United States — Utah Act or statute

United States — Utah legislation

Utah Code § 7-26-102, 2020

This section defines terms used in the chapter, including covered financial institution, financial exploitation, qualified individual, third party associated with a vulnerable adult, transaction, and vulnerable adult.

Source excerpt

account accessaccount administrationadult protective servicescreditcredit unionelder abusefinancial exploitationfinancial institutionsfinancial servicesfund transfersownership transfer requestpaymentspropertysecurities transactions

Jurisdiction: United States — Utah
Status: In force
Official identity: Year 2020
Dates: Enacted 2020

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Dates: Enacted 2020

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“This section defines terms used in the chapter, including covered financial institution, financial exploitation, qualified individual, third party associated with a vulnerable adult, transaction, and vulnerable adult.”

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Definitions.

Section 7-26-102

Subsection 7-26-102(2)(a)(vi)

trust company; or

Section 7-26-102(2)(a)(vi)

Subsection 7-26-102(5)(a)

Mentions a branch manager of a covered financial institution.

Section 7-26-102(5)(a)

Subsection 7-26-102(7)(b)

a request to initiate a wire transfer, initiate an automated clearinghouse transfer, or issue a money order, cashier's check, or official check;

Section 7-26-102(7)(b)

Subsection 7-26-102(8)(b)

This term is defined by reference to Section 26B-6-201.

Section 7-26-102(8)(b)

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Source record from le.utah.gov · Enacted 2020

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Showing 38 of 38 provisions

Provision 37Interpretation

Part 7-26-1

part 7-26-1 General Provisions

§ 7-26-102Definitions.Interpretation

Source excerpt

Definitions. As used in this chapter: "Adult Protective Services" means the same as that term is defined in Section 26B-6-201 . "Covered financial institution" means any of the following that operate in the state: a state or federally chartered: bank; savings and loan association; savings bank; industrial bank; credit union; trust company; or depository institution; or a financial institution. "Financial exploitation" means: the wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or other property of an individual; or an act or omission, including through a power of attorney, guardianship, or conservatorship of an individual, to: obtain control, through deception, intimidation, or undue influence, over the individual's money, assets, or other property to deprive the individual of the ownership, use, benefit, or possession of the individual's money, assets, or other property; or convert the individual's money, assets, or other property to deprive the individual of the ownership, use, benefit, or possession of the individual's money, assets, or other property. "Law enforcement agency" means the same as that term is defined in Section 53-1-102 . "Qualified individual" means: a branch manager of a covered financial institution; or a director, officer, employee, agent, or other representative that a covered financial institution designates. "Third party associated with a vulnerable adult" means an individual: who is a parent, spouse, adult child, sibling, or other known family member of a vulnerable adult; whom a vulnerable adult authorizes the financial institution to contact; who is a co-owner, additional authorized signatory, or beneficiary on a vulnerable adult's account; or who is an attorney, trustee, conservator, guardian or other fiduciary whom a court or a government agency selects to manage some or all of the financial affairs of the vulnerable adult. "Transaction" means any of the following services that a covered financial institution provides: a transfer or request to transfer or disburse funds or assets in an account; a request to initiate a wire transfer, initiate an automated clearinghouse transfer, or issue a money order, cashier's check, or official check; a request to negotiate a check or other negotiable instrument; a request to change the ownership of, or access to, an account; a request to sell or transfer a security or other asset, or a request to affix a medallion stamp or provide any form of guarantee or endorsement in connection with an attempt to sell or transfer a security or other asset, if the person selling or transferring the security or asset is not required to obtain a license under Section 61-1-3 ; a request for a loan, extension of credit, or draw on a line of credit; a request to encumber any movable or immovable property; or a request to designate or change the designation of beneficiaries to receive any property, benefit, or contract right. "Vulnerable adult" means: an individual who is 65 years old or older; or the same as that term is defined in Section 26B-6-201 .

Section 7-26-102Verify source

§ 7-26-102(1)Subsection 7-26-102(1)Provision

Source excerpt

"Adult Protective Services" is defined by reference to Section 26B-6-201.

"Adult Protective Services" means the same as that term is defined in Section 26B-6-201 .

Section 7-26-102(1)Verify source

§ 7-26-102(2)Subsection 7-26-102(2)Provision

Source excerpt

"Covered financial institution" means any of the following that operate in the state: a state or federally chartered: bank; savings and loan association; savings bank; industrial bank; credit union; trust company; or depository

Section 7-26-102(2)Verify source

§ 7-26-102(2)(a)Subsection 7-26-102(2)(a)Provision

Source excerpt

This text lists eligible institution types: a state or federally chartered bank, savings and loan association, savings bank, industrial bank, credit union, trust company, or depository institution.

a state or federally chartered: bank; savings and loan association; savings bank; industrial bank; credit union; trust company; or depository institution; or

Section 7-26-102(2)(a)Verify source

§ 7-26-102(2)(a)(i)Subsection 7-26-102(2)(a)(i)Provision

Source excerpt

bank;

