Nationwide Reporting Chart
For Suspected Exploitation Of Seniors And/Or Vulnerable Persons
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Minn. Stat. § 626.557(3)(b), (5)(a).
Minn. Stat. § 45A.01(2), (5), (7).
Minn. Stat. § 80A.41(5), (16).
Minn. Stat. § 45A.02.
Minn. Stat. § 45A.03.
Minn. Stat. § 45A.07.
Minn. Stat. § 45A.06(a), (b)(1)-(3), (d).
(Mandated? Permissive?)
Broker-dealer, investment adviser, or financial services provider. (Permissive)
A person. (Permissive)
(Y/N)
Yes, a broker-dealer, investment advisor, or financial services provider may delay, but must delay as noted below. Minn. Stat. § 45A.06(sub. 1)-(sub.2).
Must delay if the commissioner of commerce, law enforcement agency, or the prosecuting attorney’s office provides information to the broker-dealer or investment adviser demonstrating that it is reasonable to believe that financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted. Minn. Stat. § 45A.06(sub. 1)(a).
Must delay if the commissioner of commerce, law enforcement agency, or prosecuting attorney’s office provides information to the financial services provider demonstrating that it is reasonable to believe that financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted. Minn. Stat. § 45A.06(sub. 2)(a).
A delay of a disbursement or hold on a transaction as authorized by this section expires upon the sooner of: (1) the broker-dealer or investment adviser reasonably believes that the disbursement or transaction will not result in financial exploitation of the eligible adult if the broker-dealer or investment adviser initiated the delay of disbursement or hold on the transaction; (2) a determination by the commissioner, law enforcement agency, lead investigative agency, or prosecuting attorney’s office that the disbursement or transaction will not result in financial exploitation of the eligible adult; or (3) 15 business days after the date on which the broker-dealer or investment adviser first delayed disbursement of the funds or held the transaction, unless the commissioner, law enforcement agency, lead investigative agency, or prosecuting attorney’s office requests that the broker-dealer or investment adviser extend the delay or hold, in which case the delay or hold expires no more than 25 business days after the date on which the broker-dealer or investment adviser first delayed disbursement or placed the hold on the transaction. (d) Provided that a broker-dealer or investment adviser’s internal review of the suspected or attempted financial exploitation of the eligible adult supports the broker-dealer or investment adviser’s reasonable belief that financial exploitation of the eligible adult has occurred, has been attempted, or is being attempted, the temporary delay or hold may be extended by the broker-dealer or investment adviser for no longer than ten business days following the date authorized by paragraph (b), clause (3), unless otherwise terminated or extended by the commissioner, law enforcement agency, lead investigative agency, or prosecuting attorney’s office or an order of a court. Minn. Stat. § 45A.06(sub. 1)(b), (d).
A delay of a disbursement or hold on a transaction as authorized by this section expires upon the sooner of: (1) the financial services provider reasonably believes that the disbursement or transaction will not result in financial exploitation of the eligible adult if the financial services provider initiated the delay of disbursement or hold on the transaction; (2) a determination by the commissioner, law enforcement agency, lead investigative agency, or prosecuting attorney’s office that the disbursement or transaction will not result in financial exploitation of the eligible adult; or (3) 15 business days after the date on which the financial services provider first delayed disbursement of the funds or held the transaction, unless the commissioner, law enforcement agency, lead investigative agency, or prosecuting attorney’s office requests that the financial services provider extends the delay or hold, in which case the delay or hold expires no more than 25 business days after the date on which the financial services provider first delayed disbursement or placed the hold on the transaction. (d) Provided that a financial services provider’s internal review of the suspected or attempted financial exploitation of the eligible adult supports the financial services provider’s reasonable belief that financial exploitation of the eligible adult has occurred, has been attempted, or is being attempted, the temporary delay or hold may be extended by financial services provider for no longer than ten business days following the date authorized by paragraph (b), clause (3), unless otherwise terminated or extended by the commissioner, law enforcement agency, lead investigative agency, or prosecuting attorney’s office or an order of a court. Minn. Stat. § 45A.06(sub. 2)(b), (d).
