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.

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. This legislative measure is designed to empower financial service providers to take necessary actions to protect vulnerable adults while balancing their obligations to conduct transactions as directed by customers. Overall, the bill seeks to create a safer financial environment for eligible adults by providing tools and protections against potential 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