Utah § 61-1-204 Delaying disbursements or transactions.

Utah Statutes

§ 61-1-204 — Delaying disbursements or transactions.

Utah § 61-1-204

Title 61Securities Division - Real Estate Division

Ch. 61-1Utah Uniform Securities Act

Part 61-1-2Protection of Vulnerable Adults from Financial Exploitation Act

This text of Utah § 61-1-204 (Delaying disbursements or transactions.) is published on Counsel Stack Legal Research, covering Utah primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Utah Code Ann. § 61-1-204 (2026).

Text

(1)A broker-dealer or an investment adviser may delay a disbursement or transaction from an eligible adult's account or from an account on which the eligible adult is a beneficiary, if the broker-dealer or investment adviser:

(1)(a) suspects that the disbursement or transaction may result in the financial exploitation of an eligible adult;

(1)(b) initiates an internal review of the disbursement or transaction and the suspected financial exploitation of an eligible adult;

(1)(c) after initiating the internal review, reasonably believes that the disbursement or transaction may result in the financial exploitation of an eligible adult;

(1)(d) within two business days after the day on which the disbursement or transaction is delayed, provides written notification of the delay and the reason

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(1) A broker-dealer or an investment adviser may delay a disbursement or transaction from an eligible adult's account or from an account on which the eligible adult is a beneficiary, if the broker-dealer or investment adviser:

(1)(a) suspects that the disbursement or transaction may result in the financial exploitation of an eligible adult;
(1)(b) initiates an internal review of the disbursement or transaction and the suspected financial exploitation of an eligible adult;
(1)(c) after initiating the internal review, reasonably believes that the disbursement or transaction may result in the financial exploitation of an eligible adult;
(1)(d) within two business days after the day on which the disbursement or transaction is delayed, provides written notification of the delay and the reason for the delay to:
(1)(d)(i) each party authorized to transact business on the account, unless the party is reasonably believed to have engaged in suspected or attempted financial exploitation of the eligible adult;
(1)(d)(ii) the division; and
(1)(d)(iii) Adult Protective Services;
(1)(e) continues the broker-dealer's or investment adviser's internal review of the suspected or attempted financial exploitation of the eligible adult, as necessary; and
(1)(f) upon request, provides a timely report on the status and results of the internal review to the division or Adult Protective Services.
(2) Except as provided in Subsection (3), a delay of a disbursement or transaction under Subsection (1) expires the earlier of:

(2)(a) the day on which the broker-dealer or investment adviser determines that the disbursement or transaction will not result in the financial exploitation of an eligible adult; or
(2)(b) 15 business days after the day on which the broker-dealer or investment adviser initially delayed the disbursement or transaction.
(3) If an internal review described in Subsection (1) supports a reasonable belief that a person has engaged in or attempted to engage in the financial exploitation of an eligible adult, the division or Adult Protective Services may extend the delay of the disbursement or transaction under Subsection (1) as reasonably necessary.
(4) A court of competent jurisdiction may enter an order terminating or extending a delay under this section or granting other protective relief.