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Trustee/custodian is not bank or insurance company


Guest SHM

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Section 223(d) of the Code provides that an HSA must have a trustee that is a bank, an insurance company, "or another person who demonstrates to the satisfaction fo the Secretary that the manner in which such person will administer the trust will be consistent with the requirements of this section."

Can anyone point me in the direction of where to look to determine how the process (of gaining approval by the Secretary to be a trustee) works, what information is likely to be required by the Secretary, and how long the process generally takes?

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I know some people who got approved by the DoL to be an IRA custodian, the same requirements as for HSAs. Within 90 days of their approval the state served them with a cease and desist order for operating an unlicensed trust company.

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