MN HF3064

Creates Minnesota Statutes chapter 45A to establish financial exploitation protections for persons age 65 and older and other vulnerable adults.

Requires qualified individuals (agents, investment adviser representatives, and supervisory/compliance/legal personnel) at broker-dealers, investment advisers, and financial institutions to immediately notify state agencies if they reasonably believe financial exploitation of an eligible adult may have occurred, been attempted, or is being attempted.

Grants qualified individuals, broker-dealers, investment advisers, and financial institutions immunity from administrative or civil liability when making good faith disclosures about suspected financial exploitation or complying with the act's requirements.

Authorizes broker-dealers, investment advisers, and financial institutions to delay disbursements from eligible adults' accounts for up to 15 business days (extendable to 25 days if agencies request) when there is reasonable belief of financial exploitation, with written notification to account parties and agencies required within two business days.

Creates a senior trust fund as a separate account in the state special revenue fund, funded by supplemental civil penalties recovered under section 325F.71, with annual appropriations to the commissioner of commerce for implementing the chapter's provisions.