Financial Institutions Law Alert

Effective August 1, 2020, Minnesota modified its law protecting elder and vulnerable adults from financial exploitation.  The law, codified as Minn. Stat. § 45A.01, now provides broker-dealers and investment advisers with immunity from criminal liability for making a report of suspected financial exploitation to the Minnesota Commissioner of Commerce, the Department of Human Services or a third party previously designated by the vulnerable adult.  The criminal immunity extends to firms that hold a transaction or disbursement because of suspected financial exploitation. 

Minnesota also now requires firms to notify the elder or vulnerable adult (or other interested person) of their right to appeal any transaction or disbursement hold to the Commissioner of Commerce.

Further detail regarding state statutes in this area can be found in Bressler’s interactive Senior and Vulnerable Investor Issues Map


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