Can a financial institution be held liable for the release of account information relating to the Minnesota Financial Institution Data Match program and the levies that may result?
No, Minnesota State Statute 13B.07 Subdivisions 9 and 10 established that a financial institution shall not be liable under state law to any person for any disclosure of information to the Commissioner of Revenue. Moreover, Financial Institutions are prohibited from disclosing to a tax debtor that his/her name has been received from or furnished to DOR. Financial institutions will not be held liable for any other action taken in good faith to comply with the requirements of FIDM.
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