Section 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 transfer; and
  • (b) contact:
    • (i) a law enforcement agency;
    • (ii) Adult Protective Services; or
    • (iii) a joint co-owner on the account.

• (3) The delay of a wire transfer described in Subsection (2) expires when the earlier of the following occurs:
  • (a) the covered financial institution reasonably determines that the wire transfer is not financial exploitation; or
  • (b) 15 business days pass after the day on which the covered financial institution first initiated the delay of the wire transfer.

Enacted by Chapter 228, 2020 General Session