Financial Professionals and Law Enforcement

Safe Seniors Financial Protection Act  

The Minnesota Department of Commerce partners with financial professionals and local law enforcement to prevent fraud and exploitation. The Safe Seniors Financial Protection Act provides tools to identify and report cases of financial abuse of seniors and vulnerable adults.  

Safe Seniors Financial Protection Act [pdf]  

Financial professionals (banks, credit unions, broker-dealers and investment advisers) can:   

• Report suspected exploitation to Commerce and the Minnesota Adult Abuse Reporting Center  
• Notify a trusted third party about the suspected financial exploitation  
• Temporarily hold or delay a transaction or disbursement of funds to protect vulnerable adults and seniors from financial exploitation  

Delaying transaction disbursement   

You may delay a customer’s transaction or the withdrawal or transfer of funds if you believe it may result in financial exploitation.   

Delay is required if Commerce, law enforcement agency or prosecutor provides information demonstrating belief of financial exploitation.   

Delayed transaction mandatory timeline  

• You must report a delay to Commerce and the Minnesota Adult Abuse Reporting Center within 2 business days.   
• The delay must expire after 15 business days.   
• After that period, an extension of up to 10 business days may be requested for a total of 25 business days hold or delay.   
• A court may order a further extension