|Senate Counsel & Research||State of Minnesota|
|S.F. No. 1510 - Minnesota Financial Crimes Oversight Council and Task Force (First Engrossment)|
|Author:||Senator Satveer Chaudhary|
|Prepared by:||Kenneth P. Backhus, Senate Counsel (651/296-4396)|
|Date:||March 23, 2005|
S.F. No. 1510 (delete-everything amendment - SCS1510A-1) establishes the Minnesota Financial Crimes Oversight Council and provides for a statewide Financial Crimes Task Force. It addresses the transition of the current Minnesota Financial Crimes Task Force into the one created in this bill and then repeals the current task force.
Section 1 creates the Minnesota Financial Crimes Oversight Council to provide guidance related to the investigation and prosecution of identity theft and financial crimes. Provides for the oversight council's membership, specifies its duties (which includes developing an overall strategy to ameliorate the harm caused to the public by identity theft and financial crime within Minnesota and establishing a multijurisdictional statewide Minnesota Financial Crimes Task Force to investigate major financial crimes). Provides for a statewide commander for the task force and specifies the commander's responsibilities. Addresses the status of participating officers in the task force, including their powers and jurisdiction. Provides for grants to combat identity theft and financial crime. Authorizes the oversight council to establish a victims' assistance program to assist victims of economic crimes and provide prevention and awareness programs. Provides that the oversight council and task force are permanent. Authorizes the oversight council to accept lawful grants and in-kind contributions. Provides that proceeds received from property seized by the task force and forfeited go to the oversight council. Provides that equipment possessed by the current Minnesota Financial Crimes Task Force (that is being repealed in section 3) are transferred to the oversight council for use by the task force created in this section.
Section 2 appropriates unspecified sums to the Commissioner of Public Safety to implement section 1.
Section 3 repeals the statute addressing the current Minnesota Financial Crimes Task Force.
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