45A.07 IMMUNITY FOR DELAYING DISBURSEMENTS.
178 words·~1 min read·
/mn/chapter-45/45a-07A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
45A.07 IMMUNITY FOR DELAYING DISBURSEMENTS.
(a)A broker-dealer or investment adviser that, in good faith, complies with section 45A.06 , subdivision 1, or the commissioner of commerce, law enforcement agency, or prosecuting attorney's office is immune from administrative, civil, or criminal liability that might otherwise arise from the delay in a disbursement or placing a hold on a transaction in accordance with this chapter.
(b)A financial services provider, or an employee of a financial services provider, that, in good faith, complies with section 45A.06 , subdivision 2, or the commissioner of commerce, law enforcement agency, or prosecuting attorney's office is immune from administrative, civil, or criminal liability that might otherwise arise from the delay of a disbursement or placing a hold on a transaction in accordance with this chapter.
(c)A party that, in good faith and in compliance with section 45A.06 , delays or places a hold on a disbursement or transaction directed by an attorney-in-fact shall not be deemed to have refused to accept the authority of the attorney-in-fact for purposes of section 523.20 .