Section 462D.05 - FINANCIAL INSTITUTIONS(a) A financial institution is not required to take any action to ensure compliance with this chapter, including to:(1) designate an account, designate qualified beneficiaries, or modify the financial institution's account contracts or systems in any way;(2) track the use of money withdrawn from a first-time home buyer savings account;(3) allocate funds in a first-time home buyer savings account among joint account holders or multiple qualified beneficiaries; or(4) report any information to the commissioner or any other government that is not otherwise required by law.(b) A financial institution is not responsible or liable for: (1) determining or ensuring that an account satisfies the requirements of this chapter or that its funds are used for eligible costs; or(2) reporting or remitting taxes or penalties related to the use of a first-time home buyer savings account.Added by 2017 Minn. Laws, ch. 1,s 1-40, eff. 5/31/2017.