MN SF2739

Prohibits Minnesota higher education institutions from partnering with financial institutions for student banking services unless they meet minimum standards, covering public, private, and Tribal colleges

Bans nonsufficient fund fees, overdraft fees, monthly/annual maintenance fees, and account closure fees on all student banking accounts; additionally prohibits deposit/withdrawal fees and dormant account fees on accounts used to disburse financial aid (Tier 1 services)

Requires financial institutions to provide clear, plain-language terms of service and offer terms at least as favorable as prevailing market norms, including competitive interest rates

Mandates annual reporting by January 15 to the commissioner on total student accounts by tier, revenue received from financial institution partnerships, partner identities, and summary of account terms and compliance status

Requests (but does not require) the University of Minnesota Board of Regents to comply with these regulations