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Committee re-refers Uniform Special Deposits Act to Judiciary committee
Summary
The committee heard a brief presentation on House File 2233, the Uniform Special Deposits Act, a model law to clarify legal treatment of escrow-type accounts; the committee voted to re-refer the bill to the Judiciary, Finance and Civil Law Committee.
Representative Nisga introduced House File 2233 on March 19, a bill adopting the Uniform Special Deposits Act to provide clearer legal status for special deposit accounts such as escrow and security-deposit accounts.
Kim Wolf, a Minnesota business attorney and Uniform Law Commissioner, testified the act creates a framework so accounts explicitly designated as special deposit accounts are treated as bankruptcy-remote and protected for parties not involved in bankruptcy proceedings. She said the bill does not require banks to offer special accounts, but aims to provide certainty where escrow or security-deposit arrangements exist.
Committee members asked no substantive questions and no public testimony was offered. The committee voted by voice to re-refer House File 2233 to the Judiciary, Finance and Civil Law Committee.
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