Minnesota SF2739 mandates minimum standards for student banking accounts at higher education institutions.
Minnesota SF2739 establishes requirements for student banking services at higher education institutions. It prohibits partnerships with financial institutions that do not meet certain conditions, including prohibiting specific fees and requiring competitive interest rates. Higher education institutions must also report annually on student banking services. The bill defines "higher education institution" and "financial institution" and specifies terms for "tier 1" and "tier 2" services.
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