2023 Montana Code Annotated › Title 32. Financial Institutions › Chapter 1. Banks and Trust Companies › Part 15. Financial Institutions -- Preventing Financial Exploitation › 32-1-1501. Definitions

32-1-1501. Definitions.
For the purposes of this part, the following definitions apply:
(1) "Covered agency" means any of the following:
(a) a federal, state, or local law enforcement agency; or
(b) the department of public health and human services as provided in 2-15-2201 or its local affiliate.
(2) "Covered financial institution" means any bank, credit union, savings bank, savings and loan association, or trust company operating in Montana.
(3) "Financial exploitation" means:
(a) the unreasonable use of a vulnerable adult or of a power of attorney, trust, conservatorship, guardianship, or fiduciary relationship with regard to a vulnerable adult in order to obtain control of or to divert to the advantage of another the ownership, use, benefit, or possession of or interest in the vulnerable adult's money, assets, rights, credit accounts, or property by means of deception, duress, menace, fraud, undue influence, or intimidation with the intent or result of permanently depriving the vulnerable adult of the ownership, use, benefit, or possession of or interest in the vulnerable adult's money, assets, rights, credit accounts, or property;
(b) an act taken by a person who has the trust and confidence of a vulnerable adult to obtain control of or to divert to the advantage of another the ownership, use, benefit, or possession of or interest in the vulnerable adult's money, assets, rights, credit accounts, or property by means of deception, duress, menace, fraud, undue influence, or intimidation with the intent or result of permanently depriving the vulnerable adult of the ownership, use, benefit, or possession of or interest in the vulnerable adult's money, assets, rights, credit accounts, or property; or
(c) the unreasonable use of a vulnerable adult or of a power of attorney, trust, conservatorship, guardianship, or fiduciary relationship with regard to a vulnerable adult done in the course of an offer or sale of insurance or securities in order to obtain control of or to divert to the advantage of another the ownership, use, benefit, or possession of the vulnerable adult's money, assets, rights, credit accounts, or property by means of deception, duress, menace, fraud, undue influence, or intimidation with the intent or result of permanently depriving the vulnerable adult of the ownership, use, benefit, or possession of the person's money, assets, rights, credit accounts, or property.
(4) "Transaction" means any of the following as applicable to services provided by a covered financial institution:
(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 clearinghouse 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, or access to, an account;
(e) a request to sell or transfer securities or other assets, or a request to affix a medallion stamp or provide any form of guarantee or endorsement in connection with an attempt to sell or transfer securities or other assets, if the person selling or transferring the securities or assets is not required to register under 30-10-201;
(f) a request for a loan, extension of credit, or draw on a line of credit;
(g) a request to encumber any movable or immovable property; and
(h) a request to designate or change the designation of beneficiaries to receive any property, benefit, or contract right for a vulnerable adult at death.
(5) "Vulnerable adult" has the meaning provided in 52-3-803.
History: En. Sec. 1, Ch. 241, L. 2019; amd. Sec. 2, Ch. 12, L. 2023.