institutions to follow when they suspect exploitation. Specifically, the bill allows financial institutions to decline or place holds on transactions involving eligible adults if they have reasonable belief that financial exploitation has occurred or may occur. It also mandates that institutions notify relevant parties and report incidents to appropriate investigative entities.

Additionally, the bill provides financial institutions with the option to maintain a list of emergency contacts for eligible adults, which can be used when there are suspicions of financial exploitation. It grants immunity to financial institutions and their employees from liability when they act in good faith under the provisions of this section, while also ensuring that they are not shielded from civil liability if they participate in or aid financial exploitation. The bill is set to take effect upon approval by the Governor.

Statutes affected:
02/11/2026: 34-3-900
Latest Version: 34-3-900