MN SF3356

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

Establishes asset protection by making account assets non-assignable and exempt from execution, levy, attachment, garnishment, or other legal process, except as provided in child support and spousal support statutes (sections 518.58, 518.581, and 518A.53).

Permits 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.

Allows state banks to utilize affiliated discount brokers for self-directed IRAs if authorized in writing, with full disclosure of the broker relationship and brokerage commissions required; affiliated brokers prohibited from providing investment advice.

Requires fiduciaries to maintain individual records for each participant showing all transactions in detail, with authority to commingle funds in their business operations.