The proposed bill aims to establish protections for eligible adults against financial exploitation by creating a new article in the Code of West Virginia, titled "Banking and Financial Services Provider Protections for Eligible Adults from Financial Exploitation." It includes provisions that define key terms, such as "eligible adult," "financial exploitation," and "associated third-party," while also outlining the responsibilities of depository institutions. The bill allows these institutions to disclose financial information to designated state agencies and associated third parties when they suspect financial exploitation. Additionally, it grants depository institutions the authority to delay or refuse transactions that may pose a risk to eligible adults, while also providing exemptions from certain privacy laws.

Furthermore, the bill clarifies that compliance with its provisions does not create a private cause of action against depository institutions or their employees unless there is clear and convincing evidence of bad faith actions contributing to financial exploitation. This legislative effort seeks to balance the need for protecting vulnerable adults with the operational responsibilities of financial institutions, ensuring that eligible adults can access their funds while also allowing institutions to intervene when necessary to prevent exploitation.

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