(a) A financial institution shall not be required to produce financial records in response to a subpoena unless:

(1) The subpoena indicates that the requirements of § 45-10-106 have been met;

(2) The subpoena describes with specificity the financial records to be produced, including:

(A) The name and address of the customer to whom the records relate;

(B) The name or functional description of the records;

(C) The time period covered by the records; and

(D) Any additional information necessary to identify the records sought;

(3) The subpoena has been served upon the financial institution on a date that allows adequate time, which shall not be less than fifteen (15) days, within which to locate, copy and deliver the records; and

(4) In civil actions, the subpoena contains a bond for costs incident to the subpoena as provided in § 45-10-108.

(b) By agreement between the financial institution and the issuer or upon proper application to the appropriate court and after notice to the affected person, the fifteen-day period may be shortened where fifteen (15) days are not required, or may be lengthened where fifteen (15) days are not sufficient. Nothing herein shall restrict the power of the appropriate court for good cause shown to cause subpoenas to be issued or responses thereto to be made in less than any of the time periods set forth herein, including instanter.

(c) A financial institution shall not be deemed to violate this chapter because it produces financial records in response to a subpoena containing the representation required under subdivision (a)(1), even if the representation is false and a claim to that effect is made to the financial institution, unless the production violates a court order duly served on the financial institution.

(d) A financial institution refusing to comply with a subpoena that fails to meet all applicable requirements of subsection (a) need not file a motion to quash the subpoena, but shall notify the issuer of the grounds of its refusal within a reasonable time after being served with the subpoena.

(e)

(1) A financial institution may file with the appropriate court a copy of the notice of refusal to comply with a subpoena that was conveyed to the issuer as provided in subsection (d). The copy shall contain a notice to the clerk of court, which shall be prominently on the face of the copy in substantially the following form:

(2) Receipt of a copy of the notice submitted under subdivision (e)(1) by the clerk of the appropriate court shall serve as notice to the court that the court shall not issue an order to show cause or compel the financial institution to respond to a subpoena that the financial institution has determined fails to meet all the applicable requirements of subsection (a), unless the court deems that the requirements have been satisfied. The notice shall not prevent the court from issuing an order once a subpoena meets the requirements of subsection (a).