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2025 Utah Code
Title 7 - Financial Institutions Act
Chapter 26 - Financial Exploitation Prevention Act
Part 2 - General Prevention of Financial Exploitation
Section 201 - Permitted delay of wire transfers.
Universal Citation:
UT Code § 7-26-201 (2025)
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Effective 5/12/2020
7-26-201. Permitted delay of wire transfers.
Enacted by Chapter 228, 2020 General Session
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
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