ORS Chapter 708a — Regulation of Institutions

ORS 708a.675. Authority of financial institutions in cases of suspected financial exploitation; notifications; limitation on liability. (1) When a financial institution reasonably believes, or has received information from the Department of Human Services, a law enforcement agency, or a district attorneys office demonstrating that it is reasonable to believe, that financial exploitation of a vulnerable person may have occurred, may have been attempted or is being attempted, and pending an investigation by the financial institution, the department, the law enforcement agency or the district attorneys office, the financial institution may but is not required to: (a) Refuse a transaction with or involving the vulnerable person; (b) Refuse to permit the withdrawal or disbursement of funds contained in a vulnerable persons account; (c) Prevent a change in ownership of a vulnerable persons account; (d) Prevent a transfer of funds from a vulnerable persons account to an account owned wholly or partially by another person; or (e) Refuse to comply with instructions given to the financial institution by an agent or attorney-in-fact under a power of attorney signed or purported to have been signed by the vulnerable person. (2) A financial institution is not required to act under subsection (1) of this section when provided with information alleging that financial exploitation may have occurred, may have been attempted or is being attempted, but may use the financial institutions discretion to determine whether or not to act under subsection (1) of this section based on the information available to the financial institution at the time. (3)(a) Except as provided in paragraph (b) of this subsection, a financial institution that acts under subsection (1) of this section shall make a reasonable effort to notify, orally or in writing, all parties currently authorized to transact business on the account concerning the financial institutions action. (b) A financial institution is not required to provide the notice described in paragraph (a) of this subsection when the financial institution, in the financial institutions discretion, determines that providing notice could compromise an investigation of or response to the suspected financial exploitation. (4) The authority granted to a financial institution under subsection (1) of this section will expire upon the sooner of: (a) Fifteen business days after the date on which the financial institution first acted under subsection (1) of this section; (b) When the financial institution is satisfied that the transaction or act will not result in financial exploitation of a vulnerable person; or (c) Upon termination by an order of a court of competent jurisdiction. (5) Unless otherwise directed by order of a court of competent jurisdiction, a financial institution may extend the duration under subsection (4) of this section based on a reasonable belief that the financial exploitation of a vulnerable person may have occurred, may have been attempted, or may continue to occur or be attempted. (6) A financial institution and all employees of a financial institution are immune from criminal, civil and administrative liability for actions taken under subsections (1) and (5) of this section if the actions were taken in good faith. [2017 c.290 2] Note: See note under