Tex. Gov't Code § 4004.355 · Subchapter H. REQUIREMENTS FOR PROTECTION OF VULNERABLE ADULTS FROM FINANCIAL EXPLOITATION
TEMPORARY HOLD ON TRANSACTIONS IN CERTAIN CASES OF SUSPECTED FINANCIAL EXPLOITATION OF VULNERABLE ADULTS.
Text — Current through the 89th 2nd Called Legislative Session, 2025
(a) Notwithstanding any other law, a dealer or investment adviser:
(1) may place a hold on any transaction that involves an account of a vulnerable adult if the dealer or investment adviser:
(A) submits a report of suspected financial exploitation of the vulnerable adult to the commissioner and the department under Section 4004.352(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 commissioner, 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.
(c) A dealer or investment adviser may extend a hold placed on any transaction under Subsection (a) for a period not to exceed 30 business days after the expiration of the period prescribed by Subsection (b) if requested by a state or federal agency or a law enforcement agency investigating the suspected financial exploitation. The dealer or investment adviser may also petition a court to extend a hold placed on any transaction under Subsection (a) beyond the period prescribed by Subsection (b). A court may enter an order extending or shortening a hold or providing other relief.
(d) Each dealer and investment adviser shall adopt internal policies, programs, plans, or procedures for placing a hold on a transaction involving an account of a vulnerable adult under Subsection (a).
Notes and commentary — not statutory text
History
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.
Amended by:
Acts 2021, 87th Leg., R.S., Ch. 502 (H.B. 4477), Sec. 3, eff. January 1, 2022.
Source of truth
- Edition
- Current through the 89th 2nd Called Legislative Session, 2025
- Official file
- https://statutes.capitol.texas.gov/Docs/GV/htm/GV.4004.htm
- Text hash
- sha256 7618ac34e88dc0af3ddc31d8ffdbea0c0c00921dff9ba676449e7a60124f603c
- 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
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