462D.04 ACCOUNT HOLDER RESPONSIBILITIES. Subdivision 1. Expenses; reporting. The account holder must: (1) not use funds in a first-time home buyer savings account to pay expenses of administering the account, except that a service fee may be deducted from the account by the financial institution in which the account is held; and (2) submit to the commissioner, in the form and manner required by the commissioner: (i) detailed information regarding the first-time home buyer savings account, including a list of transactions for the account during the taxable year and the Form 1099 issued by the financial institution for the account for the taxable year; and (ii) upon withdrawal of funds from the account, a detailed account of the eligible costs for which the account funds were expended and a statement of the amount of funds remaining in the account, if any. Subd. 2. Transfers. An account holder may withdraw funds, in whole or part, from a first-time home buyer savings account and deposit the funds in another first-time home buyer savings account held by a different financial institution or the same financial institution. History: 1Sp2017 c 1 art 1 s 39
Minnesota Legal Code