§ 7-11.2-4. Refusal of request for disbursement.
(a) A qualified individual may refuse a request for disbursement from the account of a qualified adult, or an account on which a qualified adult is a beneficiary or beneficial owner, if:
(1) The qualified individual reasonably believes that the requested disbursement will result in financial exploitation of the qualified adult; and
(2) The broker-dealer or qualified individual:
(i) Within two (2) business days makes a reasonable effort to notify all parties authorized to transact business on the account orally or in writing, unless the parties are reasonably believed to have engaged in suspected or attempted financial exploitation of the qualified adult; and
(ii) Complies with the notification requirements set forth in § 7-11.2-3.
(b) Any refusal of a disbursement as authorized by this section shall expire upon the sooner of:
(1) The time when the broker-dealer or qualified individual reasonably believes that the disbursement will not result in financial exploitation of the qualified adult; or
(2) Ten (10) business days after the initial refusal of disbursement by the qualified individual.
(c) A court of competent jurisdiction may enter an order extending the refusal of a disbursement or any other protective relief.
History of Section.P.L. 2019, ch. 225, § 1; P.L. 2019, ch. 231, § 1.
Structure Rhode Island General Laws
Title 7 - Corporations, Associations and Partnerships
Chapter 7-11.2 - Senior Savings Protection Act
Section 7-11.2-1. - Short title — Rules of construction.
Section 7-11.2-2. - Definitions.
Section 7-11.2-3. - Notification of agencies and family members.
Section 7-11.2-4. - Refusal of request for disbursement.
Section 7-11.2-5. - Immunity from liability.
Section 7-11.2-6. - Website for training resources to prevent and detect financial exploitation.