Utah § 7-26-301 - Delay of a transaction involving a vulnerable adult.
Full text of Utah Utah Code § 7-26-301 — Delay of a transaction involving a vulnerable adult., with citation guidance and answers to common questions.
§ 7-26-301. Delay of a transaction involving a vulnerable adult.
Effective 5/12/2020 7-26-301.
Delay of a transaction involving a vulnerable adult.
(1)
A covered financial institution may delay a transaction involving a vulnerable adult, if:
(a)
a qualified individual reasonably believes that executing the requested transaction will result in financial exploitation of the vulnerable adult; or
(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)
(a)
A covered financial institution that delays a transaction in accordance with Subsection (1):
(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:
(A)
authorized to transact business on the account; and
(B)
for which the covered financial institution has contact information;
(ii)
may send notice of the delay, the reason for the delay, or any additional information about the transaction to:
(A)
a law enforcement agency; or
(B)
Adult Protective Services.
(b)
A covered financial institution may:
(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
(ii)
send a notice described in Subsection (2)(a) electronically.
(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:
(i)
the covered financial institution reasonably determines that the transaction will not result in financial exploitation of a vulnerable adult; or
(ii)
15 business days pass after the day on which the covered financial institution first initiated the delay of the transaction.
(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.
(ii)
A court of competent jurisdiction may enter an order:
(A)
extending or shortening the delay of a transaction; or
(B)
providing relief based on the petition of the covered financial institution, law enforcement agency, or an interested party.
Section 7-26-301 ("Delay of a transaction involving a vulnerable adult.") is part of the Utah Code, the codified statutory law of Utah. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Utah § 7-26-301?
A common citation format is "Utah Code § 7-26-301" (Utah). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Utah law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Utah official source linked on this page or consult a licensed Utah attorney.
How does Utah § 7-26-301 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Utah can advise on how this section applies to you. Contact your state or local bar association for a referral.
