Rhode Island General Laws Title 19. Financial Institutions § 19-34-4. Temporary hold on transactions in certain cases of suspected financial exploitation

(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:

(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.