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Panel advances bill to let banks pause suspected scam transfers and record 'trusted contacts' for residents 55 and older
Summary
The Banking & Insurance Subcommittee voted to send H.5162 to the full committee after testimony from bankers, credit unions and the Department of Consumer Affairs; the bill would extend permissive transaction holds and a voluntary "trusted contacts" form to adults 55 and older and include an immunity provision for good‑faith actions by financial institutions.
Neil Rashley, general counsel for the South Carolina Bankers Association, told the Banking & Insurance Subcommittee that H.5162 would extend existing law allowing financial institutions to pause suspect transactions involving vulnerable adults so that the same protections apply to “eligible adults” aged 55 and older. “Right now present law allows banks [and other financial institutions] to stop or halt a transaction if a vulnerable adult is being defrauded,” Rashley said. “This proposal actually will deal with adults that are not vulnerable adults … it’s creating a new chapter in title 34.”
Rashley described core elements of the bill: a permissive authority for institutions to place holds when…
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