MINNESOTA

State law provides for "Conditional Exemption" from regulation of charitable gift annuities for "out of state charities". MN charities granted automatic exemption.

Exemption granted by Minnesota Department of Commerce for out of state charities.

Notification to state required by filing of Form U-2, "Uniform Consent to Service of Process" found on the web under "General Forms" at...

http://www.commerce.state.mn.us/Forms/Registration.htm

Charity also must send a letter with Form U-2, explaining the charity's exemption under "Minnesota Statute 80A.15, Subdivision 2(u)" found on the web at....

http://www.revisor.leg.state.mn.us:8181/SEARCH/BASIS/mnstat/public/www/DDW?W%3
DTEXT+PH+IS+%27charitable+gift+annuities%27+ORDER+BY+SORT_KEY/Ascend%
26M%3D2%26K%3D80A.15%26R%3DY%26U%3D1

Minnesota Statute 80A.15, Subdivision 2(u) states ...

(u) Any sale by a qualified charity of a security that is a charitable gift annuity if the issuer has a net worth, otherwise defined as unrestricted fund balance, of not less than $300,000 and either: (1) has been in continuous operation for not lessthan three years; or (2) is a successor or affiliate of a qualified charity that has been in continuous operation for not less than three years.

NO filing fee required.

NO Disclosure language required in gift annuity agreement.

$300k or more must be available in unrestricted assets is required.

Charity must be in continuous operation for at least three years.

This State's info last updated December 4, 2000.