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Minnesota Agencies

Information on Minnesota State Agencies, Boards, Task Forces, and Commissions

Compiled by the Minnesota Legislative Reference Library


Securities Division

Active dates:1925-1983
Preceded by:
Succeeded by:
History:

The Securities Division assumed many of the duties formerly carried out by the Securities Commission when the commission was abolished in 1925 (Laws 1925 c426). It was administered by a securities commissioner who was appointed by the governor and who served as part of the three-member Commerce Commission until 1983. The division is responsible for registration and regulation of securities; licensing and supervision of dealers, brokers, agents, and investment advisers; investigation and prosecution of sale of unregistered securities and illegal sales practices; prevention of fraud in the sale of securities; and regulation of charitable organizations and corporate takeovers.

Since enactment of the Real Estate Licensing Law in 1955 (Laws 1955 c82), the division also has been in charge of issuing licenses to real estate brokers and salesmen, for administration of the licensing law, and for investigation of complaints against real estate brokers and salesmen.

In 1983 the Commerce Department was reorganized and the Commerce Commission was abolished (Laws 1983 c289). The Securities Division became the Registration and Licensing Division and is headed by a deputy commissioner who reports to the commissioner of commerce.

Agency heads:

Commissioners: A. E. Nelson, 1925-1926; C. W. Gillam, 1927-1933; Elmer A. Benson, 1933-1935; S. Paul Skahen, 1935-1939; Robert L. Smith, Jr., 1939-1944; Theodore N. Ofstedahl, 1944-1956; Charles L. Hayes, 1956-1957; Arthur Hansen, 1957-1961; J. Allan Topping, 1961-1963; Carl P. Herbert, Jr., 1963-1964; Elmer A. Borgschatz, 1964-1969; Lance J. Johnson, 1969-1970; Edward J. Driscoll, 1971-1975;;; Agency heads: John R. Larson, 1975-1979; Mary Alice Brophy, 1979-1982; Mike Hatch, 1983 - 

Record last updated: 06/21/2024
 

All information on this group from the Library’s collection of agency notebooks has been digitized. These materials are incorporated into the “documents/articles” section of the record. Please contact a librarian with any questions. The Minnesota Agencies database is a work in progress.

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