HB 3294
Enacting the Bank Protections for Eligible Adults from Financial Exploitation Act
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- Passed House of Delegates
- Passed Senate
- To Governor
- Became Law
Bill overview
This bill, the Bank Protections for Eligible Adults from Financial Exploitation Act, aims to safeguard vulnerable adults from financial abuse. It establishes new legal protections for eligible adults (defined as individuals 65 or older, or those with significant impairments) by allowing financial institutions, broker-dealers, and investment advisors to delay or refuse transactions they suspect may be part of financial exploitation. The bill also permits disclosure of financial information to designated state agencies and authorized third parties under specific circumstances, while providing immunities to these institutions to protect them from liability when acting in good faith to prevent exploitation.
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