2007 Minnesota Statutes

47.75 LIMITED TRUSTEESHIP.
    Subdivision 1. Retirement, health savings, and medical savings accounts. (a) A
commercial bank, savings bank, savings association, credit union, or industrial loan and thrift
company may act as trustee or custodian:
(1) under the Federal Self-Employed Individual Tax Retirement Act of 1962, as amended;
(2) of a medical savings account under the Federal Health Insurance Portability and
Accountability Act of 1996, as amended;
(3) of a health savings account under the Medicare Prescription Drug, Improvement, and
Modernization Act of 2003, as amended; and
(4) under the Federal Employee Retirement Income Security Act of 1974, as amended.
(b) The trustee or custodian may accept the trust funds if the funds are invested only in
savings accounts or time deposits in the commercial bank, savings bank, savings association,
credit union, or industrial loan and thrift company, except that health savings accounts may also
be invested in transaction accounts. Health savings accounts invested in transaction accounts
shall not be subject to the restrictions in section 48.512, subdivision 3. All funds held in the
fiduciary capacity may be commingled by the financial institution in the conduct of its business,
but individual records shall be maintained by the fiduciary for each participant and shall show in
detail all transactions engaged under authority of this subdivision.
    Subd. 2.[Repealed, 1984 c 576 s 27]
History: 1982 c 473 s 8; 1984 c 473 s 1; 1995 c 202 art 1 s 25; 1997 c 157 s 19; 2005 c
118 s 2; 2007 c 44 s 5; 2007 c 57 art 3 s 11