§ 7-26-301 — Delay of a transaction involving a vulnerable adult.

Utah § 7-26-301

• Jurisdiction: Utah
• Title 7: Financial Institutions Act
• Ch. 7-26: Financial Exploitation Prevention Act
• Part 7-26-3: Permitted Acts to Prevent Financial Exploitation of Vulnerable Adults

Text

(1) A covered financial institution may delay a transaction involving a vulnerable adult, if:

(1)(a) a qualified individual reasonably believes that executing the requested transaction will result in financial exploitation of the vulnerable adult; or
(1)(b) a law enforcement agency provides the covered financial institution information demonstrating that it is reasonable to believe that financial exploitation of a vulnerable adult is occurring, has or may have occurred, is being attempted, or has been or may have been attempted.
(2) (2)(a) A covered financial institution that delays a transaction in accordance with Subsection (1):
(2)(a)(i) except as provided in Subsection (2)(b), shall no later than two business days after the day on which the transaction is delayed, send notice of the delay and the reason for the delay to each party:

(2)(a)(i)(A) authorized to transact business on the account; and
(2)(a)(i)(B) for which the covered financial institution has contact information;
(2)(a)(ii) may send notice of the delay, the reason for the delay, or any additional information about the transaction to:

(2)(a)(ii)(A) a law enforcement agency; or
(2)(a)(ii)(B) Adult Protective Services.
(2)(b) A covered financial institution may:
(2)(b)(i) decide not to provide notice to a party described in Subsection (2)(a)(i) if a qualified individual reasonably believes the party has engaged in attempted financial exploitation of the vulnerable adult; or
(2)(b)(ii) send a notice described in Subsection (2)(a) electronically.
(3) (3)(a) Except as provided in Subsection (3)(b), the delay of a transaction described in Subsection (1) expires when the earlier of the following occurs:
(3)(a)(i) the covered financial institution reasonably determines that the transaction will not result in financial exploitation of a vulnerable adult; or
(3)(a)(ii) 15 business days pass after the day on which the covered financial institution first initiated the delay of the transaction.
(3)(b) (3)(b)(i) If a covered financial institution receives a request from a law enforcement agency to extend the delay of a transaction beyond the expiration date established in Subsection (3)(a), the covered financial institution may extend the delay no more than 25 business days after the day on which the covered financial institution first initiated the delay.
(3)(b)(ii) A court of competent jurisdiction may enter an order:

(3)(b)(ii)(A) extending or shortening the delay of a transaction; or
(3)(b)(ii)(B) providing relief based on the petition of the covered financial institution, law enforcement agency, or an interested party.

Legislative History

Enacted by Chapter 228, 2020 General Session