The proposed bill aims to enhance protections for eligible adults against financial exploitation by establishing a framework for depository institutions, broker-dealers, and investment advisers. It introduces a new article to the Code of West Virginia, titled "Banking and Financial Services Provider Protections for Eligible Adults from Financial Exploitation." The bill outlines the responsibilities of financial institutions when they suspect financial exploitation, allowing them to delay or refuse transactions, notify designated state agencies, and disclose information to associated third parties. It also provides definitions for key terms such as "eligible adult," "financial exploitation," and "associated third-party," ensuring clarity in the application of the law.

Additionally, the bill includes provisions for immunities, protecting financial institutions and their employees from civil, criminal, or administrative liability when they act in good faith to prevent financial exploitation. This immunity applies to disclosures made to state agencies or associated third parties, as well as actions taken to delay or refuse transactions. The legislation emphasizes that while financial institutions are encouraged to intervene in suspected cases of exploitation, they are not required to contravene valid customer instructions. Overall, the bill seeks to empower financial institutions to act in the best interest of vulnerable adults while providing them with legal protections.

Statutes affected:
Introduced Version: 31A-2C-1, 31A-2C-2, 31A-2C-3, 31A-2C-4, 31A-2C-5, 31A-2C-6, 31A-2C-7