Utah Code § 7-26-201 Permitted delay of wire transfers.
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