No government authority has permission to access or obtain copies of the records from a financial institution of any customer unless the records are reasonably described and meet an expressly stated reason.
Judicial or administrative subpoenas have been added to the list of acceptable reasons.
Sponsored by Rep. Karla Bigham (DFL-Cottage Grove) and Sen. Mee Moua (DFL-St. Paul), the law is identical to language inadvertently removed from a 2009 law related to investigations of the financial exploitations of vulnerable adults. The law, signed April 1 by Gov. Tim Pawlenty, is retroactively effective Aug. 1, 2009.
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