Nationwide Reporting Chart

For Suspected Exploitation Of Seniors And/Or Vulnerable Persons

 

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Statute
S.C. Code Ann. § 43-35-25(A), (B).
S.C. Code Ann. § 43-35-10(11).
S.C. Code Ann. § 43-35-75(A).
S.C. Code Ann. § 35-1-850(A), (B)(1)-(2).
S.C. Code Ann. § 43-35-87(A), (B), (F)(1)-(3), (E)(1)(b), (H).
S.C. Code Ann. § 35-1-800(1), (2)(a)-(b), (4).
S.C. Code Ann. § 35-1-810.
S.C. Code Ann. § 35-1-820.
Financial Services Professionals
(Mandated? Permissive?)

Any other person who has actual knowledge. (Mandated)

Any other person who has reason to believe. (Permissive)

Any financial institution that declines or places on hold a transaction, they shall report the incident to the appropriate investigative entity in accordance with Section 43-35-25. (Mandated)Any agent, broker-dealer, investment adviser representative, investment adviser, or person who serves in a supervisory, compliance, or legal capacity for a broker-dealer or investment adviser. (Permissive)

State Report & Hold
(Y/N)

Yes, a broker-dealer or investment advisor may delay.  S.C. Code Ann. § 35-1-850(A).

Any delay of a disbursement or transaction as authorized by this section will expire upon the sooner of: (1) a determination by the broker-dealer or investment adviser that the disbursement or transaction will not result in the financial exploitation of the eligible adult; or (2) thirty business days after the date on which the broker-dealer or investment adviser first delayed the requested disbursement or transaction, unless either of the agencies requests that the broker-dealer or investment adviser extends the delay, in which case the delay shall expire no more than fifty-five business days after the date on which the broker-dealer or investment adviser first delayed the disbursement or transaction, unless sooner terminated or extended by either of the agencies or an order of a court of competent jurisdiction. S.C. Code Ann. § 35-1-850(B)(1)-(2).

Yes, a financial institution may decline or place on hold any transaction. S.C. Code Ann. § 43-35-87(B).

Any decline or hold of a disbursement or transaction as authorized by this section will expire upon the sooner of: (1) a determination by the financial institution that allowing the transaction will not result in the financial exploitation of a vulnerable adult; (2) 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, in which case the delay shall expire no more than fifty-five business days after the date on which the financial institution first declined or placed on hold the transaction; or (3) the order of a court of competent jurisdiction. S.C. Code Ann. § 43-35-87(F)(1)-(3).

Reporters

A physician, nurse, dentist, optometrist, medical examiner, coroner, other medical, mental health or allied health professional, Christian Science practitioner, religious healer, school teacher, counselor, psychologist, mental health or intellectual disability specialist, social or public assistance worker, caregiver, staff or volunteer of an adult day care center or of a facility, or law enforcement officer having reason to believe; any other person who has actual knowledge that a vulnerable adult has been abused, neglected, or exploited. S.C. Code Ann.§ 43-35-25(A).

Any other person who has reason to believe that a vulnerable adult has been or may be abused, neglected, or exploited may report the incident. S.C. Code Ann.§ 43-35-25(B).

If a qualified individual reasonably believes that the financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted, then the qualified individual may promptly notify the agencies. S.C. Code Ann. § 35-1-810.

Qualified Individual: Any any agent, broker-dealer, investment adviser representative, investment adviser, or person who serves in a supervisory, compliance, or legal capacity for a broker-dealer or investment adviser. S.C. Code Ann. § 35-1-800(4).

Any financial institution that declines or places on hold a transaction pursuant to this section shall: (b) report the incident to the appropriate investigative entity in accordance with Section 43-35-25. S.C. Code Ann. § 43-35-87(E)(1)(b).

Financial Institution: Any bank, credit union, wealth management institution, or other financial services company. S.C. Code Ann. § 43-35-87(A).

Protected Individuals

Vulnerable Adult: A person eighteen years of age or older who has a physical or mental condition which substantially impairs the person from adequately providing for his or her own care or protection. This includes a person who is impaired in the ability to adequately provide for the person’s own care or protection because of the infirmities of aging including, but not limited to, organic brain damage, advanced age, and physical, mental, or emotional dysfunction. A resident of a facility is a vulnerable adult. S.C. Code Ann. § 43-35-10(11).

Eligible Adult: A person fifty-five years of age or older; or (b) a vulnerable adult subject to Section 43-35-10(11). S.C. Code Ann. § 35-1-800(2)(a)-(b).

Agencies: The Adult Protective Services Program in the Department of Social Services and the Securities Division of the Office of the Attorney General. S.C. Code Ann. § 35-1-800(1).

Financial Institutions-Immunity (Y/N)

Yes.

A person who, acting in good faith, reports pursuant to this chapter or who participates in an investigation or judicial proceeding resulting from a report is immune from civil and criminal liability which may otherwise result by reason of this action. In a civil or criminal proceeding good faith is a rebuttable presumption. S.C. Code Ann. § 43-35-75(A).

A qualified individual who, in good faith and exercising reasonable care, makes a disclosure of information pursuant to Section 35-1-810 shall be immune from any administrative or civil liability that might otherwise arise from such a disclosure or from the failure to notify an eligible adult of such a disclosure. S.C. Code Ann. § 35-1-820.

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 attorneys’ fees, costs, and litigation expenses, for participating in or materially aiding the financial exploitation of a vulnerable adult. Any such claims shall be asserted by the vulnerable 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 vulnerable adult, by filing a civil action in circuit court. S.C. Code Ann. § 43-35-87(H).

** See Senior Safe Act

* Although care has been taken to ensure the accuracy and completeness of the information provided, EverSafe assumes no responsibility therefore and urges users of the information to check sources before use. Information is updated regularly and subject to change.
** On May 24, 2018, the Senior Safe Act was signed into law on a federal level as part of Economic Growth, Regulatory Relief, and Consumer Protection Act (Pub. Law No: 115-174). The Act is now codified at 12 USC § 3423. It extends immunity from liability to covered financial institutions who disclose suspected financial exploitation of adults 65 years and older to regulatory or law-enforcement agencies.
*** On February 5, 2018, FINRA Rule 2165 was adopted. Rule 2165 allows members to place temporary holds on disbursements of funds or securities from the accounts of a person 1) age 65 or older or 2) 18 years or older who the member reasonably believes has a mental or physical impairment that renders the individual unable to protect his or her own interests, if the member reasonably believes that financial exploitation of the person has occurred, is occurring, has been attempted, or will be attempted.