2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021 › Section 8-6-192 - Definitions.

Section 8-6-192
Definitions.
As used in this article, unless the context requires otherwise, the following terms have the following meanings:
(1) ACCOUNT. Funds or assets held by a financial service provider, including, but not limited to, a deposit account, checking account, money market account, savings account, share account, certificate of deposit, trust account, individual retirement account or other type of retirement account, guardianship or conservatorship account, investment or securities account, loan, credit card, or any extension of credit, including a home equity line of credit.
(2) ELDERLY ADULT. An individual 65 years of age or older.
(3) FINANCIAL EXPLOITATION. Any of the following:
a. The wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or property of an elderly or vulnerable adult, including incurring debt in the name of an elderly or vulnerable adult for the benefit of a third party.
b. Any act or omission taken by a person, including through the use of a power of attorney, guardianship, or conservatorship of an elderly or vulnerable adult, to do either of the following:
1. Obtain control through deception, intimidation, or undue influence over the elderly or vulnerable adult's money, assets, or property to deprive the elderly or vulnerable adult of the ownership, use, benefit, or possession of his or her money, assets, or property.
2. Convert money, assets, or property of the elderly or vulnerable adult to deprive the elderly or vulnerable adult of the ownership, use, benefit, or possession of his or her money, assets, or property.
(4) FINANCIAL SERVICE PROVIDER. Any entity, including its employees and officers, regulated by the Alabama Credit Union Administration or the State Banking Department, or similar federal regulatory agency, engaged in or transacting business in this state, including, but not limited to, a state or national bank or trust company; a state or federal savings and loan association; a state or federal credit union; an industrial loan and thrift company; a mortgage loan lender, broker, originator, or servicer; a title pledge lender; a deferred presentment services provider; a pawnbroker; or a small loan lender.
(5) FINANCIAL TRANSACTION. Any of the following:
a. A transfer or request to transfer or disburse funds or assets in an account.
b. A request to initiate a wire transfer, initiate an automated clearing house transfer, or issue a money order, cashier's check, or official check.
c. A request to negotiate a check or other negotiable instrument.
d. A request to change the ownership of an account.
e. A request for a loan, extension of credit, or draw on a line of credit.
f. A request to transfer the title to any real property or the title of any motor vehicle or mobile home, or to encumber such real property, motor vehicle, or mobile home.
(6) LAW ENFORCEMENT AGENCY. Any municipal, county, state, or federal agency the personnel of which have the power to arrest and to perform law enforcement functions, including prosecutorial entities.
(7) VULNERABLE ADULT. An individual 18 years of age or older who, because of mental or physical impairment, is unable to fully manage his or her own resources, carry out all or a portion of the activities of daily living, or is unable to fully protect against neglect, exploitation, or hazardous or abusive situations without assistance from others.
(Act 2021-78, §3.)