(1) Except as otherwise provided in subsection (2) of this section:
A person shall either accept an acknowledged power of attorney or request a certification, a translation, or an opinion of counsel under section 15-14-719 (4) no later than seven business days after presentation of the power of attorney for acceptance.
If a person requests a certification, a translation, or an opinion of counsel undersection 15-14-719 (4), the person shall accept the power of attorney no later than five business days after receipt of the certification, translation, or opinion of counsel.
A person may not require an additional or different form of power of attorney forauthority granted in the power of attorney presented.
(2) A person is not required to accept an acknowledged power of attorney if:
The person is not otherwise required to engage in a transaction with the principal inthe same circumstances, including, without limitation, the circumstances set forth in paragraphs
(a.3) and (a.5) of this subsection (2);
(a.3) The agent seeks to establish a customer relationship under the power of attorney and the principal is not currently a customer;
The agent seeks services under the power of attorney that the person does not offer;
Engaging in a transaction with the agent or the principal in the same circumstancesor acceptance of the power of attorney in the same circumstances would be inconsistent with any federal or state law, rule, or regulation other than as set forth in this part 7;
The person has actual knowledge of the termination of the agent's authority or of thepower of attorney before exercise of the power;
A request for a certification, a translation, or an opinion of counsel under section 15-
14-719 (4) is refused;
The person in good faith believes that the power is not valid or that the agent doesnot have the authority to perform the act requested, whether or not a certification, a translation, or an opinion of counsel under section 15-14-719 (4) has been requested or provided;
The person makes, or has actual knowledge that another person has made, a report toa governmental agency having authority to protect the welfare of the principal stating a good faith belief that the principal may be subject to physical or financial abuse, neglect, exploitation, or abandonment by the agent or a person acting for or with the agent; or
The person has an apprehension, formed in good faith, that the agent or personacting for or with the agent has acted or is acting, in any capacity, either unlawfully or not in good faith in dealing with the person and the person is investigating in good faith to determine whether the person may, based on the results of the investigation, form a good faith belief that the principal may be subject to financial abuse, neglect, exploitation, or abandonment by the agent or a person acting for or with the agent.
(3) A person that refuses in violation of this section to accept an acknowledged power of attorney is subject to:
A court order mandating acceptance of the power of attorney; and
Liability for reasonable attorney's fees and costs incurred in any action or proceedingthat confirms the validity of the power of attorney or mandates acceptance of the power of attorney.
Source: L. 2009: Entire part added, (HB 09-1198), ch. 106, p. 394, § 1, effective April 9. L. 2011: (2)(f) amended, (SB 11-083), ch. 101, p. 311, § 22, effective August 10.