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Utah Code Title 7. Financial Institutions Act § 7-26-201. Permitted delay of wire transfers

Current as of January 01, 2025 | Updated by Findlaw Staff

(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.

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Cite this article: FindLaw.com - Utah Code Title 7. Financial Institutions Act § 7-26-201. Permitted delay of wire transfers - last updated January 01, 2025 | https://codes.findlaw.com/ut/title-7-financial-institutions-act/ut-code-sect-7-26-201/

FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.

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