Bill > SB617

This bill establishes new protections for "eligible adults" (defined as individuals 65 or older, or those 18 or older with a substantial mental or functional impairment and a guardian) from financial exploitation, which is defined as the wrongful taking or use of an eligible adult's money or property, or gaining control of it through deception or undue influence. It allows "depository institutions" (banks and similar financial entities) to delay or refuse certain transactions, such as withdrawals, account changes, or fund transfers, if they suspect financial exploitation is occurring, and requires them to report such suspicions to a "designated state agency" (like the Department of Human Services or the Attorney General). The bill also permits these institutions to notify an "associated third party" (such as a family member or designated contact) about potential exploitation, with exceptions if the third party is suspected of involvement, and these disclosures are exempt from privacy laws. Importantly, banks are not obligated to take these actions and are protected from lawsuits unless they acted in bad faith to further the exploitation.

Budget and Finance, Justice

http://www.wvlegislature.gov/Bill_Status/Bills_history.cfm?input=617&year=2026&sessiontype=RS&btype=bill