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MN HF3205
Bill
Status
2/25/2010
Primary Sponsor
Katherine Knuth
Click for details
AI Summary
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Creates preference for community financial institutions to serve as fiscal agent for the state's general revenue account, with awards going to the lowest-bidding community institution if its price is within 10% of the lowest nonresident institution bid.
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Requires all new state and agency depository accounts to open with community financial institutions, and mandates existing accounts transfer to community institutions at the first rebidding on or after August 1, 2010.
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Defines "community financial institution" as a federally insured bank or credit union chartered by Minnesota or the United States and headquartered in Minnesota.
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Requires the commissioner of management and budget to study the feasibility of dividing the state's general fund revenue account among community financial institutions and the potential economic benefits to municipalities from increased use of these institutions.
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Study results must be reported to the legislature by December 1, 2010.
Legislative Description
Preference created for community banks and credit unions for the state's general revenue account, state depository accounts required to be held in community banks or credit unions, and a study required of possible further use of community banks and credit unions by the state and municipalities.
Last Action
House: Author added Peterson
4/13/2010