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South CarolinaS 0851126th General Assembly (2025-2026)Senate

AN ACT TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY ADDING ARTICLE 13 TO CHAPTER 3 OF TITLE 34 SO AS TO DEFINE TERMS PERTAINING TO THE FINANCIAL EXPLOITATION OF AN ELIGIBLE ADULT, AND TO SET FORTH PROCESSES BY WHICH A FINANCIAL INSTITUTION MAY PROTECT AN ELIGIBLE ADULT, INCLUDING ESTABLISHING EMERGENCY CONTACTS FOR AN ELIGIBLE ADULT TO PROTECT THE ELIGIBLE ADULT.

Sponsored By: Thomas C. Alexander (Republican)

Signed by Governor

Summary

Protection from Financial Exploitation

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Bill Overview

Analyzed Economic Effects

4 provisions identified: 3 benefits, 0 costs, 1 mixed.

Banks get legal shield to stop scams

Banks and their employees have criminal, civil, and administrative immunity when they act in good faith under this law. This covers putting holds in place, declining transfers, making reports, and giving investigators relevant account records. Immunity does not protect a bank that participates in or materially aids exploitation. Eligible adults, or a proper guardian not involved, can sue in circuit court and may recover attorney’s fees and costs. Banks may give investigators recent and past account records to help check and stop exploitation.

Banks can pause risky transfers for seniors

Banks may decline or place a hold on a transaction when they reasonably believe an older or vulnerable adult may be exploited. This can apply to the adult’s account, an account where the adult is a beneficiary, or the suspected exploiter’s account, and may follow tips from police or investigators. The bank must try to notify all authorized people on the account and must report cases involving a vulnerable adult to the proper investigative agency. It does not have to notify a suspected exploiter. A hold ends when the bank decides the transaction is safe or after 30 business days; investigators can ask to extend up to 55 business days, and a court can end or extend it sooner. This protection can delay access to funds while the risk is checked.

Seniors can add trusted bank contacts

Banks may offer eligible adults an optional list of trusted contacts. If the bank reasonably suspects exploitation, it can alert someone on your list, a co-owner, an authorized signer, a beneficiary, or a family member or close friend. The bank avoids contacting anyone it suspects is involved. It may share only that it suspects exploitation, not your detailed account information. Good‑faith contacts are protected by law.

Who is protected and which banks act

You are an eligible adult if you are 55 or older, or a vulnerable adult under state law. Banks, credit unions, and wealth managers are covered financial institutions under this law. Broker‑dealers and investment advisers are not covered. Only covered institutions can use the hold, notice, contact, and record‑sharing tools.

Sponsors & Cosponsors

Sponsor

  • Thomas C. Alexander

    Republican • Senate

Cosponsors

  • Billy Garrett

    Republican • Senate

  • Tom Young, Jr.

    Republican • Senate

Roll Call Votes

All Roll Calls

Yes: 155 • No: 1

House vote • 5/13/2026

(Protection from Financial Exploitation)Passage of Bill

Yes: 112 • No: 1

Senate vote • 3/25/2026

(Protection from Financial Exploitation)2nd Reading

Yes: 43 • No: 0

Actions Timeline

  1. Effective date 05/19/26

    6/5/2026legislature

  2. Act No. 226

    6/3/2026legislature

  3. Signed By Governor

    5/19/2026Governor

  4. Ratified R 235

    5/15/2026legislature

  5. Read third time and enrolled

    5/14/2026House

  6. Roll call Yeas-112 Nays-1

    5/13/2026House

  7. Read second time

    5/13/2026House

  8. Requests for debate removed-Rep

    5/12/2026House

  9. Debate adjourned

    5/7/2026House

  10. Requests for debate removed-Rep

    5/5/2026House

  11. Requests for debate-Rep

    5/5/2026House

  12. Debate adjourned until Tues., 5-5-26

    4/30/2026House

  13. Debate adjourned

    4/29/2026House

  14. Debate adjourned

    4/28/2026House

  15. Scrivener's error corrected

    4/23/2026legislature

  16. Committee report: Favorable Labor, Commerce and Industry

    4/22/2026House

  17. Referred to Committee on Labor, Commerce and Industry

    3/31/2026House

  18. Introduced and read first time

    3/31/2026House

  19. Read third time and sent to House

    3/26/2026Senate

  20. Roll call Ayes-43 Nays-0

    3/25/2026Senate

  21. Read second time

    3/25/2026Senate

  22. Committee Amendment Adopted

    3/25/2026Senate

  23. Committee report: Favorable with amendment Banking and Insurance

    3/12/2026Senate

  24. Referred to Committee on Banking and Insurance

    1/28/2026Senate

  25. Introduced and read first time

    1/28/2026Senate

Bill Text

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