South Carolina H5162 establishes protections for eligible adults from financial exploitation by financial institutions.

South Carolina H5162 adds a new section to the state code to define terms related to financial exploitation of eligible adults and outlines procedures for financial institutions to protect these individuals. Eligible adults include those aged fifty-five and older or vulnerable adults. Financial institutions, including banks and credit unions, may decline or place on hold transactions if they suspect financial exploitation. Institutions are immune from liability if actions are made in good faith.

South Carolina H5162 establishes protections for eligible adults from financial exploitation by financial institutions.

South Carolina H5162 adds a new section to the state code to define terms related to financial exploitation of eligible adults and outlines procedures for financial institutions to protect these individuals. Eligible adults include those aged fifty-five and older or vulnerable adults. Financial institutions, including banks and credit unions, may decline or place on hold transactions if they suspect financial exploitation. Institutions are immune from liability if actions are made in good faith.