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Minnesota Statutes Local Government Police Powers (Ch. 460-463) § 462D.04. Account holder responsibilities

Current as of January 01, 2023 | Updated by FindLaw Staff

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.

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Cite this article: FindLaw.com - Minnesota Statutes Local Government Police Powers (Ch. 460-463) § 462D.04. Account holder responsibilities - last updated January 01, 2023 | https://codes.findlaw.com/mn/local-government-police-powers-ch-460-463/mn-st-sect-462d-04/

Read this complete Minnesota Statutes Local Government Police Powers (Ch. 460-463) § 462D.04. Account holder responsibilities on Westlaw

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