Minnesota Administrative Code

2876.4113 FINANCIAL REPORTING REQUIREMENTS FOR INVESTMENT ADVISERS. Subpart 1. Custody. Every investment adviser, registered or required to be registered, who has custody of client funds or securities or requires payment of advisory fees six months or more in advance and in exces…

2876.4114 RECORD-KEEPING REQUIREMENTS. Subpart 1. Books and records; investment advisers. Every investment adviser registered or required to be registered under the Minnesota Securities Act, Minnesota Statutes, chapter 80A, shall make and keep true, accurate, and current the foll…

2876.4115 BONDING REQUIREMENTS FOR CERTAIN INVESTMENT ADVISERS. Subpart 1. Bond requirement. Every investment adviser registered or required to be registered under the Minnesota Securities Act, Minnesota Statutes, chapter 80A, having custody of or discretionary authority over cli…

2876.4116 CUSTODY REQUIREMENTS FOR INVESTMENT ADVISERS. Subpart 1. Safekeeping required. It is unlawful and deemed to be a fraudulent, deceptive, or manipulative act, practice, or course of business for an investment adviser to have custody of client funds or securities unless: A…

2876.4117 INVESTMENT ADVISER BROCHURE RULE. Subpart 1. General requirements. Unless otherwise provided in this part, an investment adviser, registered or required to be registered pursuant to Minnesota Statutes, section 80A.58, shall, in accordance with the provisions of this par…

2876.4120 EXAMINATION REQUIREMENTS. Subpart 1. Required examination. A. Unless otherwise waived by the administrator, each supervisory or control individual of an investment adviser shall take and pass within the two-year period immediately preceding the date of the application t…

2876.5021 BROKER-DEALER CONDUCT. Subpart 1. Fair dealing. Every broker-dealer and agent has the fundamental responsibility for fair dealing in all of their relationships with customers and others and must comply with FINRA Rule 2111. Subp. 2. Suitability. In making recommendation…

2876.5022 CONTENTS OF AN INVESTMENT ADVISORY CONTRACT. Subpart 1. Generally. The provisions of this part apply to federal covered investment advisers to the extent permitted by the National Securities Markets Improvement Act of 1996. Subp. 2. Writing requirements. It is unlawful …

2876.5023 PROHIBITED CONDUCT IN PROVIDING INVESTMENT ADVICE. Subpart 1. Fiduciary duty. A person who is an investment adviser or a federal covered investment adviser is a fiduciary and has a duty to act primarily for the benefit of its clients. This part applies to federal covere…

2876.5024 REGULATION OF BUSINESS OF FINANCIAL PLANNING. Subpart 1. Definition. "Business of financial planning" means providing, or offering to provide, financial planning services or financial counseling or advice, on a group or individual basis. Any person who, on advertisement…

2876.5025 PROHIBITED USES OF SENIOR-SPECIFIC CERTIFICATIONS AND PROFESSIONAL DESIGNATIONS. Subpart 1. Generally. The provisions of this part apply to federal covered investment advisers to the extent permitted by the National Securities Markets Improvement Act of 1996, Public Law…

2876.6052 ACCOUNTING PRINCIPLES. All financial statements required by this chapter or by any official form of the administrator shall be prepared in accordance with generally accepted accounting principles unless otherwise permitted by rule or order. Financial statements shall be…

2876.6110 CONSENT TO SERVICE OF PROCESS. Persons required to file with the administrator a consent to service of process should file Form U-2, Uniform Consent to Service of Process. Statutory Authority: MS s 45.023; 80A.82 History: 34 SR 593 Published Electronically: November 23,…

2880.0050 APPLICABILITY. Parts 2880.0050 to 2880.0800 do not apply to commercial dwellings or farms, nor to policies under joint underwriting agreements where one of the insurers is a township mutual. Statutory Authority: MS s 65A.29 History: 10 SR 66 Published Electronically: Se…

2880.0100 DEFINITIONS. Subpart 1. Scope. For the purpose of parts 2880.0050 to 2880.0800, the terms defined in this part have the meanings given them. Subp. 2. Commercial dwelling. "Commercial dwelling" means a building used primarily to produce income, such as a motel, hotel, or…

2880.0200 GROUNDS FOR NONRENEWAL. No insurer shall refuse to renew a policy of homeowners insurance unless based on one or more reasons which shall be limited to the following: A. The reasons stated for cancellation in Minnesota Statutes, section 65A.01, subdivision 3a. B. Use of…

2880.0300 WAIVER OF PENALTIES. If an insurer encounters a situation in which the insurer believes that the nonrenewal is not addressed by parts 2880.0050 to 2880.0800, the insurer may seek a waiver of penalties under the following procedure: A. Notify the commissioner in writing,…

2880.0400 NONRENEWAL NOTICES. A nonrenewal notice must be on a form approved by the Department of Commerce and the following information must be furnished to the insured on the front of the notice: A. The specific reasons for the termination, which if based on loss experience mus…

2880.0500 VALIDITY OF NOTICE AND NONRENEWAL. No nonrenewal and no notice of nonrenewal of a homeowners policy is valid unless done in compliance with parts 2880.0050 to 2880.0800. Statutory Authority: MS s 65A.29 History: 10 SR 66 Published Electronically: September 14, 2007

2880.0600 RECORD KEEPING. Each insurance company shall keep a register of all nonrenewals and company initiated cancellations, except those for nonpayment of premium. The register must be retained for three years and be available to the commissioner of commerce, or a designee, du…

