Section 4-88-208 - Financial services provider - Refusal or delay of financial transactions - Temporary hold on financial transactions(a)(1) If a financial services provider has reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted, the financial services provider may refuse or delay the execution of a financial transaction of an elder person or a person with a disability, on an account:(A) Of which the elder person or person with a disability is the owner or co-owner;(B) Of which the elder person or person with a disability is a beneficiary, including a trust, guardianship, or conservatorship account; or(C) Of a person suspected of perpetrating the financial exploitation.(2) A financial services provider may also refuse or delay the execution of a financial transaction under this section if the Attorney General, a state agency, or a law enforcement agency provides information to the financial services provider demonstrating that it is reasonable to believe that financial exploitation may have occurred, may have been attempted, or is being attempted.(b) Except as ordered by a court, a financial services provider is not required to refuse or delay the execution of a financial transaction under this section and may use its discretion to determine whether to refuse or delay the execution of a financial transaction based on the information available to the financial services provider.(c) A financial services provider that refuses to execute a financial transaction or places a hold on a financial transaction based on reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted may:(1) Except with regard to an account administered by a bank or trust company in a fiduciary capacity, make a reasonable effort to notify one (1) or more parties authorized to transact business on the account orally or in writing;(2) If the incident involves financial exploitation, report the incident to the Department of Human Services under § 4-88-206(b); and(3) If the incident is reported to the department under § 4-88-206(b), make reasonable effort to notify a third party reasonably associated with the elder person or person with a disability of the suspected financial exploitation, regardless of whether or not the third party is authorized to transact business on the account orally or in writing.(d) Notwithstanding subsection (c) of this section, a financial services provider may elect not to provide notice to any party authorized to conduct business on the account or reasonably associated with the elder person or person with a disability if the party is the suspected perpetrator of financial exploitation.(e) A refusal by a financial services provider to execute a financial transaction or place a hold on a financial transaction as authorized by this section, based on the financial services provider's reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted, expires when the financial services provider reasonably believes that the financial transaction will not result in financial exploitation unless terminated earlier by an order of a court of competent jurisdiction.(f) A financial services provider or an officer, director, employee, agent, or other representative of a financial services provider, acting in a reasonable manner, is immune from all criminal, civil, and administrative liability for the following: (1) Refusing or not refusing to execute a financial transaction or holding or not holding a financial transaction under this section; and(2) An action taken in furtherance of the determination made under subdivision (f)(1) of this section if the determination was based upon a reasonable belief.Added by Act 2021, No. 1015,§ 6, eff. 7/28/2021.