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 Individuals Tax Retirement Act of 1962, as amended; (2) of a medical savings account under the […]
47.76 REQUIRED SAVINGS ACCOUNT. A federal or state chartered financial institution, including, but not limited to, a bank, savings association, savings bank, or credit union, shall offer to a Minnesota resident a savings account to promote thrift that has no service charge or fee, if such an account has an average monthly balance of more […]
47.77 TRANSFER OF ACCOUNTS PROHIBITED; NOTICE ON CLOSING. (a) No financial institution shall initiate a transfer of a deposit account to another deposit account bearing different identification information without sending at least 30 days’ prior notice to at least one of the deposit account holders at the last known address on file with the financial […]
47.78 CONTRACTS TO PROVIDE SERVICES. (a) Notwithstanding any other law to the contrary, a financial institution, the “customer institution,” may contract with another financial institution, the “service institution,” to grant the service institution the authority to render services to the customer institution’s depositors, borrowers or other customers, provided notice of the proposed contract is given […]
