The bill amends the Code of West Virginia to enhance protections against financial exploitation for individuals classified as elderly, protected persons, persons in recovery, or incapacitated adults. It establishes a legal framework that allows these individuals to bring civil actions against those who exploit them financially, defines key terms, and restricts certain defenses based solely on the legal relationship to the victim. The bill also provides for court-authorized remedies, including the ability to freeze assets, award increased damages in specific circumstances, and impose criminal penalties for violations. Notably, the definition of "person in recovery" is included, which refers to individuals actively seeking or receiving treatment for addiction.

Additionally, the bill outlines the penalties for financial exploitation, categorizing offenses based on the amount exploited. For amounts less than $1,000, the offense is classified as a misdemeanor, while amounts of $1,000 or more are felonies, with increased penalties for repeat offenders. The legislation also mandates that financial institutions and other entities report suspected cases of exploitation, ensuring that those who report in good faith are protected from civil liability. Overall, the bill aims to strengthen legal protections and remedies for vulnerable populations against financial exploitation.

Statutes affected:
Introduced Version: 55-7L-1, 55-7L-2, 55-7L-3, 55-7L-4, 55-7L-5, 55-7L-6, 61-2-31
Committee Substitute: 55-7J-1, 55-7J-2, 55-7J-3, 55-7J-5, 55-7J-6, 61-2-29b
Engrossed Committee Substitute: 55-7J-1, 55-7J-2, 55-7J-3, 55-7J-5, 55-7J-6, 61-2-29b