Section 7-26-102(2)(a)(i)Verify source

§ 7-26-102(2)(a)(ii)Subsection 7-26-102(2)(a)(ii)Provision

Source excerpt

savings and loan association;

Section 7-26-102(2)(a)(ii)Verify source

§ 7-26-102(2)(a)(iii)Subsection 7-26-102(2)(a)(iii)Provision

Source excerpt

savings bank;

Section 7-26-102(2)(a)(iii)Verify source

§ 7-26-102(2)(a)(iv)Subsection 7-26-102(2)(a)(iv)Provision

Source excerpt

industrial bank;

Section 7-26-102(2)(a)(iv)Verify source

§ 7-26-102(2)(a)(v)Subsection 7-26-102(2)(a)(v)Provision

Source excerpt

credit union;

Section 7-26-102(2)(a)(v)Verify source

§ 7-26-102(2)(a)(vi)Subsection 7-26-102(2)(a)(vi)Provision

Source excerpt

trust company; or

Section 7-26-102(2)(a)(vi)Verify source

§ 7-26-102(2)(a)(vii)Subsection 7-26-102(2)(a)(vii)Provision

Source excerpt

depository institution; or

Section 7-26-102(2)(a)(vii)Verify source

§ 7-26-102(2)(b)Subsection 7-26-102(2)(b)Provision

Source excerpt

This text refers to a financial institution.

a financial institution.

Section 7-26-102(2)(b)Verify source

§ 7-26-102(3)Subsection 7-26-102(3)Provision

Source excerpt

Defines “financial exploitation” as wrongful or unauthorized taking, withholding, appropriation, or use of an individual’s money, assets, or other property, including certain acts or omissions involving control through deception, intimidation, or undue influence.

"Financial exploitation" means: the wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or other property of an individual; or an act or omission, including through a power of attorney, guardianship, or conservatorship of an individual, to: obtain control, through deception, intimidation, or undue influence, over the individual's money, assets, or other property to deprive the individual of the ownership, use, benefit, or possession of the individual's money, assets, or other property; or convert the individual's money, assets, or other property to deprive the individual of the ownership, use, benefit, or possession of the individual's money, assets, or other property.

Section 7-26-102(3)Verify source

§ 7-26-102(3)(a)Subsection 7-26-102(3)(a)Provision

Source excerpt

This text describes wrongful or unauthorized taking, withholding, appropriation, or use of an individual's money, assets, or other property.

the wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or other property of an individual; or

Section 7-26-102(3)(a)Verify source

§ 7-26-102(3)(b)Subsection 7-26-102(3)(b)Provision

Source excerpt

an act or omission, including through a power of attorney, guardianship, or conservatorship of an individual, to: obtain control, through deception, intimidation, or undue influence, over the individual's money, assets, or other property to deprive the individual of the ownership, use, benefit, or possession of the individual's money, assets, or other property; or convert the individual's money, assets, or other property to deprive the individual of the ownership, use, benefit, or possession of the individual's money, assets, or other property.

Section 7-26-102(3)(b)Verify source

§ 7-26-102(3)(b)(i)Subsection 7-26-102(3)(b)(i)Provision

Source excerpt

obtain control, through deception, intimidation, or undue influence, over the individual's money, assets, or other property to deprive the individual of the ownership, use, benefit, or possession of the individual's money, assets, or other

Section 7-26-102(3)(b)(i)Verify source

§ 7-26-102(3)(b)(ii)Subsection 7-26-102(3)(b)(ii)Provision

Source excerpt

convert the individual's money, assets, or other property to deprive the individual of the ownership, use, benefit, or possession of the individual's money, assets, or other property.

Section 7-26-102(3)(b)(ii)Verify source

§ 7-26-102(4)Subsection 7-26-102(4)Provision

Source excerpt

“Law enforcement agency” is defined by reference to Section 53-1-102.

"Law enforcement agency" means the same as that term is defined in Section 53-1-102 .

Section 7-26-102(4)Verify source

§ 7-26-102(5)Subsection 7-26-102(5)Provision

Source excerpt

This provision defines “qualified individual.”

"Qualified individual" means: a branch manager of a covered financial institution; or a director, officer, employee, agent, or other representative that a covered financial institution designates.

Section 7-26-102(5)Verify source

§ 7-26-102(5)(a)Subsection 7-26-102(5)(a)Provision

Source excerpt

Mentions a branch manager of a covered financial institution.

a branch manager of a covered financial institution; or

Section 7-26-102(5)(a)Verify source

§ 7-26-102(5)(b)Subsection 7-26-102(5)(b)Provision

Source excerpt

The provision refers to a director, officer, employee, agent, or other representative designated by a covered financial institution.

a director, officer, employee, agent, or other representative that a covered financial institution designates.

Section 7-26-102(5)(b)Verify source

§ 7-26-102(6)Subsection 7-26-102(6)Provision

Source excerpt

This subsection defines “third party associated with a vulnerable adult.”