A professional or professional’s delegate while engaged in: (1) social services; (2) law enforcement; (3) education; (4) the care of vulnerable adults; (5) any of the occupations referred to in section 214.01, subdivision 2; (6) an employee of a rehabilitation facility certified by the commissioner of jobs and training for vocational rehabilitation; (7) an employee or person providing services in a facility as defined in subdivision 6; or (8) a person that performs the duties of the medical examiner or coroner. Minn. Stat. § 626.5572(16).
A person not required to report under the provisions of this section may voluntarily report as described in section (a). Minn. Stat. § 626.557(3)(b).
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. Minn. Stat. § 45A.02(a).
Broker-Dealer: A person engaged in the business of effecting transactions in securities for the account of others or for the person’s own account. Minn. Stat. § 80A.41(5). Minn. Stat. § 45A.01(2).
Investment Adviser: A person that, for compensation, engages in the business of advising others, either directly or through publications or writings, as to the value of securities or the advisability of investing in, purchasing, or selling securities or that, for compensation and as a part of a regular business, issues or promulgates analyses or reports concerning securities. The term includes a financial planner or other person that, as an integral component of other financially related services, provides investment advice to others for compensation as part of a business or that holds itself out as providing investment advice to others for compensation. Minn. Stat. § 45A.01(7). Minn. Stat. § 80A.41(16).
If a financial services provider reasonably believes that financial exploitation of an eligible adult may have occurred, may have been attempted, or is being attempted, the financial services provider may promptly notify the common entry point. Minn. Stat. § 45A.02(b).
Vulnerable Adult: Any person 18 years of age or older who: (1) is a resident or inpatient of a facility; (2) receives services at or from a facility required to be licensed to serve adults under sections 245A.01 to 245A.15, except that a person receiving outpatient services for treatment of chemical dependency or mental illness, or one who is served in the Minnesota sex offender program on a court-hold order for commitment, or is committed as a sexual psychopathic personality or as a sexually dangerous person under chapter 253B, is not considered a vulnerable adult unless the person meets the requirements of clause (4); (3) receives services from a home care provider required to be licensed under section 144A.46; or from a person or organization that exclusively offers, provides, or arranges for personal care assistance services under the medical assistance program as authorized under sections 256B.04, subdivision 16, 256B.0625, subdivision 19a, 256B.0651, 256B.0653 to 256B.0656, and 256B.0659; or (4) regardless of residence or whether any type of service is received, possesses a physical or mental infirmity or other physical, mental, or emotional dysfunction: (i) that impairs the individual’s ability to provide adequately for the individual’s own care without assistance, including the provision of food, shelter, clothing, health care, or supervision; and (ii) because of the dysfunction or infirmity and the need for care or services, the individual has an impaired ability to protect the individual’s self from maltreatment. Minn. Stat. Ann. § 626.5572(21).
Eligible Adult: A person 65 years of age or older or a person subject to section 626.5572, subdivision 21. Minn. Stat. § 45A.01(5).
Yes.
A person who makes a good faith report is immune from any civil or criminal liability that might otherwise result from making the report, or from participating in the investigation, or for failure to comply fully with the reporting obligation under section 609.234 or 626.557, subdivision 7. Minn. Stat. § 626.557(5)(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 proceeding is immune from administrative, civil, or criminal liability that might otherwise arise from the disclosure or testimony or for failure to notify the customer of the disclosure or testimony. Minn. Stat. § 45A.03(a).
A financial services provider or an employee of a financial services provider who, in good faith, makes a disclosure of information pursuant to section 45A.02, paragraph (b), 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 proceeding is immune from administrative, civil, or criminal liability that might otherwise arise from the disclosure or testimony or for failure to notify the customer of the disclosure or testimony. Minn. Stat. § 45A.03(b).
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 the 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 on a transaction in accordance with this chapter. Minn. Stat. § 45A.07(a).
A financial services provider, or an employee of a financial services provider, that, in good faith, complies with section 45A.06, subdivision 2, 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 of a disbursement or placing a hold on a transaction in accordance with this chapter. Minn. Stat. § 45A.07(b).
A party that, in good faith and in compliance with section 45A.06, delays or places a hold on a disbursement or transaction directed by an attorney-in-fact shall not be deemed to have refused to accept the authority of the attorney-in-fact for purposes of section 523.20. Minn. Stat. § 45A.07(c).
** See Senior Safe Act
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