as introduced - 91st Legislature (2019 - 2020) Posted on 02/04/2019 02:56pm
A bill for an act
relating to employment; prohibiting enforcement of certain covenants not to solicit
or compete affecting accounts of close relatives of investment adviser
representatives and brokers; proposing coding for new law in Minnesota Statutes,
chapter 80A.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
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No investment adviser or broker-dealer shall enforce or
threaten to enforce a covenant not to solicit or compete against any investment adviser
representative or broker with respect to accounts of close relatives with whom that investment
adviser representative or broker had a direct advisory or sales relationship.
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For purposes of this section, "close relative" means a spouse, child,
parent, grandparent, aunt, uncle, grandchild, parent-in-law, sibling-in-law, or step-relative
of the investment adviser representative or broker.
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