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BankersOnline.com Forums State-Specific Compliance Issues Minnesota Elder accounts
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#2275409 - 09/12/22 05:18 PM Elder accounts
JennKK2 Offline
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Joined: Nov 2006
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does anyone know if minnesota has a law which under certain circumstances will permit a bank to freeze and elder account when it is believed the person is being scammed?
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#2275417 - 09/12/22 06:36 PM Re: Elder accounts JennKK2
RR Sarah Offline
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RR Sarah
Joined: Mar 2004
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Minnesota does have a vulnerable adult law and you can freeze transactions. There are notice and reporting requirements though. You can search for the Minnesota Vulnerable Adult Act.

Also, if you'd like to PM me your email address, I can send you our policy that outlines the requirements.
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#2275418 - 09/12/22 06:45 PM Re: Elder accounts RR Sarah
RR Sarah Offline
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RR Sarah
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#2275422 - 09/12/22 07:04 PM Re: Elder accounts JennKK2
rlcarey Online
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rlcarey
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Unfortunately that does not appear to be applicable to banks - just broker-dealers.
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#2275436 - 09/12/22 07:44 PM Re: Elder accounts rlcarey
RR Sarah Offline
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RR Sarah
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Oops, there is a financial institution section. I just have to find it.
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#2275439 - 09/12/22 08:02 PM Re: Elder accounts RR Sarah
RR Sarah Offline
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RR Sarah
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#2275440 - 09/12/22 08:06 PM Re: Elder accounts RR Sarah
RR Sarah Offline
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RR Sarah
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Actually, the first link I provided is correct. The second link is for S.F. No 2466 which amended 45A to include financial services.
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#2275442 - 09/12/22 08:25 PM Re: Elder accounts RR Sarah
rlcarey Online
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Galveston, TX
ah - cool cool
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