32-8-503. Request or receipt of records and information prohibited -- exceptions -- records to be maintained. (1) Except as provided in 32-8-515, 32-8-516, and this section, an officer, employee, or agent of a state or local agency may not request or receive a copy of a financial record from a foreign capital depository unless the financial record is consistent with the scope and purpose of any investigation by the state or local agency, is described with particularity, and:
     (a) the customer has authorized disclosure of the financial record in accordance with 32-8-506;
     (b) the financial record is disclosed in response to an administrative subpoena that meets the requirements of 32-8-507;
     (c) the financial record is disclosed in response to a search warrant that meets the requirements of 32-8-508; or
     (d) the financial record is disclosed in response to a judicial subpoena that meets the requirements of 32-8-509.
     (2) The burden of proving that a required disclosure of a financial record is consistent with the scope and purpose of an investigation is upon the state agency or the local agency requiring disclosure of the financial record.
     (3) Nothing in 32-8-506, 32-8-507, 32-8-508, 32-8-509, or this section requires a foreign capital depository to inquire or determine whether a person seeking disclosure of a financial record has complied with the requirements of those sections if the customer authorization, administrative subpoena, search warrant, or judicial subpoena served upon or delivered to the depository pursuant to any of those sections shows compliance on its face.
     (4) A foreign capital depository shall maintain for a period of 5 years a record of all disclosures by a depository of the financial records of a customer pursuant to this part, including the identity of the person examining the financial records, the state or local agency that the person represents, and a copy of the customer authorization, administrative subpoena, search warrant, or judicial subpoena providing for examination or disclosure. A record of disclosures maintained pursuant to this subsection must be available, within 5 days of request, during normal business hours of the depository for review by the customer at the office or branch of the depository where the customer's account or safe deposit box was located when examined. A paper or electronic copy of the record of disclosures must be furnished by the depository to the customer upon request by the customer.
     (5) This section does not prevent a state or local law enforcement agency from initiating contact with a foreign capital depository if there is reason to believe that the depository is a victim of a crime perpetrated by a customer. After contact by a law enforcement agency, if the foreign capital depository reasonably believes it is a victim of a crime, it may, in its discretion, disclose relevant financial records pursuant to 32-8-504(2). Conviction of or admission by a customer of a crime against the depository is conclusive on the issue of the reasonable belief of the depository.

     History: En. Sec. 31, Ch. 382, L. 1997.