Louisiana Revised Statutes 6:1372 – Definitions
Terms Used In Louisiana Revised Statutes 6:1372
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Contract: A legal written agreement that becomes binding when signed.
- 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
- person: includes a body of persons, whether incorporated or not. See Louisiana Revised Statutes 1:10
- Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
As used in this Chapter, the following terms and phrases have the meanings hereinafter ascribed to them:
(1) “Adult protection agency” has the same meaning as defined in La. Rev. Stat. 15:1503.
(2) “Covered agency” means any of the following:
(a) Any federal, state, or local law enforcement agency.
(b) An adult protection agency.
(3) “Covered financial institution” means any bank, credit union, savings bank, savings and loan association, or trust company operating in Louisiana.
(4) “Eligible adult” means any of the following:
(a) Any person sixty years of age or older.
(b) Any person subject to the Adult Protective Services Act as provided in La. Rev. Stat. 15:1501 et seq.
(5) “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.
(b) Any act or omission committed by a person in a representative capacity through trust, power of attorney, act of procuration, contract of mandate, or letters of curatorship of an eligible adult, or by any other means, for any of the following purposes:
(i) Obtaining control over, or depriving an eligible adult of ownership, use, benefit, or possession of his money, assets, or property by deception, intimidation, or undue influence.
(ii) Converting money, assets, or property of an eligible adult.
(6) “Financial transaction” means any of the following as applicable to services provided by a covered financial institution:
(a) A transfer or request to transfer or disburse funds or assets in an account.
(b) A request to initiate a wire transfer, initiate an automated clearing house (ACH) transfer, or issue a money order, cashier’s check, or official check.
(c) A request to negotiate a check or other negotiable instrument.
(d) A request to change the ownership of, or access to, an account.
(e) A request to sell or transfer securities or other assets, or a request to affix a Medallion Stamp or provide any form of guarantee or endorsement in connection with an attempt to sell or transfer securities or other assets, if the person selling or transferring the securities or assets is not required to register pursuant to Louisiana Securities Law as provided in La. Rev. Stat. 51:701 et seq.
(f) A request for a loan, extension of credit, or draw on a line of credit.
(g) A request to encumber any movable or immovable property.
(h) A request to designate or change the designation of beneficiaries to receive any property, benefit, or contract right on the eligible adult’s death.
Acts 2018, No. 434, §1, eff. October 1, 2018.