Minnesota Session Laws - 2001, Regular Session

                            CHAPTER 111-H.F.No. 1248 
                  An act relating to veterans homes; changing certain 
                  resident deposit accounts; amending Minnesota Statutes 
                  2000, section 198.265. 
        BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
           Section 1.  Minnesota Statutes 2000, section 198.265, is 
        amended to read: 
           198.265 [DEPOSITORY DEPOSIT ACCOUNTS.] 
           The board may accept money from residents for safekeeping 
        purposes to be returned to such the residents on demand.  
        Sufficient money shall must be retained at the homes to satisfy 
        normal demand withdrawal requests of the residents and other 
        anticipated needs.  Residents' deposits shall otherwise accounts 
        must be deposited and maintained in the state treasury to in a 
        separate interest-bearing investment account provided by the 
        commissioner of finance, which shall must be invested by the 
        state board of investment in accordance with section 11A.21 
        sections 11A.24 and 11A.25.  Residents' money on deposit in this 
        account at the homes may be placed in this a depository account 
        only after the member resident or resident's representative has 
        signed an agreement that the resident is willing to have the 
        money in an account that does not draw interest directly to the 
        resident personally 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 board 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.  
           The interest earned from the investment of the deposits is 
        annually appropriated to the commissioner from the account 
        established by this section to be used by the board only for the 
        direct benefit of the residents of the homes, and the interest 
        shall be available to the homes not less than twice each year. 
           Presented to the governor May 14, 2001 
           Signed by the governor May 17, 2001, 10:40 a.m.