HB1238

HB1238 creates new legal protections for South Dakota banks and credit unions that take action to prevent financial scams targeting seniors and vulnerable adults. Financial institutions can now refuse suspicious transactions or freeze accounts when they reasonably believe exploitation is occurring, and they're protected from lawsuits for doing so (as long as the account holder or a consenting adult has authorized the bank to monitor for fraud). The law defines financial exploitation to include theft, fraud, or misuse of power of attorney, conservatorship, or guardianship to steal money or assets from vulnerable people.

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