Loading chat...

SC S0851

Bill

Official Source

Status

Introduced

1/28/2026

Primary Sponsor

Thomas Alexander

Click for details

Origin

Senate

126th General Assembly

AI Summary

  • Authorizes 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 or older, or vulnerable adults under existing state law
  • Holds expire after 30 business days, extendable to 55 business days if requested by an investigative entity, or upon court order
  • Requires financial institutions that place holds to notify authorized account parties and report suspected exploitation of vulnerable adults to appropriate investigative entities
  • Grants financial institutions immunity from criminal, civil, and administrative liability for good-faith actions taken under this section, including declining transactions and sharing records with law enforcement

Legislative Description

Protection from Financial Exploitation

Last Action

Committee report: Favorable with amendment Banking and Insurance

3/12/2026

Committee Referrals

Banking and Insurance1/28/2026

Full Bill Text

No bill text available