Text as changed by the 87th Texas Legislature, Regular Session, 2021. Italic faced type indicates additions by the 87th Legislature.
Amendments to Subsections G and H of Section 45 contained in House Bill 4477, effective September 1, 2021:
Sec. 45. Protection of Vulnerable Adults from Financial Exploitation.
G. 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 Securities Commissioner and the Department under Subsection C of this section; 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 Securities Commissioner, the Department, or a law enforcement agency.
H. Subject to Subsection I of this section, a hold placed on any transaction under Subsection G of this section expires on the 10th business day after the date the hold is placed.
The full text of House Bill 4477 may be obtained on the Texas Legislature Online website located at https://capitol.texas.gov.