§ 6:1371 — Legislative intent

§1371. Legislative intent
It is the intent of the legislature in enacting this Chapter to allow covered financial
institutions the discretion to take actions to assist in detecting and preventing financial
exploitation without liability. The legislature recognizes that covered financial institutions
are in a unique position by conducting financial transactions on behalf of and at the request
of their customers. Covered financial institutions have duties imposed by contract and duties
imposed by both federal and state law to conduct financial transactions requested by their
customers faithfully and timely in accordance with the customer's instructions. Further,
covered financial institutions do not have a duty to contravene the valid instructions of their
customers, nor to prevent criminal activity directed at their customers, and nothing in this
Chapter creates such a duty.

Legislative History

Acts 2018, No. 434, §1, eff. October 1, 2018.