Louisiana Revised Statutes 6:1373 – Notices
Terms Used In Louisiana Revised Statutes 6:1373
- Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
- Covered agency: means any of the following:
(a) Any federal, state, or local law enforcement agency. See Louisiana Revised Statutes 6:1372
- Covered financial institution: means any bank, credit union, savings bank, savings and loan association, or trust company operating in Louisiana. See Louisiana Revised Statutes 6:1372
- Eligible adult: means any of the following:
(a) Any person sixty years of age or older. See Louisiana Revised Statutes 6:1372
- 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
A. A covered financial institution may notify any covered agency if the covered financial institution believes that the financial exploitation of an eligible adult is occurring, has or may have occurred, or is being attempted, or has been, or may have been attempted.
B. A covered financial institution may notify any third party reasonably associated with the eligible adult if the covered financial institution believes that the financial exploitation of an eligible adult is occurring, has or may have occurred, or is being attempted, or has been, or may have been attempted. A third party reasonably associated with the eligible adult includes but is not limited to all of the following:
(1) A parent, spouse, adult child, sibling, or other known family member or close associate of an eligible adult.
(2) An authorized contact provided by the eligible adult to the covered financial institution.
(3) A co-owner, additional authorized signatory, or beneficiary on the eligible adult’s account.
C. A covered financial institution may choose not to notify any third party reasonably associated with the eligible adult of suspected financial exploitation of the eligible adult, if the covered financial institution believes such third party is, may be, or may have been engaged in financial exploitation of the eligible adult.
D. A covered financial institution shall make a reasonable effort, at least annually, to notify all employees of the covered financial institution of their ability to report potential financial exploitation of an eligible adult to personnel within the covered financial institution.
Acts 2018, No. 434, §1, eff. October 1, 2018.