Utah Code 7-26-301. Delay of a transaction involving a vulnerable adult
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(1) A covered financial institution may delay a transaction involving a vulnerable adult, if:
Terms Used In Utah Code 7-26-301
- 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- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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- Transaction: means any of the following services that a covered financial institution provides:
(7)(a) a transfer or request to transfer or disburse funds or assets in an account;(7)(b) a request to initiate a wire transfer, initiate an automated clearinghouse transfer, or issue a money order, cashier's check, or official check;(7)(c) a request to negotiate a check or other negotiable instrument;(7)(d) a request to change the ownership of, or access to, an account;(7)(e) a request to sell or transfer a security or other asset, 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 a security or other asset, if the person selling or transferring the security or asset is not required to obtain a license under Section 61-1-3;(7)(f) a request for a loan, extension of credit, or draw on a line of credit;(7)(g) a request to encumber any movable or immovable property; or(7)(h) a request to designate or change the designation of beneficiaries to receive any property, benefit, or contract right. See Utah Code 7-26-102- Vulnerable adult: means :
(8)(a) an individual who is 65 years old or older; or(8)(b) the same as that term is defined in Section 26B-6-201. See Utah Code 7-26-102(1)(a) a qualified individual reasonably believes that executing the requested transaction will result in financial exploitation of the vulnerable adult; or(1)(b) a law enforcement agency provides the covered financial institution information demonstrating that it is reasonable to believe that financial exploitation of a vulnerable adult is occurring, has or may have occurred, is being attempted, or has been or may have been attempted.(2)(2)(a) A covered financial institution that delays a transaction in accordance with Subsection (1):(2)(a)(i) except as provided in Subsection (2)(b), shall no later than two business days after the day on which the transaction is delayed, send notice of the delay and the reason for the delay to each party:(2)(a)(i)(A) authorized to transact business on the account; and(2)(a)(i)(B) for which the covered financial institution has contact information;(2)(a)(ii) may send notice of the delay, the reason for the delay, or any additional information about the transaction to:(2)(a)(ii)(A) a law enforcement agency; or(2)(a)(ii)(B) Adult Protective Services.(2)(b) A covered financial institution may:(2)(b)(i) decide not to provide notice to a party described in Subsection (2)(a)(i) if a qualified individual reasonably believes the party has engaged in attempted financial exploitation of the vulnerable adult; or(2)(b)(ii) send a notice described in Subsection (2)(a) electronically.(3)(3)(a) Except as provided in Subsection (3)(b), the delay of a transaction described in Subsection (1) expires when the earlier of the following occurs:(3)(a)(i) the covered financial institution reasonably determines that the transaction will not result in financial exploitation of a vulnerable adult; or(3)(a)(ii) 15 business days pass after the day on which the covered financial institution first initiated the delay of the transaction.(3)(b)(3)(b)(i) If a covered financial institution receives a request from a law enforcement agency to extend the delay of a transaction beyond the expiration date established in Subsection (3)(a), the covered financial institution may extend the delay no more than 25 business days after the day on which the covered financial institution first initiated the delay.(3)(b)(ii) A court of competent jurisdiction may enter an order:(3)(b)(ii)(A) extending or shortening the delay of a transaction; or(3)(b)(ii)(B) providing relief based on the petition of the covered financial institution, law enforcement agency, or an interested party. - Financial exploitation: means :