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 includes provisions for the disclosure of financial information to designated state agencies and associated third parties when exploitation is suspected. The bill outlines the responsibilities of depository institutions, broker-dealers, and investment advisers, allowing them to delay or refuse transactions if they believe financial exploitation may be occurring. It also provides definitions for key terms such as "eligible adult," "financial exploitation," and "associated third-party."

Additionally, the bill grants immunities to financial institutions and their employees from civil, criminal, or administrative liability when they act in good faith to report suspected exploitation or delay transactions. This immunity applies unless they had actual knowledge of exploitation and acted with malicious intent. The legislation emphasizes the importance of protecting vulnerable adults while ensuring that financial institutions can intervene when necessary without fear of legal repercussions. Overall, the bill seeks to create a safer financial environment for eligible adults by empowering institutions to take action against potential exploitation.