SB 617: Banking and Financial Services Provider Protections for Eligible Adults from Financial Exploitation - West Virginia

Committee Substitute for the Committee Substitute → sb617 h fin am _1 adopted.htm · 2 edits

MINOR

The bill text was updated to reflect a formal amendment by the Finance Committee. The primary substantive change is the insertion of the phrase 'and/or refuse' into the authority section, clarifying that banks can not only delay transactions but also outright refuse them when financial exploitation is suspected. This strengthens the bank's ability to stop potential harm immediately rather than just pausing the activity.

Scope change

The scope of the bank's intervention authority was expanded to explicitly include refusing transactions, in addition to delaying them.

REQUIREMENT

Amended Section 5 to clarify that depository institutions have the authority to both delay and refuse transactions or fund withdrawals when financial exploitation is suspected, removing ambiguity about whether refusal was permitted.

TECHNICAL

Added a committee amendment record indicating the specific text changes made on pages 4 and 5 of the bill.

Committee Substitute → Committee Substitute for the Committee Substitute · 5 edits

MODERATE

The bill was revised to expand the number of sponsoring senators and shift the reporting committee from Judiciary to Finance. Substantive changes include adding record-keeping requirements for banks, clarifying that institutions do not have a duty to ignore customer instructions, and replacing a 'no private lawsuit' clause with a specific immunity provision protecting banks from liability if they act in good faith.

Scope change

The bill's scope was expanded to include explicit record-keeping obligations for depository institutions and clarified the legal protections (immunities) for banks acting to prevent financial exploitation.

ELIGIBILITY

The definition of 'eligible adult' was updated to include individuals with mental impairments who have not yet had a guardian appointed, provided the bank has actual knowledge of the impairment.

REQUIREMENT

A new requirement was added mandating that depository institutions maintain internal records of any transaction delays initiated under the new protections.

The legislative intent was strengthened by adding language stating that banks do not have a duty to contravene valid customer instructions.

ENFORCEMENT

The section regarding private lawsuits was replaced with a specific immunity clause, protecting banks from criminal, civil, or administrative liability if they act in good faith according to the article.

DEFINITION

The definition of 'associated third-party' was clarified to explicitly include individuals designated as emergency contacts in writing.

Enrolled Version → Committee Substitute · 3 edits

MINOR

The Committee Substitute version of SB 617 removes the official Enrolled status and replaces the formal legislative text with a website navigation menu and a draft 'Introduced Version' of the bill. This change effectively reverts the document from a finalized, enacted law back to a preliminary draft stage, stripping away all legal authority and specific text.

Scope change

The document's scope has collapsed from a complete, enacted statute to a webpage interface displaying a draft version of the bill, rendering the specific legal text currently unavailable in this file.

ENFORCEMENT

Removed the entire official text of the Banking and Financial Services Provider Protections article, including all definitions, authority to delay transactions, and government disclosure requirements.

TECHNICAL

Added website navigation links (e.g., Senate Roster, House Rules) and a footer indicating the site is maintained by the West Virginia Legislature's Office of Reference & Information.

TIMELINE

Changed the bill status from 'Enrolled' (enacted) to an 'Introduced Version' with a reported date of January 30, 2026, indicating the bill is no longer in its final form.

Introduced Version → Enrolled Version · 4 edits · Mar 14, 2026

MODERATE

The bill was transitioned from a draft 'Introduced Version' to a final 'Enrolled Version' ready for signing. The most significant substantive change is the expansion of the 'Associated third-party' definition to explicitly include parents, spouses, adult children, siblings, and other close family members, allowing banks to notify these individuals if financial exploitation is suspected. Additionally, the bill's text was cleaned of website navigation artifacts and formatting errors present in the draft.

Scope change

The bill's scope regarding who can be notified of potential financial exploitation was broadened to include immediate family members.

DEFINITION

The definition of 'Associated third-party' was expanded to explicitly list parents, spouses, adult children, siblings, and other close family members, in addition to previously listed legal contacts.

The definition of 'Designated state agency' was updated to include the West Virginia Attorney General alongside the Department of Human Services.

TECHNICAL

Substantial non-substantive changes occurred, including the removal of website navigation links, page headers, and formatting artifacts from the draft text to produce a clean final version.

TIMELINE

The effective date was clarified in the enrolled version as '90 days from passage' (specifically June 12, 2026), whereas the draft only mentioned the introduction date.

Banking and Financial Services Provider Protections for Eligible Adults from Financial Exploitation

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