SF 2466 establishes new financial exploitation protections for older adults and vulnerable adults by permitting financial services providers under limited circumstances in which financial exploitation is suspected to disclose information and delay disbursements or transactions.

Section 1 [45A.01] defines "financial services provider."

Sections 2 and 3  [45A.02 and 45A.03] permit financial services providers to notify the Minnesota Adult Abuse Reporting Center (MAARC) when they suspect financial exploitation and provide immunity from liability for disclosing information to the government in the course of reporting or cooperating with an investigation or prosecution of financial exploitation.

Sections 4 and 5 [45A.04 and 45A.05] permit financial services providers to notify third parties, except a suspected perpetrator, when they suspect financial exploitation and provide immunity from liability for disclosing information.

Section 6 [45A.06, paragraph (a), sentence one] requires financial services providers to delay disbursements or hold transactions if provided information by the commissioner of commerce, law enforcement, or a prosecuting attorney’s office that there is reasonable evidence of financial exploitation.

Paragraph (a), sentence two, permits financial services providers to delay a disbursement or hold a transaction if they suspect financial exploitation provided that:

1. they inform everyone authorized to use the account, except a suspected perpetrator, of the reason for the delay or hold;
2. they notify the MAARC; and
3. they cooperate with government investigations by providing documentation of internal reviews related to the suspected case of financial exploitation.

Paragraph (b) establishes timelines for the expiration of delays and holds, and provides for limited extensions and early termination of delays and holds.

Paragraph (c) provides for appeal to the commissioner for termination of delays.

Paragraph (d) permits financial services providers to extend the delay of disbursements or the holds on transactions for ten additional days if their internal review gives them reason to suspect financial exploitation.

Section 7 [45A.07] provides immunity from liability to financial services providers who comply with the disbursement delay and transaction hold provisions of section 45A.06.

Sections 8 and 9 [45A.08 and 45A.09] allows a financial services provider to refuse to accept a power of attorney if it has reasonable cause to believe the principal is a victim or target of financial exploitation by the attorney-in-fact.