§ 6:1372 — Definitions

Louisiana § 6:1372

• Jurisdiction: Louisiana
• Title 6: Banks and Banking

Text

§1372. Definitions
As used in this Chapter, the following terms and phrases have the meanings
hereinafter ascribed to them:
(1) "Adult protection agency" has the same meaning as defined in R.S. 15:1503.
(2) "Covered agency" means any of the following:
(a) Any federal, state, or local law enforcement agency.
(b) An adult protection agency.
(3) "Covered financial institution" means any bank, credit union, savings bank,
savings and loan association, or trust company operating in Louisiana.
(4) "Eligible adult" means any of the following:
(a) Any person sixty years of age or older.
(b) Any person subject to the Adult Protective Services Act as provided in R.S.
15:1501 et seq.
(5) "Financial exploitation" means any of the following:
(a) The wrongful or unauthorized taking, withholding, appropriation, or use of
money, assets, beneficial ownership interest, or property of an eligible adult.
(b) Any act or omission committed by a person in a representative capacity through
trust, power of attorney, act of procuration, contract of mandate, or letters of curatorship of
an eligible adult, or by any other means, for any of the following purposes:
(i) Obtaining control over, or depriving an eligible adult of ownership, use, benefit,
or possession of his money, assets, or property by deception, intimidation, or undue
influence.
(ii) Converting money, assets, or property of an eligible adult.
(6) "Financial transaction" means any of the following as applicable to services
provided by a covered financial institution:
(a) A transfer or request to transfer or disburse funds or assets in an account.
(b) A request to initiate a wire transfer, initiate an automated clearing house (ACH)
transfer, or issue a money order, cashier's check, or official check.
(c) A request to negotiate a check or other negotiable instrument.
(d) A request to change the ownership of, or access to, an account.
(e) A request to sell or transfer securities or other assets, 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 securities or other assets, if the person selling or transferring the
securities or assets is not required to register pursuant to Louisiana Securities Law as
provided in R.S. 51:701 et seq.
(f) A request for a loan, extension of credit, or draw on a line of credit.
(g) A request to encumber any movable or immovable property.
(h) A request to designate or change the designation of beneficiaries to receive any
property, benefit, or contract right on the eligible adult's death.

Legislative History

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