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2025-2026 Bill 5162: Protecting Eligible Adults from Financial Exploitation - South Carolina Legislature Online
South Carolina General Assembly
126th Session, 2025-2026
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H. 5162
STATUS INFORMATION
General Bill
Sponsors: Reps. Herbkersman, Bernstein, Rivers, Weeks, Hardee, W. Newton, Brittain, Gatch, Montgomery, Lawson, J.E. Johnson, B. Newton, McCabe, Rankin, Brewer, Chumley, Gagnon, McGinnis, M.M. Smith, Williams, Ligon, Kirby, Anderson, Henderson-Myers, Govan, Oremus, Hartz and Wickensimer
Companion/Similar bill(s): 851
Document Path: LC-0526SA26.docx
Introduced in the House on February 11, 2026
Introduced in the Senate on February 25, 2026
Last Amended on February 24, 2026
Currently residing in the Senate Committee on
Banking and Insurance
Summary: Protecting Eligible Adults from Financial Exploitation
HISTORY OF LEGISLATIVE ACTIONS
Date
Body
Action Description with journal page number
2/11/2026
House
Introduced and read first time (
House Journal-page 43
)
2/11/2026
House
Referred to Committee on
Labor, Commerce and Industry
(
House Journal-page 43
)
2/12/2026
House
Member(s) request name added as sponsor: M.M. Smith
2/18/2026
House
Member(s) request name added as sponsor:
Williams, Ligon
2/19/2026
House
Member(s) request name added as sponsor: Kirby
2/19/2026
House
Committee report: Favorable with amendment
Labor, Commerce and Industry
(
House Journal-page 10
)
2/24/2026
House
Member(s) request name added as sponsor:
Anderson, Henderson-Myers, Govan, Oremus,
Hartz, Wickensimer
2/24/2026
House
Amended (
House Journal-page 49
)
2/24/2026
House
Read second time (
House Journal-page 49
)
2/24/2026
House
Roll call Yeas-111 Nays-0 (
House Journal-page 50
)
2/25/2026
House
Read third time and sent to Senate (
House Journal-page 17
)
2/25/2026
Senate
Introduced and read first time (
Senate Journal-page 9
)
2/25/2026
Senate
Referred to Committee on
Banking and Insurance
(
Senate Journal-page 9
)
View the latest
legislative information
at the website
VERSIONS OF THIS BILL
02/11/2026
02/19/2026
02/24/2026
Amended
February 24, 2026
H. 5162
Introduced by Reps. Herbkersman, Bernstein,
Rivers, Weeks, Hardee, W. Newton, Brittain, Gatch, Montgomery, Lawson, J. E.
Johnson, B. Newton, McCabe, Rankin, Brewer, Chumley, Gagnon, McGinnis, M. M.
Smith, Williams, Ligon, Kirby, Anderson, Henderson-Myers, Govan, Oremus, Hartz
and Wickensimer
S. Printed 2/24/26--H.
Read the first time February 11, 2026
________
A bill
TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING SECTION
34-3-900
SO AS TO DEFINE TERMS PERTAINING TO THE FINANCIAL EXPLOITATION OF
ELIGIBLE ADULTS AND TO OUTLINE A PROCEDURE FOR ESTABLISHING EMERGENCY CONTACTS
FOR ELIGIBLE ADULTS TO PROTECT ELIGIBLE ADULTS FROM FINANCIAL EXPLOITATION.
Amend Title To Conform
B
e it enacted by the
General Assembly of the State of South Carolina:
S
ECTION 1.
C
hapter 3, Title 34 of the S.C. Code is amended by
adding:
A
rticle 13
P
rotecting Eligible Adults from Financial Exploitation
S
ection
34-3-900
.
(
A) As used in this
section:
(
1)
"Financial institution" means any bank, credit union, wealth management
institution, or other financial services company. This section excludes a "broker-dealer"
as defined in Section
35-1-102
(4) and an "investment adviser" as defined in
Section
35-1-102
(15).
(
2)
"Eligible adult" means:
(
a)
a person fifty-five years of age or older; or
(
b)
a vulnerable adult subject to Section
43-35-10
(11).
(
3)
"Financial exploitation" means:
(
a)
improper, unlawful, or unauthorized use of the funds, assets, property, power
of attorney, guardianship, or conservatorship of a vulnerable adult by a person
for the profit or advantage of that person or another person; or
(
b)
causing an eligible adult to purchase goods or services or engage in a
transaction for the profit or advantage of the seller or another person through
undue influence, harassment, duress, force, coercion, or swindling by
overreaching, cheating, misrepresentations, or defrauding the eligible adult
through cunning arts or devices that delude the eligible adult and cause him to
lose money or other property.
