Rhode Island § 19-34-4 § 19-34-4. Temporary hold on transactions in certain cases of suspected financial exploitation.

Rhode Island Statutes

§ 19-34-4 — § 19-34-4. Temporary hold on transactions in certain cases of suspected financial exploitation.

Rhode Island § 19-34-4

Title 19Financial institutions

Ch. 19-34The Elder Adult Financial Exploitation Prevention Act

This text of Rhode Island § 19-34-4 (§ 19-34-4. Temporary hold on transactions in certain cases of suspected financial exploitation.) is published on Counsel Stack Legal Research, covering Rhode Island primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

R.I. Gen. Laws § 19-34-4 (2026).

Text

§ 19-34-4. Temporary hold on transactions in certain cases of suspected financial exploitation.
               
(a) Notwithstanding any other law, if a regulated institution submits a report of suspected
            financial exploitation of an elder adult to the department pursuant to § 19-34-2, the regulated institution:
         
(1) May place a temporary hold on any transaction that:
         
(i) Involves an account of the elder adult; and
         
(ii) The regulated institution has reasonable cause to believe that financial exploitation
            of an elder adult has occurred, is occurrin

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§ 19-34-4. Temporary hold on transactions in certain cases of suspected financial exploitation.

(a) Notwithstanding any other law, if a regulated institution submits a report of suspected financial exploitation of an elder adult to the department pursuant to § 19-34-2, the regulated institution:

(1) May place a temporary hold on any transaction that:

(i) Involves an account of the elder adult; and

(ii) The regulated institution has reasonable cause to believe that financial exploitation of an elder adult has occurred, is occurring, has been attempted, or will be attempted.

(2) Shall place a hold on any transaction involving the account of the elder adult if the hold is requested by the elder abuse unit of the office of attorney general or a law enforcement agency.

(b) Subject to subsection (c) of this section, a hold placed on any transaction under subsection (a) of this section shall expire on the fifteenth business day after the date the regulated institution submits its report pursuant to § 19-34-2.

(c) The regulated institution may extend a hold placed on any transaction under subsection (a) of this section for a period not to exceed thirty (30) business days after the expiration of the fifteen- business-day (15) period prescribed by subsection (b) of this section if requested by a state or federal agency or a law enforcement agency investigating the suspected financial exploitation. The regulated institution may also petition a court to extend a hold placed on any transaction pursuant to subsection (a) of this section beyond the fifteen-business-day (15) period prescribed by subsection (b) of this section. A court may enter an order extending or shortening a hold or providing other relief.

(d) Each regulated institution shall adopt internal policies, programs, plans, or procedures for placing a hold on a transaction involving an account of an elder adult pursuant to this section.