The bill establishes a new article in the Code of West Virginia aimed at protecting eligible adults from financial exploitation by enhancing the responsibilities and protections for depository institutions. It defines "eligible adults" as individuals aged 65 and older or those aged 18 and older with significant mental or functional impairments. The legislation allows depository institutions to disclose financial information to designated state agencies and associated third parties when they suspect financial exploitation. It also grants these institutions the authority to delay or refuse transactions that may pose a risk to eligible adults, while ensuring that they are not required to contravene valid customer instructions.

Additionally, the bill provides legal immunities for depository institutions and their employees when they act in good faith under the provisions of this article, including making disclosures or delaying transactions. It emphasizes the importance of record-keeping and exempts certain disclosures from state privacy laws. The intent of the legislation is to empower financial institutions to intervene in potentially harmful situations while safeguarding the rights and access of eligible adults to their funds.

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
Committee Substitute: 31A-2C-1, 31A-2C-2, 31A-2C-3, 31A-2C-4, 31A-2C-5, 31A-2C-6, 31A-2C-7
Committee Substitute for the Committee Substitute: 31A-2C-1, 31A-2C-2, 31A-2C-3, 31A-2C-4, 31A-2C-5, 31A-2C-6, 31A-2C-7
Enrolled Version: 31A-2C-1, 31A-2C-2, 31A-2C-3, 31A-2C-4, 31A-2C-5, 31A-2C-6, 31A-2C-7