462D.05 FINANCIAL INSTITUTIONS. (a) A financial institution is not required to take any action to ensure compliance with this chapter, including to: (1) designate an account, designate qualified beneficiaries, or modify the financial institution's account contracts or systems in any way; (2) track the use of money withdrawn from a first-time home buyer savings account; (3) allocate funds in a first-time home buyer savings account among joint account holders or multiple qualified beneficiaries; or (4) report any information to the commissioner or any other government that is not otherwise required by law. (b) A financial institution is not responsible or liable for: (1) determining or ensuring that an account satisfies the requirements of this chapter or that its funds are used for eligible costs; or (2) reporting or remitting taxes or penalties related to the use of a first-time home buyer savings account. History: 1Sp2017 c 1 art 1 s 40
Minnesota Legal Code