Minnesota § 198.265 DEPOSIT ACCOUNTS

Minnesota Statutes

§ 198.265 — DEPOSIT ACCOUNTS

Minnesota § 198.265

PartVETERANS

Ch. 198VETERANS HOMES

This text of Minnesota § 198.265 (DEPOSIT ACCOUNTS) is published on Counsel Stack Legal Research, covering Minnesota primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Minn. Stat. § 198.265 (2026).

Text

The commissioner may accept money from residents for safekeeping purposes to be returned to the residents on demand. Sufficient money must be retained at the homes to satisfy normal demand withdrawal requests of the residents and other anticipated needs. Residents' accounts must be deposited and maintained in the state treasury in a separate interest-bearing investment account provided by the commissioner of management and budget, which must be invested by the State Board of Investment in accordance with sections11A.24and11A.25. Residents' money on deposit at the homes may be placed in a depository account only after the resident or resident's representative has signed an agreement that the resident is willing to have the money in an account maintained by the homes.
Residents' accounts of 

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The commissioner may accept money from residents for safekeeping purposes to be returned to the residents on demand. Sufficient money must be retained at the homes to satisfy normal demand withdrawal requests of the residents and other anticipated needs. Residents' accounts must be deposited and maintained in the state treasury in a separate interest-bearing investment account provided by the commissioner of management and budget, which must be invested by the State Board of Investment in accordance with sections11A.24and11A.25. Residents' money on deposit at the homes may be placed in a depository account only after the resident or resident's representative has signed an agreement that the resident is willing to have the money in an account maintained by the homes.
Residents' accounts of $100 or more must be credited with interest earned from the investment of resident accounts. Interest must be credited to each resident's account on a quarterly basis. The commissioner is not required to pay interest on any resident accounts less than $100.
There is annually appropriated from the account established by this section a sufficient amount to return to the Minnesota veterans homes, upon written request, sufficient money to satisfy the demand of residents for the return of their money and other requirements.

Legislative History

1969 c 1153 s 15;1971 c 619 s 16;1973 c 492 s 14;1975 c 61 s 25;1980 c 607 art 14 s 46;1986 c 444;1988 c 699 s 24;2001 c 111 s 1;2008 c 297 art 2 s 29;2009 c 101 art 2 s 109