"Third party associated with a vulnerable adult" means an individual: who is a parent, spouse, adult child, sibling, or other known family member of a vulnerable adult; whom a vulnerable adult authorizes the financial institution to contact; who is a co-owner, additional authorized signatory, or beneficiary on a vulnerable adult's account; or who is an attorney, trustee, conservator, guardian or other fiduciary whom a court or a government agency selects to manage some or all of the financial affairs of the vulnerable adult.

Section 7-26-102(6)Verify source

§ 7-26-102(6)(a)Subsection 7-26-102(6)(a)Provision

Source excerpt

who is a parent, spouse, adult child, sibling, or other known family member of a vulnerable adult;

Section 7-26-102(6)(a)Verify source

§ 7-26-102(6)(b)Subsection 7-26-102(6)(b)Provision

Source excerpt

whom a vulnerable adult authorizes the financial institution to contact;

Section 7-26-102(6)(b)Verify source

§ 7-26-102(6)(c)Subsection 7-26-102(6)(c)Provision

Source excerpt

who is a co-owner, additional authorized signatory, or beneficiary on a vulnerable adult's account; or

Section 7-26-102(6)(c)Verify source

§ 7-26-102(6)(d)Subsection 7-26-102(6)(d)Provision

Source excerpt

who is an attorney, trustee, conservator, guardian or other fiduciary whom a court or a government agency selects to manage some or all of the financial affairs of the vulnerable adult.

Section 7-26-102(6)(d)Verify source

§ 7-26-102(7)Subsection 7-26-102(7)Provision

Source excerpt

This provision defines “Transaction” for a covered financial institution to include specified account, transfer, credit, security, property, and beneficiary-change services.

"Transaction" means any of the following services that a covered financial institution provides: a transfer or request to transfer or disburse funds or assets in an account; a request to initiate a wire transfer, initiate an automated clearinghouse transfer, or issue a money order, cashier's check, or official check; a request to negotiate a check or other negotiable instrument; a request to change the ownership of, or access to, an account; a request to sell or transfer a security or other asset, or a request to affix a medallion stamp or provide any form of guarantee or endorsement in connection with an attempt to sell or transfer a security or other asset, if the person selling or transferring the security or asset is not required to obtain a license under Section 61-1-3 ; a request for a loan, extension of credit, or draw on a line of credit; a request to encumber any movable or immovable property; or a request to designate or change the designation of beneficiaries to receive any property, benefit, or contract right.

Section 7-26-102(7)Verify source

§ 7-26-102(7)(a)Subsection 7-26-102(7)(a)Provision

Source excerpt

a transfer or request to transfer or disburse funds or assets in an account;

Section 7-26-102(7)(a)Verify source

§ 7-26-102(7)(b)Subsection 7-26-102(7)(b)Provision

Source excerpt

a request to initiate a wire transfer, initiate an automated clearinghouse transfer, or issue a money order, cashier's check, or official check;

Section 7-26-102(7)(b)Verify source

§ 7-26-102(7)(c)Subsection 7-26-102(7)(c)Provision

Source excerpt

a request to negotiate a check or other negotiable instrument;

Section 7-26-102(7)(c)Verify source

§ 7-26-102(7)(d)Subsection 7-26-102(7)(d)Provision

Source excerpt

a request to change the ownership of, or access to, an account;

Section 7-26-102(7)(d)Verify source

§ 7-26-102(7)(e)Subsection 7-26-102(7)(e)Provision

Source excerpt

a request to sell or transfer a security or other asset, or a request to affix a medallion stamp or provide any form of guarantee or endorsement in connection with an attempt to sell or transfer a security or other asset, if the person selling or transferring the security or asset is not required to obtain a license under Section 61-1-3 ;

Section 7-26-102(7)(e)Verify source

§ 7-26-102(7)(f)Subsection 7-26-102(7)(f)Provision

Source excerpt

a request for a loan, extension of credit, or draw on a line of credit;

Section 7-26-102(7)(f)Verify source

§ 7-26-102(7)(g)Subsection 7-26-102(7)(g)Provision

Source excerpt

a request to encumber any movable or immovable property; or

Section 7-26-102(7)(g)Verify source

§ 7-26-102(7)(h)Subsection 7-26-102(7)(h)Provision

Source excerpt

a request to designate or change the designation of beneficiaries to receive any property, benefit, or contract right.

Section 7-26-102(7)(h)Verify source

§ 7-26-102(8)Subsection 7-26-102(8)Provision

Source excerpt

“Vulnerable adult” means a person age 65 or older, or as otherwise defined in Section 26B-6-201.

"Vulnerable adult" means: an individual who is 65 years old or older; or the same as that term is defined in Section 26B-6-201 .

Section 7-26-102(8)Verify source

§ 7-26-102(8)(a)Subsection 7-26-102(8)(a)Provision

Source excerpt

Refers to an individual who is 65 years old or older.

an individual who is 65 years old or older; or

Section 7-26-102(8)(a)Verify source

§ 7-26-102(8)(b)Subsection 7-26-102(8)(b)Provision

Source excerpt

This term is defined by reference to Section 26B-6-201.

the same as that term is defined in Section 26B-6-201 .

Section 7-26-102(8)(b)Verify source

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Utah Code § 7-26-102, 2020

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