South Carolina H 3617: Vulnerable Adults

Bill Text

2025-2026 Bill 3617 Text of Previous Version (Dec. 12, 2024) - South Carolina Legislature Online 

South Carolina General Assembly
126th Session, 2025-2026

Bill 3617

Indicates Matter Stricken
Indicates New Matter

(Text matches printed bills. Document has been reformatted to meet World Wide Web specifications.)

A bill

TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING 
SECTION 43-35-87, RELATING TO FINANCIAL EXPLOITATION OF VULNERABLE ADULTS, SO 
AS TO PROVIDE FOR TRAINING OF FINANCIAL INSTITUTION STAFF, TO ALLOW A 
VULNERABLE ADULT TO DESIGNATE TRUSTED PERSONS FOR FINANCIAL EXPLOITATION 
NOTIFICATION PURPOSES, AND FOR OTHER PURPOSES.

Be it enacted by the 
General Assembly of the State of South Carolina:

SECTION 1. Section 43-35-87 of the S.C. Code is amended by adding:

 (I)(1) A financial institution or third 
party selected by a financial institution may provide training on identifying 
and taking any authorized action concerning the suspected financial 
exploitation of a vulnerable adult, as described in this section, to financial 
institution staff who may come into contact with vulnerable adults in the 
course of employment or review the financial documents, records, or 
transactions of a vulnerable adult in connection with providing financial 
services to the vulnerable adult.

 (2) 
The content of any training provided by or on behalf of a financial institution 
pursuant to this item must:

 (a) 
be maintained by the financial institution and be made available to the 
financial regulatory agency with examination authority over the financial 
institution upon request, except that a financial institution shall not be 
required to maintain or make available the content relating to any individual 
who is no longer employed by or affiliated or associated with the financial 
institution;

 (b) 
instruct individuals attending a training on how to identify the suspected 
financial exploitation of a vulnerable adult, including common signs of 
financial exploitation, and how to take action in accordance with the 
provisions of this section and other applicable state law;

 (c) 
discuss the need to protect the privacy and respect the integrity of each 
customer of the financial institution; and

 (d) 
be appropriate to the job responsibilities of the individuals attending the 
training.

 (3) 
A financial institution that conducts training as provided in item (2) shall 
maintain records of all financial institution staff who complete the training 
and the date of completion. The financial institution shall make such records 
available to the financial regulatory agency with examination authority over 
the financial institution upon request.

SECTION 2. Section 43-35-87(B) of the S.C. Code is amended to 
read:

 (B)(1) If a financial institution reasonably believes that 
the financial exploitation of a vulnerable adult has occurred or may occur, 
then the financial institution may, but is not required to, decline or place on 
hold any transaction involving:

 (1)(a) the account of the vulnerable adult;

 (2)(b) an account in which the vulnerable adult is a 
beneficiary, including a trust or guardianship account; or

 (3)(c) the account of a person who is suspected of engaging 
in the financial exploitation of the vulnerable adult.

 (2) A financial institution may offer 
to a vulnerable adult the opportunity to submit and update a list of trusted 
persons that the vulnerable adult authorizes the financial institution or 
financial institution staff to contact when the financial institution or 
financial institution staff believes that the 
financial exploitation of a vulnerable adult has occurred or may occur and 
takes any action authorized in item (1).

SECTION 3. Section 43-35-87(E) of the S.C. Code is amended to 
read:

 (E)(1) Any financial institution that 
declines or places on hold a transaction pursuant to this section shall:

 (a) 
make a reasonable effort to provide notice, orally or in writing, to all 
parties authorized to transact business on the account from which the transfer 
or disbursement was declined or placed on hold and any 
person designated by the vulnerable adult that appears on the list provided to 
the financial institution in accordance with subsection (B)(2); and

 (b) 
report the incident to the appropriate investigative entity in accordance with 
Section 43-35-25 and to the Federal Bureau of 
Investigation or local law enforcement.

 (2) 
Notwithstanding the provisions of this subsection, a financial institution has 
no duty to notify any party that is suspected of financial exploitation 
pursuant to this section.

SECTION 4. This act takes effect upon approval 
by the Governor.

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This web page was last updated on December 12, 2024 at 04:50 PM