                                 CODE OF VIRGINIA

REPORTING FINANCIAL EXPLOITATION OF ELDERLY OR VULNERABLE ADULTS (§ 6.2-103.2)

A. As used in this section, unless the context requires a different meaning:
			&#8220;Elderly or vulnerable adult&#8221; has the same meaning as provided
for &#8220;adult&#8221; in &#xA7; 63.2-1603.
			&#8220;Financial exploitation&#8221; and &#8220;financial institution
staff&#8221; have the same meanings as provided for those terms in &#xA7;
63.2-1603, except that for the purposes of this section, &#8220;financial
institution staff&#8221; shall not include an employee, agent, qualified
individual, or representative of an investment company, investment advisor,
securities firm, accounting firm, or insurance company.

B. 1. A financial institution may offer to an elderly or vulnerable adult the
opportunity to submit and update a list of trusted persons that such elderly or
vulnerable adult authorizes the financial institution or financial institution
staff to contact when such financial institution or financial institution staff
has reasonable cause to suspect that such elderly or vulnerable adult is a
victim or target of financial exploitation.

   2. Notwithstanding subdivision 1, a financial institution or financial
   institution staff with reasonable cause to suspect that an elderly or
   vulnerable adult is a victim or target of financial exploitation may convey
   the suspicion to one or more of the following, provided that the recipient of
   such conveyance is not the suspected perpetrator of financial exploitation:
   				a. Any person on the trusted contact list described in subdivision 1, if
   such a list has been provided;
   				b. A co-owner, additional authorized signatory, or beneficiary on any
   account that the elderly or vulnerable adult holds with the financial
   institution;
   				c. Any person known by the financial institution or financial institution
   staff to be reasonably associated with an elderly or vulnerable adult,
   including a family member, except that a financial institution shall only
   contact such reasonably associated person if (i) such financial institution is
   unable to contact any of the other permitted recipients listed in this
   subdivision and (ii) the elderly or vulnerable adult is unable to designate a
   trusted contact; or
   				d. An agent under a valid power of attorney.

   3. When providing information under this subsection, a financial institution
   or financial institution staff may limit the information provided and disclose
   only that there is reasonable cause to suspect that the elderly or vulnerable
   adult may be a victim or target of financial exploitation without disclosing
   any other details or confidential, personal, or financial information.

   4. A financial institution or financial institution staff shall be immune from
   any civil or administrative liability for any act taken or omission made in
   good faith and in accordance with the provisions of this subsection.
   Information shared pursuant to this subsection is exempt from any customer
   consent or customer notice requirements.

C. 1. A financial institution or third party selected by a financial institution
may provide training relating to identifying and reporting the suspected
financial exploitation of an elderly or vulnerable adult as described in
subdivision 2 to financial institution staff who may (i) come into contact with
elderly or vulnerable adults in the course of employment or (ii) review the
financial documents, records, or transactions of an elderly or vulnerable adult
in connection with providing financial services to such elderly or vulnerable
adult.

   2. The content of any training provided by a financial institution relating to
   identifying and reporting suspected financial exploitation of an elderly or
   vulnerable adult shall:
   				a. Be maintained by such financial institution and be made available to
   the financial regulatory agency with examination authority over such financial
   institution upon request, except that a financial institution shall not be
   required to maintain or make available such content relating to any individual
   who is no longer employed by or affiliated or associated with such financial
   institution;
   				b. Instruct individuals attending such training on how to identify the
   suspected financial exploitation of an elderly or vulnerable adult, including
   common signs of financial exploitation, and how to report such suspected
   financial exploitation internally at such financial institution, to a
   designated trusted contact, and to the Federal Bureau of Investigation (FBI),
   the local department of social services of the county or city wherein such
   elderly or vulnerable adult resides or where such suspected financial
   exploitation occurs, the adult protective services hotline, and local
   law-enforcement authorities;
   				c. Discuss the need to protect the privacy and respect the integrity of
   each customer of such financial institution; and
   				d. Be appropriate to the job responsibilities of the individuals attending
   such training.

   3. A financial institution that conducts such training as provided in
   subdivision 2 shall maintain records of all financial institution staff who
   complete such training and the date of such completion. Such financial
   institution shall make such records available to the financial regulatory
   agency with examination authority over such financial institution upon
   request.

D. Financial institution staff who reasonably believe that the financial
exploitation of an elderly or vulnerable adult may have occurred, may have been
attempted, or is being attempted may report such suspected financial
exploitation to the FBI, the local department of social services of the county
or city wherein such elderly or vulnerable adult resides or where such suspected
financial exploitation occurs, the adult protective services hotline, or local
law-enforcement authorities. In support of such a report, the financial
institution shall cooperate in any investigation and provide financial records
and information relevant to such investigation in conformance with &#xA7;
6.2-103.1. No record disclosed pursuant to this subsection shall be subject to
the mandatory disclosure provisions of the Virginia Freedom of Information Act
(&#xA7; 2.2-3700 et seq.).

E. No financial institution staff who have received the training described in
subsection C shall be liable, including in any civil or administrative
proceeding, for disclosing the suspected financial exploitation of an elderly or
vulnerable adult pursuant to this section if such disclosure was made in good
faith and with reasonable care. No financial institution that has provided the
training described in subsection C shall be liable for any such disclosure by
financial institution staff.

F. The provisions of this section applicable to financial institutions may be
applied to national banking associations, federal savings banks, federal savings
and loan associations, or institutions chartered or organized as a federal
credit union under the laws of the United States, to the extent that such
entities have voluntarily implemented the requirements of this section and
provided that any such provision is not expressly preempted by federal law,
rule, regulation, or order.

HISTORY: 2024, cc. 530, 578.