Required written explanation

[ZNCR]

Jurisdiction

Florida

What's the penalty when a fanancial institution fails to provide a written explanation why a power of attoney document was declined?

The first document was written by my brother and was rejected immediately at the bank. He sent it for formal review and it was declined because it wasn't notorized correctly and needed an additional witness. However, they failed to send the written explanation.

I took the first document to be amended with a 2nd witness. However, they wouldn't do this and recommended to get a standard POA form for this state.

The bank said the 2nd document looked in order. However, it too was declined. They said the the agent's relationship needed to be noted. However, I haven't found anything online that supports that. They also said there wasn't two witnesses which is not true.

 

[zddoodah]

What's the penalty when a fanancial institution fails to provide a written explanation why a power of attoney document was declined?

Context matters, but I'm not aware of any legal requirement for a bank to provide a written explanation for declining a POA (and, without a legal requirement, there is no penalty).

He sent it for formal review and it was declined because it wasn't notorized correctly and needed an additional witness. However, they failed to send the written explanation.

So?

I took the first document to be amended with a 2nd witness. However, they wouldn't do this and recommended to get a standard POA form for this state.

Who are "they"? The bank? Why would the bank amend a POA?

 

[justblue]

Context matters,

POA conditions

Jail's medical liability

 

[adjusterjack]

Your other thread was closed because the discussion had run its course.

Your choices:

1 - Use the bank's POA form.
2 - If your family member is not competent to give POA, seek guardianship or conservatorship.
3 - If 1 and 2 are not feasible, the family can post his bail and figure out reimbursement later.

 

[ZNCR]

Context matters, but I'm not aware of any legal requirement for a bank to provide a written explanation for declining a POA (and, without a legal requirement, there is no penalty).

Here let me educate you on the basics:

A third person who rejects a power of attorney for any reason other than as provided in paragraph (4)(a) must state in writing the reason for the rejection
https://law.justia.com/codes/florida/2016/title-xl/chapter-709/part-ii/section-709.212

Context matters, no wonder why this forum is rated so poorly:

The people providing legal help and who respond are volunteers who may not be lawyers, legal professionals or have any legal training or experience.

 

[Tax Counsel]

What's the penalty when a fanancial institution fails to provide a written explanation why a power of attoney document was declined?

There isn't a penalty for not providing the reason in writing. There is recourse for wrongfully rejecting a POA when the third party is obligated to do so:

(5) A third person who, in violation of this section, rejects a power of attorney is subject to:

(a) A court order mandating acceptance of the power of attorney; and

(b) Liability for damages, including reasonable attorney fees and costs, incurred in any action or proceeding that confirms, for the purpose tendered, the validity of the power of attorney or mandates acceptance of the power of attorney.
​

Fla. Rev. Stat. § 709-2120(5).

 

[cbg]

Here let me educate you on the basics:

Context matters, no wonder why this forum is rated so poorly:

So when I clicked on your link to get the context of your quote, the link didn't work.....

 

[Zigner]

Here let me educate you on the basics:

Context matters, no wonder why this forum is rated so poorly:

Interestingly, two attorneys have have directly responded in THIS thread, with a third rating another's post. Just because you don't LIKE the answer doesn't make it wrong.

 

[Paddywakk]

Here let me educate you on the basics:

Context matters, no wonder why this forum is rated so poorly:

If it's rated so poorly, why are you here?