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 provisions that allow depository institutions, broker-dealers, and investment advisers to disclose financial information of eligible adults to designated government agencies and associated third parties when exploitation is suspected. The bill also authorizes these financial entities to delay or refuse transactions that may pose a risk of financial harm to eligible adults, while ensuring that they are not held liable for acting in good faith under these circumstances.

Key definitions are provided within the bill, including what constitutes an "eligible adult" and "financial exploitation." The legislation emphasizes the importance of safeguarding the financial interests of vulnerable individuals, particularly those aged 65 and older or those with significant mental or functional impairments. Additionally, the bill clarifies that compliance with its provisions does not create a private cause of action against financial institutions or their employees, unless there is clear evidence of bad faith. Overall, the bill seeks to empower financial service providers to take proactive measures in preventing financial exploitation while balancing the rights of their customers.

Statutes affected:
Committee Substitute: 31A-2C-1, 31A-2C-2, 31A-2C-3, 31A-2C-4, 31A-2C-5, 31A-2C-6, 31A-2C-7
Engrossed Committee Substitute: 31A-2C-1, 31A-2C-2, 31A-2C-3, 31A-2C-4, 31A-2C-5, 31A-2C-6, 31A-2C-7