Tex. Gov't Code Section 4004.355
Temporary Hold on Transactions in Certain Cases of Suspected Financial Exploitation of Vulnerable Adults

(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 (Reporting Suspected Financial Exploitation of Vulnerable Adults)(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).
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: Section 4004.355 — Temporary Hold on Transactions in Certain Cases of Suspected Financial Exploitation of Vulnerable Adults, https://statutes.­capitol.­texas.­gov/Docs/GV/htm/GV.­4004.­htm#4004.­355 (accessed May 18, 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
Green check means up to date. Up to date

Accessed:
May 18, 2024

§ 4004.355’s source at texas​.gov