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St. Paul, Minn. (AP)

Minnesota to divest from Iran under new law

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A new state law requires the Minnesota State Board of Investment to divest its holdings in companies that do business in Iran.

Gov. Tim Pawlenty signed the law on Saturday.

It requires the investment board to scrutinize its holdings for companies actively doing business in Iran and notify the businesses they are subject to divestment.

After a 90-day period, the law requires the board to start getting rid of its stock in those companies.

The law does not apply to humanitarian groups or companies authorized to do business in Iran by the federal government.

(Copyright 2009 by The Associated Press. All Rights Reserved.)