Minnesota Administrative Rules

8420.0755 BANK ACCOUNT ADMINISTRATION.

Subpart 1.

Account information.

A.

For each wetland bank site, the board shall maintain at least the following information:

(1)

the fee owner's name, address, and telephone number;

(2)

the location, including public land survey coordinates, local government unit, county, major watershed, and bank service area;

(3)

replacement acres by amount and replacement action, the restoration or creation date, and bank acceptance date;

(4)

withdrawals made from the bank site including, for each impacted wetland, the amount of wetland; fee owner, address, telephone number; and public land survey coordinates, local government unit, county, and watershed; and

(5)

the original copy of the recorded conservation easement for the site and a title insurance policy naming the state as an insured party.

B.

The board shall provide the following information to persons inquiring about available bank credits within a local government unit, county, major watershed, or bank service area:

(1)

account holder name, address, telephone number, and email address, if available;

(2)

acres or square feet of available credit; and

(3)

location by section, township, range, county, major watershed, and bank service area.

Subp. 2.

Administrative fees.

The board may collect administrative fees for managing bank accounts. The following fees must be paid to the board to be used for administering and monitoring the wetland bank:

A.

account maintenance annual fee: one percent of the value of credits not to exceed $500 for any year the account is active;

B.

account deposit or transfer: 6.5 percent of the value of credits not to exceed $1,000 per deposit or transfer; and

C.

withdrawal fee: 6.5 percent of the value of credits withdrawn.

Subp. 3.

Audit.

The board may periodically inspect wetland bank records and correspondence maintained by a local government unit to determine compliance with this part.

Statutory Authority:

MS s 103G.2242

History:

34 SR 145

Published Electronically:

January 30, 2024