HF 1247

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:46am

A bill for an act
relating to data practices; classifying private equity investment data; amending
Minnesota Statutes 2008, section 13.3215.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2008, section 13.3215, is amended to read:

13.3215 UNIVERSITY OF MINNESOTA DATA.

new text begin Subdivision 1. new text end

new text begin Definitions. new text end

new text begin (a) For purposes of this section, the terms in this
subdivision have the meanings given them.
new text end

new text begin (b) "Business data" is data described in section 13.591, subdivision 1, and includes,
without limitation, the funded amount of the University of Minnesota's commitment to
the investment to date, if any; the market value of the investment by the University of
Minnesota; the University of Minnesota's internal rate of return for the investment,
including expenditures and receipts used in the calculation of the investment's internal rate
of return; and the age of the investment in years.
new text end

new text begin (c) "Financial, business, or proprietary data" means data, as determined by the
responsible authority for the University of Minnesota, that is of a financial, business, or
proprietary nature, the release of which could cause competitive harm to the University
of Minnesota, the legal entity in which the University of Minnesota has invested or has
considered an investment, the managing entity of an investment, or a portfolio company in
which the legal entity holds an interest.
new text end

new text begin (d) "Investment" means an investment by the University of Minnesota in private
equity, including, but not limited to:
new text end

new text begin (1) venture capital investment businesses through participation in limited
partnerships, trusts, private placements, limited liability corporations, limited liability
companies, limited liability partnerships, and corporations;
new text end

new text begin (2) real estate ownership interests or loans secured by mortgages or deeds of trust or
shares of real estate investment trusts through investment in limited partnerships, bank
sponsored collective funds, trusts, mortgage participation agreements, and insurance
company commingled accounts, including separate accounts; and
new text end

new text begin (3) resource investments through limited partnerships, trusts, private placements,
limited liability corporations, limited liability companies, limited liability partnerships,
and corporations.
new text end

new text begin Subd. 2. new text end

new text begin Claims experience data. new text end

Claims experience and all related information
received from carriers and claims administrators participating in a University of Minnesota
group health, dental, life, or disability insurance plan or the University of Minnesota
workers' compensation program, and survey information collected from employees or
students participating in these plans and programs, except when the university determines
that release of the data will not be detrimental to the plan or program, are classified as
nonpublic data deleted text begin not on individuals pursuant to deleted text end new text begin under new text end section 13.02, subdivision 9.

new text begin Subd. 3. new text end

new text begin Private equity investment data. new text end

new text begin (a) All financial, business, or proprietary
data collected, created, received, or maintained by the University of Minnesota in
connection with investments as defined in subdivision 1, are nonpublic data under section
13.02, subdivision 9.
new text end

new text begin (b) The name of the legal entity in which the University of Minnesota has invested;
the amount of the University of Minnesota's initial commitment; and the portfolio
performance of University of Minnesota investments overall, including the number of
investments, the total amount of University of Minnesota commitments, the total current
market value, and the return on the total investment portfolio, shall be public.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end