Terms Used In Utah Code > Title 7 > Chapter 26 > Part 3 - Permitted Acts to Prevent Financial Exploitation of Vulnerable Adults

• Adult Protective Services: means the same as that term is defined in Section 26B-6-201. See Utah Code 7-26-102
• Commissioner: means the Commissioner of Financial Institutions. See Utah Code 7-1-103
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• 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
• Credit union: means a cooperative, nonprofit association incorporated under:
       (6)(a) Chapter 9, Utah Credit Union Act; or
       (6)(b) Utah Code 7-1-103
• 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
• 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
• 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