West Virginia legislation · 2025 Regular Session
West Virginia HB3294: Enacting the Bank Protections for Eligible Adults from Financial Exploitation Act
Status: Passed one chamber, April 1, 2025
The purpose of this bill is to provide banking protections for eligible adults from financial exploitation by permitting depository institutions, broker-dealers, and investment advisors to delay, refuse, or prevent certain activities and financial transactions when an entity or employer suspects financial exploitation of an elder adult or incapacitated adult may be at issue. This bill further permits disclosure of such activity or financial transaction to an eligible adults' authorized third-party as well as a designated state agency.
What the bill says
A bill amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §31A-2C-1, §31A-2C-2, §31A-2C-3, §31A-2C-4, §31A-2C-5, §31A-2C-6, and §31A-2C-7, relating to enacting the Banking and Financial Services Provider Protections for Eligible Adults from Financial Exploitation; providing findings, purpose, and intent to provide immunities to certain persons for government disclosure of information when financial exploitation of an eligible adult is suspected; providing definitions; permitting disclosure of eligible persons financial information to certain third pa.
From the engrossed text, March 27, 2025:
A BILL amend the Code of West Virginia, 1931, as amended, by adding thereto a new article, designated §31A-2C-1, §31A-2C-2, §31A-2C-3, §31A-2C-4, §31A-2C-5, §31A-2C-6, and §31A-2C-7, relating to enacting the Banking and Financial Services Provider Protections for Eligible Adults from Financial Exploitation; providing findings, purpose, and intent to provide immunities to certain persons for government disclosure of information when financial exploitation of an eligible adult is suspected; providing definitions; permitting disclosure of eligible persons financial information to certain third parties and designated government agencies; authorizing depository institutions, broker-dealers, and investment advisors to delay, refuse, or prevent certain activities and transactions to prevent financial exploitation of an eligible adult; and proscribing immunities for depository institutions, broker-dealers, and investment advisors. ARTICLE 2C. BANKING AND FINANCIAL SERVICES PROVIDER PROTECTIONS FOR ELIGIBLE ADULTS FROM FINANCIAL EXPLOITATION. §31A-2C-1. Short title. This article may be cited as "Banking and Financial Services Provider Protections for Eligible Adults from Financial Exploitation". §31A-2C-2. Legislative findings, purpose and intent. (1) The Legislature recognizes that depository institutions, broker-dealers, and investment advisers have duties imposed by law and by contract to conduct customer-directed transactions in a timely manner, and in accordance with their customers' instructions. (2) The Legislature recognizes that customers are increasingly being induced to authorize transactions that are not in their interest. (3) It is the intent of the Legislature …