(1) A covered financial institution may notify a law enforcement agency or Adult Protective Services if a qualified individual 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.

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Terms Used In Utah Code 7-26-302

  • 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
  • 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
  • Third party associated with a vulnerable adult: means an individual:
         (6)(a) who is a parent, spouse, adult child, sibling, or other known family member of a vulnerable adult;
         (6)(b) whom a vulnerable adult authorizes the financial institution to contact;
         (6)(c) who is a co-owner, additional authorized signatory, or beneficiary on a vulnerable adult's account; or
         (6)(d) who is an attorney, trustee, conservator, guardian or other fiduciary whom a court or a government agency selects to manage some or all of the financial affairs of the vulnerable adult. 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
(2) A covered financial institution may notify a third party associated with a vulnerable adult if a qualified individual believes that the financial exploitation of the vulnerable adult is occurring, has or may have occurred, is being attempted, or has been or may have been attempted.
(3) A covered financial institution may choose not to notify a third party associated with a vulnerable adult as described in Subsection (2), if a qualified individual reasonably believes that the third party is, may be, or may have been engaged in the financial exploitation of the vulnerable adult.