(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.

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Terms Used In Rhode Island General Laws 19-34-4

  • Department: means the Rhode Island office of healthy aging. See Rhode Island General Laws 19-34-1
  • Elder adult: means a person who is sixty (60) years of age or older. See Rhode Island General Laws 19-34-1
  • Exploitation: means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including, but not limited to, a caregiver or fiduciary that uses the resources of an elder adult for monetary or personal benefit, profit, gain, or that results in depriving an elder adult of rightful access to or use of benefits, resources, belongings, or assets by use, undue influence, harassment, duress, deception, false representation or false pretenses, or conduct in violation of § 11-68-2. See Rhode Island General Laws 19-34-1
  • Regulated institution: means any financial institution, credit union, or other insured deposit-taking institution, that is authorized to do business in this state, including one authorized by operation of an interstate banking statute that allowed it original entry. See Rhode Island General Laws 19-34-1

(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.

History of Section.
P.L. 2021, ch. 73, § 1, effective June 23, 2021; P.L. 2021, ch. 74, § 1, effective June 23, 2021.