Montana Code 32-1-1502. Notices
32-1-1502. Notices. (1) A covered financial institution may notify any covered agency if the covered financial institution believes that the financial exploitation of a vulnerable adult is occurring, has or may have occurred, is being attempted, or has been or may have been attempted.
Terms Used In Montana Code 32-1-1502
- Attorney-in-fact: A person who, acting as an agent, is given written authorization by another person to transact business for him (her) out of court.
- 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
- Fiduciary: A trustee, executor, or administrator.
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Trustee: A person or institution holding and administering property in trust.
(2)A covered financial institution may notify any third party reasonably associated with a vulnerable adult if the covered financial institution believes that the financial exploitation of a vulnerable adult is occurring, has or may have occurred, is being attempted, or has been or may have been attempted. A third party reasonably associated with a vulnerable adult includes but is not limited to the following:
(a)a parent, spouse, adult child, sibling, or other known family member or close associate of a vulnerable adult;
(b)an authorized contact provided by a vulnerable adult to the covered financial institution;
(c)a co-owner, additional authorized signatory, or beneficiary on a vulnerable adult’s account; and
(d)an attorney-in-fact, trustee, conservator, guardian, or other fiduciary who has been selected by the vulnerable adult, a court, a governmental agency, or a third party to manage some or all of the financial affairs of the vulnerable adult.
(3)A covered financial institution may choose not to notify any third party reasonably associated with a vulnerable adult of suspected financial exploitation of the vulnerable adult if the covered financial institution believes the third party is, may be, or may have been engaged in the financial exploitation of the vulnerable adult.
(4)A covered financial institution shall make a reasonable effort, at least annually, to notify the appropriate employees of the covered financial institution of their ability to report potential financial exploitation of a vulnerable adult to personnel within the covered financial institution.