An Act to require financial institutions to report exploitation of an elder or an adult with a disability.
Be it enacted by the Legislature of the State of South Dakota:
Section 1. That 37-24-57 be AMENDED:
37-24-57. A financial institution, as defined in 31 U.S.C. 5312(a)(2), as in effect on January 1, 2023, who voluntarily or mandatorily reports via a suspicious activity report, pursuant to 31 U.S.C. 5318(g), as in effect on January 1, 2023, any possible violation of law or regulation constituting exploitation, as defined in subdivision 22-46-1(5), must report the information contained in the suspicious activity report to the attorney general and may also report the information contained in the suspicious activity report to state or local law enforcement. A financial institution is immune from any civil or criminal liability that might otherwise result from complying with this section.