Texas Finance Code

§ 281.004 — TEMPORARY HOLD ON TRANSACTIONS IN CERTAIN CASES OF SUSPECTED FINANCIAL EXPLOITATION OF VULNERABLE ADULTS

FI § 281.004Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part Z. MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL INSTITUTIONS AND BUSINESSES · Ch. 281. PROTECTION OF VULNERABLE ADULTS FROM FINANCIAL EXPLOITATION

Statute text

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(a)Notwithstanding any other law, a financial institution:

(1)may place a hold on any transaction that involves an account of a vulnerable adult if the financial institution:

(A)submits a report of suspected financial exploitation of the vulnerable adult to the department under Section 281.002(b); and

(B)has cause to believe the transaction is related to the suspected financial exploitation alleged in the report; and

(2)must place a hold on any transaction involving an account of a vulnerable adult if the hold is requested by the department or a law enforcement agency.

(b)Subject to Subsection (c), a hold placed on any transaction under Subsection (a) expires on the 10th business day after the date the hold is placed.

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Legislative history

Acts 2019, 86th Leg., R.S., Ch. 467 (H.B. 4170), Sec. 21.002(7), eff. September 1, 2019. Acts 2021, 87th Leg., R.S., Ch. 502 (H.B. 4477), Sec. 2, eff. September 1, 2021.