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 definitions and provisions that allow depository institutions, broker-dealers, and investment advisers to disclose financial information of eligible adults to designated state 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 provisions include the establishment of a framework for reporting suspected financial exploitation to designated state agencies, the ability to delay or refuse transactions based on reasonable suspicion, and the option to notify associated third parties about potential exploitation. Importantly, 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. This legislative effort seeks to balance the need for timely financial transactions with the imperative of protecting vulnerable adults from exploitation.

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