45A.01 DEFINITIONS. Subdivision 1. Scope and application. For purposes of this chapter, the terms in this section have the meanings given them. Subd. 2. Broker-dealer. “Broker-dealer” has the meaning given in section 80A.41. Subd. 3. Commissioner. “Commissioner” means the commissioner of commerce. Subd. 4. Common entry point. “Common entry point” has the meaning given in […]
45A.02 GOVERNMENTAL DISCLOSURES. (a) If a broker-dealer or investment adviser reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted, the broker-dealer or investment adviser may promptly notify the commissioner and the common entry point. (b) If a financial services provider reasonably believes that financial […]
45A.03 IMMUNITY FOR GOVERNMENTAL DISCLOSURES. (a) A broker-dealer or investment adviser who, in good faith, makes a disclosure of information pursuant to section 45A.02, paragraph (a), cooperates with a civil or criminal investigation of financial exploitation of an eligible adult, or testifies about alleged financial exploitation of an eligible adult in a judicial or administrative […]
45A.04 THIRD-PARTY DISCLOSURES. If a broker-dealer, investment adviser, or financial services provider reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted, a broker-dealer, investment adviser, or financial services provider may notify a third party reasonably associated with the eligible adult or any other person […]
45A.05 IMMUNITY FOR THIRD-PARTY DISCLOSURES. (a) A broker-dealer or investment adviser who, in good faith, complies with section 45A.04 is immune from administrative, civil, or criminal liability that might otherwise arise from the disclosure. (b) A financial services provider or an employee of a financial services provider who, in good faith, complies with section 45A.04 […]
45A.06 DELAYING DISBURSEMENTS. Subdivision 1. Broker-dealers and investment advisers. (a) A broker-dealer or investment adviser shall delay a disbursement from or place a hold on a transaction involving an account of an eligible adult or an account on which an eligible adult is a beneficiary if the commissioner of commerce, law enforcement agency, or prosecuting […]
45A.07 IMMUNITY FOR DELAYING DISBURSEMENTS. (a) A broker-dealer or investment adviser that, in good faith, complies with section 45A.06, subdivision 1, or the commissioner of commerce, law enforcement agency, or prosecuting attorney’s office is immune from administrative, civil, or criminal liability that might otherwise arise from the delay in a disbursement or placing a hold […]
