MN SF2590

Amends Minnesota Statutes sections 118A.05 and 118A.06 to modify securities lending agreements and safekeeping requirements for municipal investments.

Changes the requirement for financial institutions entering securities lending agreements from having a principal executive office to having a bank office located in Minnesota.

Expands safekeeping options to include securities broker-dealers licensed under chapter 80A (or affiliates) that are registered as brokers, regulated by the Securities and Exchange Commission, and maintain Securities Investor Protection Corporation insurance or equivalent coverage.

Requires government entities to evidence ownership of all held securities through written acknowledgments identifying issuers, maturity dates, interest rates, CUSIP numbers, or other distinguishing marks.