2880.0700 NONRENEWAL OF MULTILINE CONTRACTS. Nothing in parts 2880.0050 to 2880.0800 prohibits an insurance company from nonrenewing a multiline insurance contract. However, if parts 2880.0050 to 2880.0800 prevent nonrenewal of the homeowners insurance portion of the contract, th…

2880.0800 PENALTIES. Subpart 1. Generally. An insurer failing to comply with parts 2880.0050 to 2880.0800 is subject to the following penalties during each calendar year period: A. first violation, $100; B. second violation, $300; and C. third and subsequent violations, $500. Sub…

2885.0200 PURPOSE. The rules contained in this chapter are for the purpose of implementing provisions of the Uniform Disposition of Unclaimed Property Act, Minnesota Statutes, sections 345.31 to 345.60, as amended. Statutory Authority: MS s 345.56 Published Electronically: May 9,…

2885.0300 SERVICE CHARGES. The term "service charges" means any type of deduction by a holder, as defined in Minnesota Statutes, section 345.31, subdivision 5, from property presumed abandoned pursuant to the Uniform Disposition of Unclaimed Property Act, and also shall include: …

2885.0400 REPORT OF SERVICE CHARGES. If service charges have been deducted, a holder shall include or attach as part of the report filed pursuant to Minnesota Statutes, section 345.41: A. the citation of the authority or a copy of the form of contract authorizing such service cha…

2885.0500 REPORT OF DISCONTINUANCE OF INTEREST OR DIVIDENDS. If payment of interest or dividends on property presumed abandoned pursuant to the Uniform Disposition of Unclaimed Property Act was discontinued, before or after the property was presumed abandoned, by reason of the in…

2885.0600 REPORT OF ABANDONED PROPERTY HELD BY BANKING OR FINANCIAL INSTITUTION OR BUSINESS ASSOCIATION. The provisions of Minnesota Statutes, section 345.32, clauses (a)(4), (a)(5), and (b)(4) are effective as of July 1, 1977. Unless such sections are satisfied subsequent to sai…

2885.0700 RECEIPT OF STATEMENT. For purposes of Minnesota Statutes, section 345.32, clauses (a)(4) and (b)(4), a tax report or regular statement of deposit shall be deemed to be the statement referred to in said sections. Statutory Authority: MS s 345.41; 345.56 Published Electro…

2885.0800 NEGATIVE PROPERTY REPORT. A holder which has no property which is reportable pursuant to the Uniform Disposition of Unclaimed Property Act shall report that fact if so requested in writing by the commissioner of commerce. Statutory Authority: MS s 345.41; 345.56 History…

2890.0005 APPLICABILITY. This chapter, as adopted at 28 SR 383, applies to costs incurred for work performed on or after October 6, 2003, excluding: A. costs incurred for work performed as part of one of the steps of consultant services as described in part 2890.1100, as it exist…

2890.0015 DEFINITIONS. Subpart 1. Scope. For purposes of this chapter, the terms in this part have the meanings given them. Subp. 2. Active remediation. "Active remediation" means corrective actions such as free product removal, soil vapor extraction, air sparging, soil excavatio…

2890.0020 BOARD MEETINGS; TIME, PLACE, NOTICE. Subpart 1. Regular meetings. A regular meeting of the board must be scheduled at least four times a year. A scheduled meeting may be canceled if there is insufficient business. Subp. 2. Special meetings. A special meeting may be call…

2890.0030 VICE-CHAIR. A vice-chair must be elected by the board at the first regular board meeting of each calendar year. The vice-chair must preside at regular and special meetings in the absence of the chair and perform other duties assigned by the board. If the vice-chair posi…

2890.0040 CONDUCT OF MEETINGS. Subpart 1. Quorum. A quorum consists of three board members. Subp. 2. Minutes. Meetings must be tape recorded and minutes prepared by staff. Subp. 3. Parliamentary procedure. Except as specifically provided by statute or negotiation, Robert's Rules …

2890.0050 CONFLICT OF INTEREST. When a member of the board has a direct or indirect financial or employment interest relating to a matter before the board, and when that interest is reasonably likely to affect the member's impartiality or judgment in the matter, the member must r…

2890.0060 REIMBURSEMENT OF COSTS. Subpart 1. Generally. An applicant eligible for reimbursement may apply to the board for reimbursement of eligible costs. Subp. 2. Conditions for reimbursement. A reimbursement may not be made unless the board determines that the commissioner has…

2890.0065 REDUCTION OF REIMBURSEMENT AMOUNT. Subpart 1. Amount of reduction. Pursuant to Minnesota Statutes, section 115C.09, subdivision 3, paragraph (i), the board must reduce the amount of reimbursement to be made to an applicant as follows: A. The board must reduce the amount…

2890.0070 ELIGIBLE COSTS. Subpart 1. Reimbursable corrective actions. Costs associated with the following corrective actions may be eligible for reimbursement from the fund: A. Emergency response and initial site hazard mitigation. Costs may include, but are not limited to, those…

2890.0071 [Renumbered 2890.0200] Published Electronically: September 14, 2007

2890.0079 [Renumbered 2890.2200] Published Electronically: September 14, 2007

2890.0083 [Renumbered 2890.4000] Published Electronically: September 14, 2007

2890.0085 [Renumbered 2890.4200] Published Electronically: September 14, 2007

2890.0086 [Renumbered 2890.4300] Published Electronically: September 14, 2007

2890.0090 [Renumbered 2890.4400] Published Electronically: September 14, 2007

2890.0100 [Renumbered 2890.4500] Published Electronically: September 14, 2007

2890.0110 [Renumbered 2890.4600] Published Electronically: September 14, 2007

2890.0120 [Renumbered 2890.4700] Published Electronically: September 14, 2007