198.265 DEPOSIT ACCOUNTS.
The board may accept money from residents for safekeeping purposes to be returned to the
residents on demand. Sufficient money must be retained at the homes to satisfy normal demand
withdrawal requests of the residents and other anticipated needs. Residents' accounts must be
deposited and maintained in the state treasury in a separate interest-bearing investment account
provided by the commissioner of finance, which must be invested by the State Board of Investment
in accordance with sections
. Residents' money on deposit at the homes may
be placed in a depository account only after the resident or resident's representative has signed an
agreement that the resident is willing to have the money in an account 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.
History: 1969 c 1153 s 15; 1971 c 619 s 16; 1973 c 492 s 14; 1975 c 61 s 25; 1980 c 607 art
14 s 46; 1986 c 444; 1988 c 699 s 24; 2001 c 111 s 1