MN HF3402

Designates health savings accounts and medical savings accounts as a type of health insurance plan subject to state regulation under Minnesota Statutes section 47.01.

Authorizes commercial banks, savings banks, savings associations, credit unions, and industrial loan and thrift companies to act as trustees or custodians for retirement accounts, medical savings accounts, and health savings accounts under federal law.

Allows health savings accounts to be invested in transaction accounts in addition to savings accounts and time deposits, with exemption from restrictions in section 48.512, subdivision 3.

Protects assets in medical savings accounts and health savings accounts from assignment, execution, levy, attachment, garnishment, or other legal process, except for child support, spousal support, and family support obligations under sections 518.58, 518.581, and 518A.53.

Extends the same trustee and custodian authority to state banks, including provisions for affiliated discount brokers for self-directed IRAs with required disclosure of relationships and commission rates.