Utah Code 7-26-201. Permitted delay of wire transfers
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(1) This section applies to a wire transfer that transfers money from a consumer account at a covered financial institution.
Terms Used In Utah Code 7-26-201
- Adult Protective Services: means the same as that term is defined in Section 26B-6-201. See Utah Code 7-26-102
- Covered financial institution: means any of the following that operate in the state:(2)(a) a state or federally chartered:(2)(a)(i) bank;(2)(a)(ii) savings and loan association;(2)(a)(iii) savings bank;(2)(a)(iv) industrial bank;(2)(a)(v) credit union;(2)(a)(vi) trust company; or(2)(a)(vii) depository institution; or(2)(b) a financial institution. See Utah Code 7-26-102
- Financial exploitation: means :
(3)(a) the wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or other property of an individual; or(3)(b) an act or omission, including through a power of attorney, guardianship, or conservatorship of an individual, to:(3)(b)(i) obtain control, through deception, intimidation, or undue influence, over the individual's money, assets, or other property to deprive the individual of the ownership, use, benefit, or possession of the individual's money, assets, or other property; or(3)(b)(ii) convert the individual's money, assets, or other property to deprive the individual of the ownership, use, benefit, or possession of the individual's money, assets, or other property. See Utah Code 7-26-102- Financial institution: means an institution subject to the jurisdiction of the department because of this title. See Utah Code 7-1-103
- Institution: means :
(19)(a) a corporation;(19)(b) a limited liability company;(19)(c) a partnership;(19)(d) a trust;(19)(e) an association;(19)(f) a joint venture;(19)(g) a pool;(19)(h) a syndicate;(19)(i) an unincorporated organization; or(19)(j) any form of business entity. See Utah Code 7-1-103- Law enforcement agency: means the same as that term is defined in Section 53-1-102. See Utah Code 7-26-102
- Qualified individual: means :
(5)(a) a branch manager of a covered financial institution; or(5)(b) a director, officer, employee, agent, or other representative that a covered financial institution designates. See Utah Code 7-26-102(2) If a qualified individual reasonably believes that executing a requested wire transfer will result in financial exploitation, the covered financial institution may:(2)(a) delay the wire transfer; and(2)(b) contact:(2)(b)(i) a law enforcement agency;(2)(b)(ii) Adult Protective Services; or(2)(b)(iii) a joint co-owner on the account.(3) The delay of a wire transfer described in Subsection (2) expires when the earlier of the following occurs:(3)(a) the covered financial institution reasonably determines that the wire transfer is not financial exploitation; or(3)(b) 15 business days pass after the day on which the covered financial institution first initiated the delay of the wire transfer. - Financial exploitation: means :