HB1238

Financial institutions can notify third parties of suspected financial exploitation of seniors or vulnerable adults.

South Dakota HB1238 allows financial institutions and their employees to notify third parties if they reasonably believe financial exploitation of seniors or vulnerable adults may have occurred. The bill defines "financial exploitation" as the wrongful or unauthorized use of money, assets, or property of such adults. Institutions can also delay or refuse transactions, withdrawals, and changes in account ownership if they suspect exploitation. The bill provides immunity from liability for institutions and their employees for actions taken under this authority.