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SF 2556

1st Engrossment - 90th Legislature (2017 - 2018) Posted on 05/14/2018 05:18pm

KEY: stricken = removed, old language. underscored = added, new language.

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Current Version - 1st Engrossment

A bill for an act
relating to financial institutions; regulating health savings and medical savings
accounts; providing asset protection;amending Minnesota Statutes 2016, section
550.37, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2016, section 550.37, is amended by adding a subdivision
to read:


Subd. 26.

Health savings accounts; medical savings accounts.

(a) All money held in
a health savings account, as defined in the Internal Revenue Code of 1986, section 223(d),
as amended, up to a present value of $25,000.

(b) All money held in a medical savings account, as defined in the Internal Revenue
Code of 1986, section 220(d)(1), as amended, up to a present value of $25,000.

(c) The exemptions in paragraphs (a) and (b) do not apply pursuant to the division of
marital assets under section 518.58, a surviving spouse benefit under section 518.581, and
a support order under section 518A.53.

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