The proposed bill aims to enhance protections for vulnerable adults against financial exploitation by establishing new legal frameworks under two chapters: Chapter 167D 1/2 and Chapter 110I. It defines key terms such as "eligible adult," "financial exploitation," and "qualified individual," and outlines the responsibilities of financial institutions and qualified individuals when they suspect financial exploitation. Specifically, if a financial institution or qualified individual has reasonable cause to believe that exploitation may be occurring, they are authorized to notify relevant agencies and may delay or stop transactions to protect the eligible adult's assets. The bill also provides immunity from civil or administrative liability for those who act in good faith while complying with these provisions.

Additionally, the bill allows for the court to order financial institutions to provide access to records related to suspected financial exploitation and establishes procedures for extending delays on transactions if necessary. It emphasizes that any records shared with agencies will not be considered public records, ensuring confidentiality. The legislation also clarifies that the authority of the secretary of the Commonwealth to investigate potential violations remains intact, and it includes provisions for civil claims against individuals who materially aid in financial exploitation, ensuring that protections are robust and comprehensive.