Minnesota Session Laws - 2018, Regular Session

CHAPTER 111--H.F.No. 2391

An act

relating to financial institutions; regulating health savings and medical savings accounts; providing asset protection;

amending Minnesota Statutes 2016, section 550.37, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2016, section 550.37, is amended by adding a subdivision to read:

new text begin Subd. 26. new text end

new text begin Health savings accounts; medical savings accounts. new text end

new text begin (a) All money held in a health savings account, as defined in the Internal Revenue Code of 1986, section 223(d), as amended, up to a present value of $25,000. new text end

new text begin (b) All money held in a medical savings account, as defined in the Internal Revenue Code of 1986, section 220(d)(1), as amended, up to a present value of $25,000. new text end

new text begin (c) The exemptions in paragraphs (a) and (b) do not apply pursuant to the division of marital assets under section 518.58, a surviving spouse benefit under section 518.581, and a support order under section 518A.53. new text end

Presented to the governor May 1, 2018

Signed by the governor May 3, 2018, 11:20 a.m.