This act would authorize financial institutions to decline certain transaction requests in cases of the suspected financial exploitation of vulnerable adults. If they suspect this type of exploitation they are to notify the Department of Social Services and the Office of the Attorney General.
According to the justice department “Exploitation” means the illegal or improper use of an incapacitated or dependent adult or that adult’s resources for another’s profit or advantage. An exploited vulnerable adult can be any person who has attained the age of 18 and has conditions such as being an adult who has physical or mental condition that substantially impairs their ability to adequately provide for their own daily needs. It could also mean a resident of a nursing home or perhaps a senior with dementia or an adult who is incapacitated in another way. Seniors have long been the major victim of financial exploitation with millions becoming victims every year resulting in billions of dollars in personal loss. Scammers prey on this demographic but so do caregivers and family and friends who might misuse their money, sign checks to themselves, or take advantage of them in other financial ways.
For more information go to: https://www.scstatehouse.gov/billsearch.php?billnumbers=425