By: Thierry H.B. No. 3503
A BILL TO BE ENTITLED
AN ACT
relating to the financial abuse of elderly persons; creating
criminal offenses.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. This Act shall be known as the Financial Elder
Abuse and Exploitation Prevention Act.
SECTION 2. Subchapter D, Chapter 32, Penal Code, is amended
by adding Section 32.55 to read as follows:
Sec. 32.55. FINANCIAL ABUSE OF ELDERLY INDIVIDUAL. (a) In
this section:
(1) "Elderly individual" has the meaning assigned by
Section 22.04.
(2) "Financial abuse" means the wrongful or negligent
taking, appropriation, obtaining, retention, or use of, or
assisting in the wrongful or negligent taking, appropriation,
obtaining, retention, or use of, money or other property of another
person by any means, including by exerting undue influence. The
term includes financial exploitation.
(3) "Financial exploitation" means the wrongful or
negligent taking, appropriation, obtaining, retention, or use of
money or other property of another person by a person who has a
relationship of confidence or trust with the other person.
Financial exploitation may involve coercion, manipulation,
threats, intimidation, misrepresentation, or the exerting of undue
influence. The term includes:
(A) the breach of a fiduciary relationship,
including the misuse of a durable power of attorney or the abuse of
guardianship powers, that results in the unauthorized
appropriation, sale, or transfer of another person's property;
(B) the unauthorized taking of personal assets;
(C) the misappropriation, misuse, or
unauthorized transfer of another person's money from a personal or
a joint account; and
(D) the negligent or intentional failure to
effectively use another person's income and assets for the
necessities required for the person's support and maintenance.
(b) For purposes of Subsection (a)(3), a person has a
relationship of confidence or trust with another person if the
person:
(1) is a parent, spouse, adult child, or other
relative by blood or marriage of the other person;
(2) is a joint tenant or tenant-in-common with the
other person;
(3) has a legal or fiduciary relationship with the
other person;
(4) is a financial planner or investment professional
who provides services to the other person; or
(5) is a paid or unpaid caregiver of the other person.
(c) A person commits an offense if the person with criminal
negligence engages in the financial abuse of an elderly individual.
(d) An offense under this section is:
(1) a Class A misdemeanor if the value of the property
taken, appropriated, obtained, retained, or used is less than $500;
(2) a felony of the third degree if the value of the
property taken, appropriated, obtained, retained, or used is $500
or more but less than $5,000;
(3) a felony of the second degree if the value of the
property taken, appropriated, obtained, retained, or used is $5,000
or more but less than $50,000; and
(4) a felony of the first degree if the value of the
property taken, appropriated, obtained, retained, or used is
$50,000 or more.
(e) A person who is subject to prosecution under both this
section and another section of this code may be prosecuted under
either or both sections.
SECTION 3. This Act takes effect September 1, 2017.