South Carolina S0851 protects eligible adults from financial exploitation by allowing financial institutions to take certain actions.
South Carolina S0851 defines "eligible adult" as someone aged fifty-five or older or a vulnerable adult. It defines "financial exploitation" as improper use of an eligible adult's funds or assets for profit. The bill allows financial institutions to contact designated individuals if they suspect exploitation, and to decline or hold transactions involving the eligible adult's account. Financial institutions are immune from liability if they act in good faith. The act takes effect upon approval by the Governor.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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