Subdivision 1. Definitions. For the purposes of this section, the following terms have the meanings given them:
(a) "Person" means an individual, corporation, partnership, joint venture, joint stock association, trust, or unincorporated association.
(b) "Financial planner" means a person who, on advertisements, cards, signs, circulars, letterheads, or in another manner, indicates that the person is a "financial planner," "financial counselor," "financial adviser," "investment counselor," "investment adviser," "financial consultant," or other similar designation, title, or combination is considered to be representing that the person is engaged in the business of financial planning.
(c) "Advertisement" includes:
(1) printed or published material, audiovisual material, and descriptive literature of a financial planner used in direct mail, newspapers, magazines, other periodicals, radio scripts, television scripts, billboards, and other similar displays, excluding advertisements prepared for the sole purpose of obtaining employees, agents, or agencies;
(2) descriptive literature and sales ads of all kinds issued by a financial planner for presentation to members of the public, including but not limited to, circulars, leaflets, booklets, depictions, illustrations, and form letters;
(3) prepared sales talks, presentations, and materials for use by a financial planner and any representations made by a financial planner in accordance with these talks, presentations, and materials; and
(4) statements, written or oral, by a financial planner.
Subd. 2. Fiduciary duty. Persons who represent that they are financial planners have a fiduciary duty to persons for whom services are performed for compensation. In an action for breach of fiduciary duty, a person may recover actual damages resulting from the breach, together with costs and disbursements.
Subd. 3. Penalty. A financial planner is subject to section 45.027, subdivision 5.
1987 c 336 s 1
Structure Minnesota Statutes
Chapter 45 — Department Of Commerce; General Powers
Section 45.0112 — Street And Email Addresses Required.
Section 45.012 — Commissioner.
Section 45.013 — Power To Appoint Staff.
Section 45.0135 — Commerce Fraud Bureau.
Section 45.014 — Seal Of Department Of Commerce.
Section 45.015 — Proof Of Mailing.
Section 45.016 — Service Of Orders Or Other Papers.
Section 45.022 — Consumer Satisfaction; Commerce.
Section 45.026 — Regulation Of Business Of Financial Planning.
Section 45.027 — Investigations And Subpoenas.
Section 45.028 — Service Of Process.
Section 45.029 — Financial Statement.
Section 45.0291 — Department Bonds.
Section 45.0292 — License Reciprocity.
Section 45.21 — Application Fees.
Section 45.22 — License Education Approval.
Section 45.23 — License Education Fees.
Section 45.24 — License Technology Fees.
Section 45.26 — Payment Of Fees.
Section 45.28 — Textbooks Required.
Section 45.29 — Initial Education.
Section 45.30 — Continuing Education.
Section 45.301 — On-demand Continuing Education; Requirements.
Section 45.304 — Verification Requirements.
Section 45.305 — Prelicense Education Courses Offered Over The Internet.
Section 45.306 — Continuing Education Courses Offered Over The Internet.
Section 45.307 — Education Provider.
Section 45.31 — Course Coordinator.
Section 45.33 — Prohibited Practices For Coordinators And Instructors.
Section 45.36 — Supplementary Materials.
Section 45.37 — Advertising Courses.
Section 45.38 — Notice To Students.
Section 45.40 — Falsification Of Reports.
Section 45.41 — Disciplinary Action.