Section 201 – Permitted delay of wire transfers.
Effective 5/12/2020 7-26-201. Permitted delay of wire transfers. (1) This section applies to a wire transfer that transfers money from a consumer account at a covered financial institution. (2) If a qualified individual reasonably believes that executing a requested wire transfer will result in financial exploitation, the covered financial institution may: (a) delay the wire […]
Section 202 – Office of the Attorney General website.
Effective 5/12/2020 7-26-202. Office of the Attorney General website. The Office of the Attorney General shall post on the Office of the Attorney General’s website up-to-date information regarding financial scams, including: (1) the most prominent and common characteristics of financial scams; (2) current or trending financial scams; (3) resources for a vulnerable adult who suspects […]
Section 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 […]
Section 302 – Permitted notifications.
Effective 5/12/2020 7-26-302. Permitted notifications. (1) A covered financial institution may notify a law enforcement agency or Adult Protective Services if a qualified individual believes that the 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 covered financial […]
Section 401 – Immunity.
Effective 5/12/2020 7-26-401. Immunity. (1) A covered financial institution or a director, officer, employee, attorney, accountant, agent, or other representative of the covered financial institution: (a) has no duty to act under this chapter to protect a vulnerable adult from financial exploitation by a third person; and (b) is immune from all criminal, civil, and […]