Tuesday, 19 March 2019

New state law will protect seniors against financial fraud

SAINT PAUL – Minnesota seniors now have a new line of defense against financial fraud, thanks to a new law effective August 1, 2018. The new law was proposed by the Minnesota Commerce Department and supported by both senior advocacy groups and financial industry stakeholders.

The Safe Seniors Financial Protection Act (HF 3833), equips financial professionals with new tools to protect their senior and vulnerable adult clients by working with the Commerce Department to prevent and stop suspected fraud.

“This law is an opportunity for the Commerce Department to partner with financial professionals to spot and stop fraud before seniors lose their hard-earned life savings,” said Commerce Commissioner Jessica Looman. “These financial professionals are a first line of defense, and this law will strengthen their ability to defend seniors against financial exploitation.”