Tex. Fin. Code § 281.002 · Chapter 281. PROTECTION OF VULNERABLE ADULTS FROM FINANCIAL EXPLOITATION
REPORTING SUSPECTED FINANCIAL EXPLOITATION OF VULNERABLE ADULTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) If an employee of a financial institution has cause to believe that financial exploitation of a vulnerable adult who is an account holder with the financial institution has occurred, is occurring, or has been attempted, the employee shall notify the financial institution of the suspected financial exploitation.
(b) If a financial institution is notified of suspected financial exploitation under Subsection (a) or otherwise has cause to believe that financial exploitation of a vulnerable adult who is an account holder with the financial institution has occurred, is occurring, or has been attempted, the financial institution shall assess the suspected financial exploitation and submit a report to the department in the same manner as and containing the same information required to be included in a report under Section 48.051, Human Resources Code. The financial institution shall submit the report required by this subsection not later than the earlier of:
(1) the date the financial institution completes the financial institution's assessment of the suspected financial exploitation; or
(2) the fifth business day after the date the financial institution is notified of the suspected financial exploitation under Subsection (a) or otherwise has cause to believe that the suspected financial exploitation has occurred, is occurring, or has been attempted.
(c) A financial institution that submits a report to the department of suspected financial exploitation of a vulnerable adult under Subsection (b) is not required to make an additional report of suspected abuse, neglect, or exploitation under Section 48.051, Human Resources Code, for the same conduct constituting the reported suspected financial exploitation.
(d) Each financial institution shall adopt internal policies, programs, plans, or procedures for:
(1) the employees of the financial institution to make the notification required under Subsection (a); and
(2) the financial institution to conduct the assessment and submit the report required under Subsection (b).
(e) The policies, programs, plans, or procedures adopted under Subsection (d) may authorize the financial institution to report the suspected financial exploitation to other appropriate agencies and entities in addition to the department, including the attorney general, the Federal Trade Commission, and the appropriate law enforcement agency.
Notes and commentary — not statutory text
History
Added by Acts 2017, 85th Leg., R.S., Ch. 376 (H.B. 3921), Sec. 1, eff. September 1, 2017.
Redesignated from Finance Code, Chapter 280 by Acts 2019, 86th Leg., R.S., Ch. 467 (H.B. 4170), Sec. 21.001(19), eff. September 1, 2019.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/FI/htm/FI.281.htm
- Text hash
- sha256 0c4284938642a079d70a0f905744b32890f10afdaf40465d7ad4130b2896b1ba
- Composed by
- compose_tx.py 2026-10-05: the Legislative Council's chapter files read in document order; verify_tx.py's independent reading (lxml DOM walk) agrees character for character
This section cites
Provisions in this library that the text above cites, as it prints each citation. A range cited as “ss. 61.13-61.16” links its first and last provisions.
Cited by 3 provisions
Provisions in this library whose text cites Tex. Fin. Code § 281.002. Each shows the citation as that text prints it.
Finance Code
- Tex. Fin. Code § 281.003NOTIFYING THIRD PARTIES OF SUSPECTED FINANCIAL EXPLOITATION OF VULNERABLE ADULTS.Printed as Section 281.002(b)
- Tex. Fin. Code § 281.004TEMPORARY HOLD ON TRANSACTIONS IN CERTAIN CASES OF SUSPECTED FINANCIAL EXPLOITATION OF VULNERABLE ADULTS.Printed as Section 281.002(b)
- Tex. Fin. Code § 281.005IMMUNITY.Printed as Section 281.002(a) | Section 281.002(b)
Procedural information only. Not legal advice and not a substitute for the advice of an attorney. Confirm the current text with the official publisher before relying on it.