§ 45-2-1201. Short Title
This part shall be known and may be cited as the “Elderly and Vulnerable Adult Financial Exploitation Prevention Act.”
§ 45-2-1202. Part Definitions
As used in this part, unless the context otherwise requires: “Account” means funds or assets held by a financial service provider, including, but not limited to, a deposit account, savings account, share account, certificate of deposit, trust account, IRA, guardianship or conservatorship account, investment or securities account, retirement account, or loan or extension of credit; […]
§ 45-2-1203. Refusal or Delay of Financial Transaction Due to Suspicion of Financial Exploitation
If a financial service provider has reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted, the financial service provider may, but is not required to, refuse a financial transaction or delay a financial transaction on an account: Of the elderly or vulnerable adult; On which the […]
§ 45-2-1204. List of Contact Persons
A financial service provider may offer to an elderly or vulnerable adult the opportunity to submit and periodically update a list of persons that the elderly or vulnerable adult authorizes the financial service provider to contact when the financial service provider has reasonable cause to suspect that the adult is a victim or a target […]
§ 45-2-1205. Refusal to Accept Power of Attorney Due to Suspicion of Financial Exploitation
A financial service provider may refuse to accept an acknowledged power of attorney if the financial service provider has reasonable cause to suspect that the principal is or may be the victim or target of financial exploitation by the agent or person acting for or with the agent. A financial service provider, or an employee […]
§ 45-2-1206. Legislative Intent
It is the intent of the general assembly in adopting this part to allow financial service providers the discretion to take actions to assist in detecting and preventing financial exploitation without liability. The general assembly recognizes that financial service providers are in a unique position by conducting financial transactions on behalf of and at the […]