The proposed bill aims to enhance protections for eligible adults against financial exploitation by establishing a new article in the Code of West Virginia. It introduces the "Banking and Financial Services Provider Protections for Eligible Adults from Financial Exploitation," which outlines the responsibilities and immunities of depository institutions, broker-dealers, and investment advisers when they suspect financial exploitation. The bill allows these entities to disclose financial information to designated state agencies and associated third parties, and grants them the authority to delay or refuse transactions that may pose a risk to eligible adults. The legislation also clarifies that it does not impose a duty on financial institutions to contravene valid customer instructions.

Additionally, the bill provides legal immunities for financial institutions and their employees when they act in good faith to report suspected exploitation or delay transactions. It specifies that they will not face civil, criminal, or administrative liability unless they had actual knowledge of exploitation and acted with malicious intent. The definitions of key terms such as "eligible adult," "financial exploitation," and "associated third-party" are also included to ensure clarity in the application of the law. Overall, the bill seeks to empower financial service providers to take proactive measures in protecting vulnerable adults from financial harm while providing them with legal protections for their actions.