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, delay or refuse transactions, and notify associated third parties if exploitation is suspected, while also providing them with legal immunity from civil, criminal, or administrative liability under certain conditions.

Key provisions include the authority for financial institutions to intervene in transactions that may harm eligible adults, the ability to notify third parties about suspected exploitation, and the establishment of immunities for actions taken in good faith to protect vulnerable individuals. The bill emphasizes that while financial institutions have the discretion to act, they are not required to contravene valid customer instructions unless there is a reasonable belief of financial exploitation. Overall, the legislation seeks to balance the need for timely financial transactions with the imperative to protect eligible adults from potential harm.