Louisiana Revised Statutes 6:1371 – Legislative intent
Terms Used In Louisiana Revised Statutes 6:1371
- Contract: A legal written agreement that becomes binding when signed.
- Financial exploitation: means any of the following:
(a) The wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, beneficial ownership interest, or property of an eligible adult. See Louisiana Revised Statutes 6:1372
It is the intent of the legislature in enacting this Chapter to allow covered financial institutions the discretion to take actions to assist in detecting and preventing financial exploitation without liability. The legislature recognizes that covered financial institutions are in a unique position by conducting financial transactions on behalf of and at the request of their customers. Covered financial institutions have duties imposed by contract and duties imposed by both federal and state law to conduct financial transactions requested by their customers faithfully and timely in accordance with the customer’s instructions. Further, covered financial institutions do not have a duty to contravene the valid instructions of their customers, nor to prevent criminal activity directed at their customers, and nothing in this Chapter creates such a duty.
Acts 2018, No. 434, §1, eff. October 1, 2018.