14, 2013 - SAINT PAUL, MN – As part of the eighth annual World Elder Abuse Awareness Day, Minnesota Department of Commerce Commissioner Mike Rothman partnered with the state’s leading experts on preventing elder abuse and exploitation at William Mitchell College of Law annual event to raise awareness in this often under-recognized problem. Commissioner Rothman’s presentation, “Preventing Elderly Investment Fraud,” was tailored to health care professionals, focusing on how to spot and report fraud and financial abuse within the elderly and vulnerable adult populations.
17, 2013 - SAINT PAUL, MN – The Minnesota Department of Commerce recently took action against Lincoln National Life Insurance Company and Northwestern Mutual Life Insurance Company due to alleged current or former practices that automatically enrolled consumers into retained asset accounts – without providing beneficiaries with the option to decide whether they wanted life insurance proceeds placed in such accounts which may not have been suitable for the beneficiary or paid in one lump sum cash payment upon the death of policy holder.
15, 2013 - SAINT PAUL, MN – Commerce Commissioner Mike Rothman signed a Resolution and Regulatory Settlement Agreement with Prudential Insurance Company today to ensure payment of due and payable proceeds from life insurance policies, annuity contracts, and retained asset accounts to Minnesota beneficiaries, and strengthened procedures to make sure policy holders and beneficiaries receive the unclaimed proceeds from these policies and contracts in a timely manner in the future.
22, 2013 - SAINT PAUL, MN – Within this decade, there will be more Minnesotans over the age of 65 than children enrolled in our public schools. Senior citizens across the country hold the majority of the nation’s wealth and scam artists know it. As part of Financial Literacy Month, The Department of Commerce and AARP held a tele-town hall this morning for Minnesota’s seniors about the importance of protecting themselves from financial fraud.
10, 2013 - The Minnesota Department of Commerce, Division of Energy Resources has issued an alert to consumers who are considering the purchase of radiant barriers in their attics. The Commerce Department, which has received recent reports of salespeople pitching the radiant barrier product in flyers and at free dinners throughout Minnesota, warns consumers that radiant barriers are not a cost-effective way to reduce heating or cooling loads in Minnesota.
03, 2013 - SAINT PAUL, MN – As part of Financial Literacy Month, Commissioner Mike Rothman will visit Tartan Senior High School in Oakdale and attend peer-to-peer financial literacy presentations conducted by DECA students. He will then tour Tartan’s newly-opened branch of the Postal Credit Union, the first credit union branch to be entirely run by students.
19, 2013 - Commerce Commissioner Mike Rothman, for the second year, issued a letter to more than 9,000 licensed CPAs in Minnesota, to urge tax professionals to use their expertise to help spot elder fraud and financial abuse.
12, 2013 - SAINT PAUL, MN – Concern over hazardous chemicals in children’s products and toys has grown in the past several years. In order for Minnesota families to stay informed of potentially dangerous products, the Minnesota Department of Commerce urges parents to stay vigilant about product and toy safety, and hazardous chemicals, and to sign up for product recall alerts.
08, 2013 - SAINT PAUL, MN – Payday lending, short-term consumer loans have nearly doubled in the past five years, reaching a high of 350,000 in 2011. Minnesotans may turn to payday-lending companies to make ends meet during difficult economic times, the Department of Commerce urges consumers to beware if committing to a payday loan online.