West Virginia SB617: Banking and Financial Services Provider Protections for Eligible Adults from Financial Exploitation

What the bill says

An act to amend the Code of West Virginia, 1931, as amended, by adding 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 establishing the Banking and Financial Services Provider Protections for Eligible Adults from Financial Exploitation article; providing findings, purpose, and intent; defining terms; permitting disclosure of eligible persons financial information to certain third parties; requiring disclosure to designated state agency; authorizing depository institutions to delay, refuse, or prevent certain activities and.

From the enrolled text, March 14, 2026:

AN ACT to amend the Code of West Virginia, 1931, as amended, by adding 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 establishing the Banking and Financial Services Provider Protections for Eligible Adults from Financial Exploitation article; providing findings, purpose, and intent; defining terms; permitting disclosure of eligible persons financial information to certain third parties; requiring disclosure to designated state agency; authorizing depository institutions to delay, refuse, or prevent certain activities and transactions to prevent financial exploitation of an eligible adult; providing for record keeping; providing exemption from certain privacy laws; and proscribing immunities for depository institutions. 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. (a) The Legislature recognizes that depository institutions have duties imposed by law and by contract to conduct customer-directed transactions in a timely manner, and in accordance with their customers' instructions. (b) The Legislature recognizes that customers are increasingly being induced to authorize transactions that are not in their interest. (c) It is the intent of the Legislature (2) Provide depository institutions with the tools and protections to intervene in customer-directed transactions when, in their discretion, the …