                                 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.