§ 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.