The proposed bill aims to enhance protections for eligible adults against financial exploitation by establishing a new article in the Code of West Virginia, titled "Banking and Financial Services Provider Protections for Eligible Adults from Financial Exploitation." It outlines the responsibilities and immunities for depository institutions, broker-dealers, and investment advisers when they suspect financial exploitation of eligible adults, defined as individuals aged 65 and older or those with significant mental or functional impairments. The bill allows these financial entities to disclose information to designated state agencies and associated third parties, delay or refuse transactions, and provides them with legal immunity for actions taken in good faith to prevent exploitation.

Key provisions include the authority for financial institutions to notify state agencies if they suspect exploitation, the ability to delay transactions if there is a reasonable belief that exploitation may occur, and the option to inform associated third parties about potential exploitation. The bill also clarifies that these institutions are not required to act against valid customer instructions unless they suspect exploitation. Furthermore, it establishes legal protections for institutions and their employees from civil, criminal, or administrative liability when they act or choose not to act in response to suspected financial exploitation, provided they do not have actual knowledge of exploitation and do not act with malicious intent.