Texas 2021 - 87th Regular

Texas House Bill HB4477 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	H.B. No. 4477
	1	+	By: Thompson of Harris (Senate Sponsor - Zaffirini) H.B. No. 4477
	2	+	(In the Senate - Received from the House May 10, 2021;
	3	+	May 10, 2021, read first time and referred to Committee on Business &
	4	+	Commerce; May 20, 2021, reported favorably by the following vote:
	5	+	Yeas 9, Nays 0; May 20, 2021, sent to printer.)
	6	+	Click here to see the committee vote
2	7
3	8
	9	+	A BILL TO BE ENTITLED
4	10		AN ACT
5	11		relating to the financial exploitation of certain vulnerable
6	12		adults.
7	13		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
8	14		SECTION 1. Section 281.001(5), Finance Code, is amended to
9	15		read as follows:
10	16		(5) "Vulnerable adult" means:
11	17		(A) an elderly person as that term is defined by
12	18		Section 48.002, Human Resources Code; or
13	19		(B) a person with a disability as that term is
14	20		defined by Section 48.002, Human Resources Code[; or
15	21		[(C) an individual receiving services as that
16	22		term is defined by rule by the executive commissioner of the Health
17	23		and Human Services Commission as authorized by Section 48.251(b),
18	24		Human Resources Code].
19	25		SECTION 2. Sections 281.004(a) and (b), Finance Code, are
20	26		amended to read as follows:
21	27		(a) Notwithstanding any other law, [if] a financial
22	28		institution [submits a report of suspected financial exploitation
23	29		of a vulnerable adult to the department under Section 281.002(b),
24	30		the financial institution]:
25	31		(1) may place a hold on any transaction that[:
26	32		[(A)] involves an account of a [the] vulnerable
27	33		adult if[; and
28	34		[(B)] the financial institution:
29	35		(A) submits a report of suspected financial
30	36		exploitation of the vulnerable adult to the department under
31	37		Section 281.002(b); and
32	38		(B) has cause to believe the transaction is
33	39		related to the suspected financial exploitation alleged in the
34	40		report; and
35	41		(2) must place a hold on any transaction involving an
36	42		account of a [the] vulnerable adult if the hold is requested by the
37	43		department or a law enforcement agency.
38	44		(b) Subject to Subsection (c), a hold placed on any
39	45		transaction under Subsection (a) expires on the 10th business day
40	46		after the date the hold is placed [the financial institution
41	47		submits the report under Section 281.002(b)].
42	48		SECTION 3. Sections 4004.355(a) and (b), Government Code,
43	49		as effective January 1, 2022, are amended to read as follows:
44	50		(a) Notwithstanding any other law, [if] a dealer or
45	51		investment adviser [submits reports of suspected financial
46	52		exploitation of a vulnerable adult to the commissioner and the
47	53		department under Section 4004.352(b), the dealer or investment
48	54		adviser]:
49	55		(1) may place a hold on any transaction that[:
50	56		[(A)] involves an account of a [the] vulnerable
51	57		adult if[; and
52	58		[(B)] the dealer or investment adviser:
53	59		(A) submits a report of suspected financial
54	60		exploitation of the vulnerable adult to the commissioner and the
55	61		department under Section 4004.352(b); and
56	62		(B) has cause to believe the transaction is
57	63		related to the suspected financial exploitation alleged in the
58	64		report; and
59	65		(2) must place a hold on any transaction involving an
60	66		account of a [the] vulnerable adult if the hold is requested by the
61	67		commissioner, the department, or a law enforcement agency.
62	68		(b) Subject to Subsection (c), a hold placed on any
63	69		transaction under Subsection (a) expires on the 10th business day
64	70		after the date the hold is placed [the dealer or investment adviser
65	71		submits the reports under Section 4004.352(b)].
66	72		SECTION 4. Subsections G and H, Section 45, The Securities
67	73		Act (Article 581-45, Vernon's Texas Civil Statutes), are amended to
68	74		read as follows:
69	75		G. Notwithstanding any other law, [if] a dealer or
70	76		investment adviser [submits reports of suspected financial
71	77		exploitation of a vulnerable adult to the Securities Commissioner
72	78		and the department under Subsection C of this section, the dealer or
73	79		investment adviser]:
74	80		(1) may place a hold on any transaction that[:
75	81		[(A)] involves an account of a [the] vulnerable
76	82		adult if[; and
77	83		[(B)] the dealer or investment adviser:
78	84		(A) submits a report of suspected financial
79	85		exploitation of the vulnerable adult to the Securities Commissioner
80	86		and the department under Subsection C of this section; and
81	87		(B) has cause to believe the transaction is
82	88		related to the suspected financial exploitation alleged in the
83	89		report; and
84	90		(2) must place a hold on any transaction involving an
85	91		account of a [the] vulnerable adult if the hold is requested by the
86	92		Securities Commissioner, the department, or a law enforcement
87	93		agency.
88	94		H. Subject to Subsection I of this section, a hold placed on
89	95		any transaction under Subsection G of this section expires on the
90	96		10th business day after the date the hold is placed [the dealer or
91	97		investment adviser submits the reports under Subsection C of this
92	98		section].
93	99		SECTION 5. Except as otherwise provided by this Act, this
94	100		Act takes effect September 1, 2021.
95		-	______________________________ ______________________________
96		-	President of the Senate Speaker of the House
97		-	I certify that H.B. No. 4477 was passed by the House on May 8,
98		-	2021, by the following vote: Yeas 115, Nays 24, 2 present, not
99		-	voting.
100		-	______________________________
101		-	Chief Clerk of the House
102		-	I certify that H.B. No. 4477 was passed by the Senate on May
103		-	22, 2021, by the following vote: Yeas 30, Nays 0.
104		-	______________________________
105		-	Secretary of the Senate
106		-	APPROVED: _____________________
107		-	Date
108		-	_____________________
109		-	Governor
	101	+	* * * * *