Section 13-1-704 - Temporary hold on transactions(a) Notwithstanding any other state law, a financial institution: (i) May place a hold on any transaction that involves an account of a vulnerable adult or that contains the vulnerable adult's assets or property if the financial institution:(A) Submits a report of suspected financial exploitation of the vulnerable adult to the department as required under this article; and(B) Has cause to believe the transaction is related to the suspected financial exploitation alleged in the report.(ii) Shall place a hold on any transaction involving an account of a vulnerable adult if the hold is requested by the department or a law enforcement agency.(b) Subject to subsection (c) of this section, a hold placed on any transaction under subsection (a) of this section shall not exceed five (5) business days after the date the hold is placed.(c) A financial 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 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 of a vulnerable adult. The financial institution may also petition a court to extend a hold placed on any transaction under subsection (a) of this section beyond the period prescribed by subsection (b) of this section. A court may enter an order extending a hold or providing other relief.(d) Each financial institution shall adopt internal policies, programs, plans or procedures for placing a hold on a transaction involving an account of a vulnerable adult under this section.Added by Laws 2023, ch. 8, § 1, eff. 7/1/2023.