ND HB1304

State investment board must identify by November 1, 2013, all companies in which it holds direct investments and that engage in scrutinized business operations subject to Iran Sanctions Act of 1996.

Board must notify identified companies within 90 days and offer them 90 days to cease Iran-related operations or convert them to inactive status to avoid divestment.

If companies continue scrutinized operations, board must divest at least 50 percent of holdings within 9 months and 100 percent within 15 months of initial listing.

Divestment requirements do not apply to indirect holdings in actively managed funds, investments in humanitarian or educational operations in Iran, or U.S. companies federally authorized to operate in Iran.

Act expires when attorney general certifies Iran is removed from the U.S. State Department's list of terrorism-supporting countries or when the president determines similar state legislation interferes with U.S. foreign policy.