Section 462D.04 - ACCOUNT HOLDER RESPONSIBILITIESSubdivision 1.Expenses; reporting.The account holder must:
(1) not use funds in a first-time home buyer savings account to pay expenses of administering the account, except that a service fee may be deducted from the account by the financial institution in which the account is held; and(2) submit to the commissioner, in the form and manner required by the commissioner:(i) detailed information regarding the first-time home buyer savings account, including a list of transactions for the account during the taxable year and the Form 1099 issued by the financial institution for the account for the taxable year; and(ii) upon withdrawal of funds from the account, a detailed account of the eligible costs for which the account funds were expended and a statement of the amount of funds remaining in the account, if any.Subd. 2.Transfers.An account holder may withdraw funds, in whole or part, from a first-time home buyer savings account and deposit the funds in another first-time home buyer savings account held by a different financial institution or the same financial institution.
Added by 2017 Minn. Laws, ch. 1,s 1-39, eff. 5/31/2017.