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Chapter 45
Section 45.026
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This is an historical version of this statute chapter. Also view the most recent published version.
45.026 REGULATION OF BUSINESS OF FINANCIAL PLANNING.
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.
History: 1987 c 336 s 1
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.
History: 1987 c 336 s 1
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Revisor of Statutes