Minnesota § 462D.04 ACCOUNT HOLDER RESPONSIBILITIES

Minnesota Statutes

§ 462D.04 — ACCOUNT HOLDER RESPONSIBILITIES

Minnesota § 462D.04

PartLOCAL GOVERNMENT POLICE POWERS

Ch. 462DFIRST-TIME HOME BUYER SAVINGS ACCOUNT ACT

This text of Minnesota § 462D.04 (ACCOUNT HOLDER RESPONSIBILITIES) 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. § 462D.04 (2026).

Text

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 remainin

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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.