(a) Financial abuse of an elder or dependent adult as set forth in section 452(m) of this chapter occurs when all of the following are present:
(1) a person or entity;
(2) takes, secretes, appropriates or retains property of an elder or dependent adult, or assists with the taking, secreting, appropriating or retention of property of an elder or dependent adult;
(3) for a wrongful use or with intent to defraud.
(b) Wrongful use. A person or entity is deemed to have taken, secreted, appropriated, or retained property for a wrongful use if, among other things, the person or entity takes, secretes, appropriates or retains possession of property in bad faith.
(c) Bad faith. A person or entity has acted in bad faith if the person or entity knew or should have known that the elder or dependent adult had the right to have the property transferred or made readily available to the elder, dependent adult or to the elder's or dependent adult's representative.
(d) Reasonable person standard. For purposes of this section, a person or entity should have known of a right specified in subsection (c) if, on the basis of the information received by the person or entity or the person or entity's authorized third party, it is obvious to a reasonable person that the elder or dependent adult has a right specified in subsection (c).