{"data":{"id":"us-mn/minn.-stat.-462d.05","jurisdiction":"us-mn","citation":"Minn. Stat. § 462D.05","heading":"FINANCIAL INSTITUTIONS.","body":"(a) A financial institution is not required to take any action to ensure compliance with this chapter, including to:\n(1) designate an account, designate qualified beneficiaries, or modify the financial institution's account contracts or systems in any way;\n(2) track the use of money withdrawn from a first-time home buyer savings account;\n(3) allocate funds in a first-time home buyer savings account among joint account holders or multiple qualified beneficiaries; or\n(4) report any information to the commissioner or any other government that is not otherwise required by law.\n(b) A financial institution is not responsible or liable for:\n(1) determining or ensuring that an account satisfies the requirements of this chapter or that its funds are used for eligible costs; or\n(2) reporting or remitting taxes or penalties related to the use of a first-time home buyer savings account.","path":["LOCAL GOVERNMENT POLICE POWERS","CHAPTER 462D. FIRST-TIME HOME BUYER SAVINGS ACCOUNT ACT"],"source_url":"https://www.revisor.mn.gov/statutes/cite/462D.05","current_through":"2025 Minnesota Statutes","vintage":"","retrieved_at":"2026-09-02T22:10:47Z","sha256":"7618b512a84747d59b94cc290ff6dd52730986cae7f03822308b5b42377e0f6e","source_id":"us-mn","stale":false,"prev":"us-mn/minn.-stat.-462d.04","next":"us-mn/minn.-stat.-462d.06"},"notice":"GroundRules: Original legal text. Not legal advice."}