Can I collect financial information from participants in Minnesota? What are the requirements?

To collect financial information from participants in Minnesota, the requirements depend on the context of the collection. Here are some relevant regulations:

Regulation of Business of Financial Planning

According to MNAC 2876.5024, any person who provides or offers to provide financial planning services or financial counseling or advice, on a group or individual basis, is considered to be representing themselves as engaged in the business of financial planning. If a person is registered or required to be registered under the Minnesota Securities Act, they must provide a disclosure document to the client that includes the basis of any fees, commissions, or other compensation received by the person in connection with the rendering of financial planning services or financial counseling or advice, the identification of companies and/or affiliates that supply products or services offered or sold by the person, the licenses held by the person under Minnesota Statutes, and the specific identity of any financial products or services, by category, that the person is authorized to offer or sell. The disclosure document must be delivered or mailed to the client when an account is opened, and a record of the disclosure must be maintained for a period of three years.

Financial Report

If a committee or candidate receives contributions or makes disbursements of more than $750 in a calendar year, they must submit an initial report to the filing officer within 14 days after the candidate or committee receives or makes disbursements of more than $750 and shall continue to make the reports listed in paragraph (b) until a final report is filed. The report must include the name of the candidate or ballot question, the printed name, address, telephone number, signature, and email address of the person responsible for filing the report, the total cash on hand designated to be used for political purposes, the total amount of contributions and disbursements for the period from the last previous report to five days before the current report is due, the amount, date, and purpose for each disbursement, and the name, address, and employer, or occupation if self-employed, of any individual or committee that during the year has made one or more contributions that in the aggregate exceed $100, and the amount and date of each contribution ^[3.1].

Therefore, depending on the context of the financial information collection, you may need to comply with the regulations outlined in MNAC 2876.5024 or submit financial reports as required by MNST 211A.02.

Source(s):

• [3.1] FINANCIAL REPORT.

Jurisdiction

Minnesota

• Privacy