South Dakota Senate Bill SB208

South Dakota 2023 Regular Session

• Introduced: 2/1/23
• Refer: 2/1/23

Caption

Require financial institutions to report exploitation of an elder or an adult with a disability.

Impact

If enacted, SB208 would have significant implications for financial institutions, specifically outlining their obligations to monitor and report potential incidences of exploitation related to elder and disabled clients. This could lead to increased training and operational changes within these institutions to properly identify and report suspicious activities. Furthermore, the clause that provides immunity from civil or criminal liability for those that report in good faith serves to encourage compliance and protect institutions from potential repercussions of reporting.

Summary

Senate Bill 208 is an act that requires financial institutions in South Dakota to report instances of exploitation of elders and adults with disabilities. The bill amends existing regulations to mandate that any suspicious activity report that involves potential exploitation must be submitted not only to the relevant authorities but specifically to the attorney general's office. This requirement aims to enhance the safety and protection of vulnerable individuals within the community by ensuring that financial institutions take an active role in reporting any exploitation they might detect.

Contention

The discussion surrounding SB208 highlights some potential areas of contention. While the majority may agree on the necessity to protect vulnerable adults from financial exploitation, there may be concerns regarding the implications of increased reporting requirements for financial institutions. Critics could argue that these requirements may place an additional burden on institutions, especially smaller ones, and could lead to over-reporting or misunderstandings of what constitutes exploitation. Balancing effective protection measures with the operational realities of these institutions will likely be a key point of discussion as the bill moves forward.