(
B) If
a financial institution reasonably believes that the financial exploitation of
an eligible 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)
the account of the eligible adult;
(
2)
an account in which the eligible adult is a beneficiary, including a trust or
guardianship account; or
(
3)
the account of a person who is suspected of engaging in the financial
exploitation of the eligible adult.
(
C) A
financial institution may also decline or place on hold any transaction
pursuant to this section if an investigative entity or law enforcement agency
provides information to the financial institution demonstrating that it is
reasonable to believe that the financial exploitation of an eligible adult has
occurred or may occur.
(
D) A
financial institution is not required to decline or place on hold a transaction
pursuant to this section. Such a decision is in the financial institution's
discretion based on the information available to the financial institution.
(
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
(
b)
report an incident involving a vulnerable adult to the appropriate
investigative entity in accordance with Section
43-35-25
.
(
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.
(
F) Any
decline or hold of a disbursement or transaction as authorized by this section
will expire:
(
1)
upon a determination by the financial institution that allowing the transaction
will not result in the financial exploitation of an eligible adult;
(
2)
at the time provided for by the financial institution in its account agreement;
(
3)
if not otherwise provided for in a financial institution's account agreement, thirty
business days after the date on which the financial institution first declined
or placed on hold the transaction unless an appropriate investigative entity as
set forth in Section
43-35-10
(5) requests that the financial institution extend
the delay; or
(
4)
the order of a court of competent jurisdiction.
(
G) A
financial institution may provide access to or copies of records relevant to
the suspected financial exploitation of an eligible adult to law enforcement
agencies or investigative entities responsible for administering the provisions
of this section. Such records may include relevant historical records and
recent transactions relating to suspected financial exploitation.
(
H) If
the determinations and actions of a financial institution or an employee of a
financial institution are made in good faith and in accordance with the
provisions of this section, then the financial institution or employee shall be
immune from criminal, civil, or administrative liability for declining
transactions to disburse monies pursuant to this section, and for taking
actions in furtherance of a determination, including making a report or
providing access to or copies of relevant records to an investigative entity or
law enforcement agency. Nothing in this section is intended to nor does it
limit or shield in any manner a financial institution from civil liability
against any claim, including reasonable attorney's fees, costs, and litigation
expenses, for participating in or materially aiding the financial exploitation
of an eligible adult. Any such claims shall be asserted by the eligible adult,
or on his behalf by an appropriate guardian or representative who is not
involved in or otherwise suspected of participating in the financial
exploitation of the eligible adult, by filing a civil action in circuit court.
(
I)
(
1) A financial institution may offer
to a customer who is an eligible adult the opportunity to submit and
periodically update a list of individuals or entities that the eligible adult
authorizes the financial institution to contact when the financial service
provider has reasonable cause to suspect that the eligible adult is a victim or
a target of financial exploitation.
(
2)
A financial institution that has reasonable cause to suspect that an eligible
adult is the victim or target of financial exploitation may convey the
suspicion to one or more of the following, provided that the person is not the
suspected perpetrator:
(
a)
an individual or entity on the list described in subsection (I), if a list has
been provided by the eligible adult to the financial service provider;
(
b)
a co-owner, additional authorized signatory, or beneficiary on the eligible
adult's account at the financial institution; or
(
c)
a parent, spouse, adult child, sibling, or other known family member or close
associate of an eligible adult.
(
3)
When providing information under this section, a financial institution may
limit the information and disclose only that the financial institution has
reasonable cause to suspect that the eligible adult may be a victim or target
of financial exploitation without disclosing any other details or confidential
personal information regarding the financial affairs of the eligible adult.
(
4)
A financial institution may choose not to contact one or more individuals or
entities on the list provided pursuant to subsection (I) if the financial
institution suspects that the person or persons are engaged in financial
exploitation.
(
5)
If the determinations and actions of a financial institution or an employee of
a financial institution are made in good faith and in accordance with the
provisions of this section, then the financial institution or employee shall be
immune from criminal, civil, or administrative liability for making
communications pursuant to this subsection and for taking actions in
furtherance of a determination, including making a report or providing access
to or copies of relevant records to an investigative entity or law enforcement
agency.
S
ECTION 2. This act takes effect upon approval
by the Governor.
----XX----
This web page was last updated on February 24, 2026 at 5:59 PM