7-26-201. Permitted delay of wire transfers.
141 words·~1 min read·
/ut/title-7/chapter-26/7-26-201A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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 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