2020 Minnesota Statutes
Chapters 44A - 45A — Commerce
Chapter 45A — Financial Exploitation Protections For Older Or Vulnerable Adults
Section 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 section 626.5572, subdivision 5.
Subd. 5. Eligible adult. "Eligible adult" means:
(1) a person 65 years of age or older; or
(2) a person subject to section 626.5572, subdivision 21.
Subd. 6. Financial exploitation. "Financial exploitation" means:
(1) the wrongful or unauthorized taking, withholding, appropriation, expenditure, or use of money, assets, or property of an eligible adult; or
(2) an act or omission taken by a person, including through the use of a power of attorney, guardianship, trustee, or conservatorship of an eligible adult, to:
(i) obtain control, through deception, intimidation, or undue influence, over the eligible adult's money, assets, or property to deprive the eligible adult of the ownership, use, benefit, or possession of the eligible adult's money, assets, or property; or
(ii) convert money, assets, or property of the eligible adult to deprive the eligible adult of the ownership, use, benefit, or possession of the eligible adult's money, assets, or property.
Subd. 6a. Financial services provider. "Financial services provider" means: (1) a bank, bank and trust, trust company with banking powers, savings bank, savings association, or credit union organized under the laws of Minnesota, any other state, or the United States; (2) an industrial loan and thrift under chapter 53; or (3) a regulated lender under chapter 56.
Subd. 7. Investment adviser. "Investment adviser" has the meaning given in section 80A.41(16), except for section 80A.41(16)(E). Investment adviser includes a federal covered investment adviser, as defined under section 80A.41(7).
Subd. 8. Lead investigative agency. "Lead investigative agency" has the meaning given in section 626.5572, subdivision 13.
History:2018 c 161 s 1; 2019 c 59 s 1; 2020 c 85 s 1
