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Wyoming Statutes Title 13. Banks, Banking and Finance § 13-1-704. Temporary hold on transactions

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) Notwithstanding any other state law, a financial institution:

(i) May place a hold on any transaction that involves an account of a vulnerable adult or that contains the vulnerable adult's assets or property if the financial institution:

(A) Submits a report of suspected financial exploitation of the vulnerable adult to the department as required under this article; and

(B) Has cause to believe the transaction is related to the suspected financial exploitation alleged in the report.

(ii) Shall place a hold on any transaction involving an account of a vulnerable adult if the hold is requested by the department or a law enforcement agency.

(b) Subject to subsection (c) of this section, a hold placed on any transaction under subsection (a) of this section shall not exceed five (5) business days after the date the hold is placed.

(c) A financial institution may extend a hold placed on any transaction under subsection (a) of this section for a period not to exceed thirty (30) business days after the expiration of the period prescribed by subsection (b) of this section if requested by a state or federal agency or a law enforcement agency investigating the suspected financial exploitation of a vulnerable adult. The financial institution may also petition a court to extend a hold placed on any transaction under subsection (a) of this section beyond the period prescribed by subsection (b) of this section. A court may enter an order extending a hold or providing other relief.

(d) Each financial institution shall adopt internal policies, programs, plans or procedures for placing a hold on a transaction involving an account of a vulnerable adult under this section.

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Cite this article: FindLaw.com - Wyoming Statutes Title 13. Banks, Banking and Finance § 13-1-704. Temporary hold on transactions - last updated January 01, 2024 | https://codes.findlaw.com/wy/title-13-banks-banking-and-finance/wy-st-sect-13-1-704/

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