2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 1. Banks and Trust Companies › Part 15. Financial Institutions -- Preventing Financial Exploitation › 32-1-1503. Delaying transactions

32-1-1503. Delaying transactions.
(1) A covered financial institution may, but is not required to, delay completion or execution of a transaction involving an account of a vulnerable adult, an account on which a vulnerable adult is a beneficiary, an account in which the vulnerable adult has a financial interest, or an account of a person suspected of perpetrating financial exploitation if either of the following conditions apply:
(a) the covered financial institution reasonably believes that the requested transaction may result in financial exploitation of a vulnerable adult; or
(b) a covered agency provides information demonstrating to the financial institution that it is reasonable to believe that financial exploitation is occurring, has or may have occurred, is being attempted, or has been or may have been attempted.
(2) If a covered financial institution delays a transaction pursuant to subsection (1), the covered financial institution shall, no later than 2 business days after the transaction is delayed, send written notification of the delay and the reason for the delay to all parties authorized to transact business on the account for which the covered financial institution has contact information unless any party is reasonably believed to have engaged in attempted financial exploitation of the vulnerable adult. The notification described in this subsection may be provided by electronic means.
(3) If a covered financial institution delays a transaction pursuant to subsection (1), the covered financial institution may provide notification of the delay, the reason for the delay, and any additional information about the transaction to any covered agency.
(4) Except as ordered by a court, a covered financial institution is not required to delay a transaction when provided with information by a covered agency alleging that financial exploitation is occurring, has or may have occurred, is being attempted, or has been or may have been attempted but may use its discretion to determine whether to delay a transaction based on the information available to the covered financial institution.
(5) Except as provided in subsection (6), any delay of a transaction as authorized pursuant to this section expires or is terminated when the earliest of either of the following circumstances occur:
(a) the covered financial institution reasonably determines that the transaction will not result in financial exploitation of a vulnerable adult; or
(b) 15 business days pass from the date on which the covered financial institution first initiated the delay of the transaction.
(6) (a) A covered financial institution may extend the delay provided for in subsection (5) upon receiving a request to extend the delay from any covered agency, in which case the delay expires or is terminated no later than 25 business days from the date on which the covered financial institution first initiated the delay of the transaction.
(b) A court of competent jurisdiction may enter an order extending or shortening a delay or providing other relief based on the petition of the covered financial institution, any covered agency, or other interested party.
History: En. Sec. 3, Ch. 241, L. 2019; amd. Sec. 4, Ch. 12, L. 2023.