The Governor’s Office said that the bill allows financial exploitation to be reported to the Adult Protective Services Program, a part of the Department of Social Services, as well as the Securities Division of the Office of the Attorney General. The bill, S.425, allows financial institutions to decline, delay or report transactions that are suspected to be financially exploiting vulnerable adults or people over the age of 55, according to the release.
According to the Governor’s Office, any financial institution acting in good faith that reports suspected financial exploitation is granted immunity from criminal civil or administrative liability for declining or delaying transactions.
The release said that the bill also allows a hold on disbursements for up to 30 days (with some authorized extensions), while the report of financial exploitation is investigated.
South Carolina now joins 31 other states that have passed similar legislation, according to the release.
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