MN HF3065

Allows securities lending agreements and custody agreements with financial institutions meeting specified qualifications and having a principal executive office or bank office located in Minnesota.

Permits securities lending transactions with entities meeting qualification requirements, with collateral restricted to securities described in Minnesota Statutes sections 118A.04 and 118A.05.

Expands safekeeping options for investments, contracts, and agreements to include securities broker-dealers with principal executive offices in Minnesota that are registered or exempt under chapter 80A, regulated by the Securities and Exchange Commission, and maintain SIPC or excess insurance coverage equal to or greater than securities value.

Requires government entity ownership of securities held in safekeeping to be evidenced by written acknowledgments identifying securities by issuer names, maturity dates, interest rates, CUSIP numbers, or other distinguishing marks.