HB 940 — Financial institutions; authorize to delay a transaction upon good-faith belief that eligible person will be exploited.

HB 940 (As PassedSent theto House)Governor) - 2020 Regular Session MISSISSIPPI LEGISLATURE Regular Session To:

Representatives Zuber, Aguirre, Anthony, Gibbs (72nd) House Bill 940 (As PassedSent theto House)Governor) AN ACT TO AUTHORIZE A FINANCIAL INSTITUTION TO DELAY THE COMPLETION OF A FINANCIAL TRANSACTION, IF CERTAIN EMPLOYEES OF THE FINANCIAL INSTITUTION BELIEVESBELIEVE IN GOOD FAITH THAT A REQUESTED TRANSACTION MAY RESULT IN, OR BE THE RESULT OF, EXPLOITATION OF AN ELIGIBLE PERSON;

TO PROVIDE THAT A TRANSACTION DELAY WILL EXPIRE UPON EITHER A GOOD-FAITH DETERMINATION BY THE FINANCIAL INSTITUTION THAT THE TRANSACTION WILL NOT RESULT IN EXPLOITATION, OR 15CALENDAR BUSINESS DAYS, UNLESS THE DEPARTMENT OF HUMAN SERVICES OR A LAW ENFORCEMENT AUTHORITY REQUESTS THAT THE FINANCIAL INSTITUTION EXTEND THE DELAY;

     (2)  If an officer of a financial institution or a branch manager, or their designee, believes in good faith that a requested transaction of any kind may result in, or be the result of, exploitation of an eligible person, the institution may delay the completion or execution of the transaction for a period of time not to exceed fifteenten (15)(10) businesscalendar days, unless extended, as otherwise provided in this section.

or           (b)  FifteenTen (15)(10) businesscalendar days, unless the Department of Human Services or a law enforcement authority requests that the financial institution extend the delay, in which case the delay shall be extended for an additional period of up to ten (10) business days unless otherwise extended or terminated by court order.  The Department of Human Services, any law enforcement authority or any interested person may petition a court of competent jurisdiction to enter an order extending or terminating the delay of a transaction.