Tex. Gov't Code Section 4004.352
Reporting Suspected Financial Exploitation of Vulnerable Adults


(a)

If a securities professional or a person serving in a legal capacity for a dealer or investment adviser has cause to believe that financial exploitation of a vulnerable adult who is an account holder with the dealer or investment adviser has occurred, is occurring, or has been attempted, the securities professional or person serving in a legal capacity for the dealer or investment adviser shall notify the dealer or investment adviser of the suspected financial exploitation.

(b)

If a dealer or investment adviser 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 dealer or investment adviser has occurred, is occurring, or has been attempted, the dealer or investment adviser shall assess the suspected financial exploitation and submit a report to the commissioner, in accordance with rules adopted under Section 4004.353 (Form and Content of Report), and the department in the same manner as and containing the same information required to be included in a report under Section 48.051 (Report), Human Resources Code. The dealer or investment adviser shall submit the reports required by this subsection not later than the earlier of:

(1)

the date the dealer or investment adviser completes the dealer’s or investment adviser’s assessment of the suspected financial exploitation; or

(2)

the fifth business day after the date the dealer or investment adviser 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 dealer or investment adviser who 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 (Report), Human Resources Code, for the same conduct constituting the reported suspected financial exploitation.

(d)

Each dealer and investment adviser shall adopt internal policies, programs, plans, or procedures for:

(1)

the securities professionals or persons serving in a legal capacity for the dealer or investment adviser to make the notification required under Subsection (a); and

(2)

the dealer or investment adviser to conduct the assessment and submit the reports required under Subsection (b).

(e)

The policies, programs, plans, or procedures adopted under Subsection (d) may authorize the dealer or investment adviser to report the suspected financial exploitation to other appropriate agencies and entities in addition to the commissioner and the department, including the attorney general, the Federal Trade Commission, and the appropriate law enforcement agency.
Added by Acts 2019, 86th Leg., R.S., Ch. 491 (H.B. 4171), Sec. 1.01, eff. January 1, 2022.

Source: Section 4004.352 — Reporting Suspected Financial Exploitation of Vulnerable Adults, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­4004.­htm#4004.­352 (accessed Jun. 5, 2024).

4004.001
Rules for Exemption from Registration Requirements
4004.002
Certain Displays or Advertisement of Registration Prohibited
4004.003
Display of Information Regarding Complaints
4004.051
Registration of Dealers Required
4004.052
Registration of Investment Advisers Required
4004.053
Application for Registration
4004.054
Issuance of Registration Certificate
4004.055
Form and Contents of Registration Certificate
4004.056
Temporary Permission to Engage in Business as Dealer or Investment Adviser
4004.057
Amendment of Registration Certificate
4004.058
Posting Registration Certificates
4004.101
Registration of Agents
4004.102
Registration of Investment Adviser Representatives
4004.103
Application for Registration
4004.104
Issuance of Evidence of Registration
4004.105
Form and Contents of Evidence of Registration
4004.106
Cancellation of Registration
4004.151
Examination Requirements
4004.152
Examination Results
4004.201
Denial of Registration
4004.202
Automatic Revocation of Registration of Agents and Investment Adviser Representatives After Revocation of Registration of Dealer or Investment Adviser
4004.251
Expiration of Registration
4004.252
Renewal of Registration
4004.253
Staggered Renewal
4004.254
Notice of Expiration Required
4004.255
Renewal of Expired Registration
4004.256
Effect of Expired Registration
4004.257
Continuing Education
4004.301
Applicability
4004.302
Notice Filing
4004.303
Effective Date of Notice Filing
4004.304
Renewal
4004.351
Definitions
4004.352
Reporting Suspected Financial Exploitation of Vulnerable Adults
4004.353
Form and Content of Report
4004.354
Notifying Third Parties of Suspected Financial Exploitation of Vulnerable Adults
4004.355
Temporary Hold on Transactions in Certain Cases of Suspected Financial Exploitation of Vulnerable Adults
4004.356
Immunity
4004.357
Records

Accessed:
Jun. 5, 2024

§ 4004.352’s source at texas​.gov