Texas § FI.281.002 - REPORTING SUSPECTED FINANCIAL EXPLOITATION OF VULNERABLE ADULTS

§ FI.281.002. REPORTING SUSPECTED FINANCIAL EXPLOITATION OF VULNERABLE ADULTS

REPORTING SUSPECTED FINANCIAL EXPLOITATION OF VULNERABLE ADULTS. (a) If an employee of a financial institution has cause to believe that financial exploitation of a vulnerable adult who is an account holder with the financial institution has occurred, is occurring, or has been attempted, the employee shall notify the financial institution of the suspected financial exploitation. (b) If a financial institution 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 financial institution has occurred, is occurring, or has been attempted, the financial institution shall assess the suspected financial exploitation and submit a report to the department in the same manner as and containing the same information required to be included in a report under Section 48.051 , Human Resources Code. The financial institution shall submit the report required by this subsection not later than the earlier of: (1) the date the financial institution completes the financial institution's assessment of the suspected financial exploitation; or (2) the fifth business day after the date the financial institution 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 financial institution that 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 , Human Resources Code, for the same conduct constituting the reported suspected financial exploitation. (d) Each financial institution shall adopt internal policies, programs, plans, or procedures for: (1) the employees of the financial institution to make the notification required under Subsection (a); and (2) the financial institution to conduct the assessment and submit the report required under Subsection (b). (e) The policies, programs, plans, or procedures adopted under Subsection (d) may authorize the financial institution to report the suspected financial exploitation to other appropriate agencies and entities in addition to the department, including the attorney general, the Federal Trade Commission, and the appropriate law enforcement agency. Added by Acts 2017, 85th Leg., R.S., Ch. 376 (H.B. 3921 ), Sec. 1, eff. September 1, 2017. Redesignated from Finance Code, Chapter 280 by Acts 2019, 86th Leg., R.S., Ch. 467 (H.B. 4170 ), Sec. 21.001(19), eff. September 1, 2019.