SC S0851

Allows financial institutions (banks, credit unions, wealth management companies) to decline or place holds on transactions when they reasonably believe financial exploitation of an eligible adult has occurred or may occur

Defines "eligible adult" as persons 55 years of age or older, or vulnerable adults under existing state law

Transaction holds expire after 30 business days, or up to 55 business days if an investigative entity requests an extension, unless a court orders otherwise

Financial institutions may offer eligible adults the option to designate emergency contacts who can be notified when exploitation is suspected, and may share relevant records with law enforcement

Provides immunity from criminal, civil, and administrative liability for financial institutions and employees who act in good faith under this section, except where they participated in or materially aided the exploitation