MN HF2692

Defines "community financial institution" as a federally insured bank or credit union chartered in Minnesota or the United States and headquartered in Minnesota.

Requires the commissioner to adopt rules establishing a program that invests state funds in community financial institutions through certificates of deposit and other short-term and long-term investments to increase lending to Minnesota businesses and residents.

Mandates the commissioner give preference to community financial institutions as fiscal agents when their bid price multiplied by a factor of 0.9 is lower than competing nonresident financial institutions and they meet minimum requirements.

Requires participating community financial institutions to provide accountability and reporting information showing how state funds are used and their impact on lending to Minnesota businesses and residents.

Effective for fiscal year 2014 and thereafter.