The treasurer of state may lend any securities acquired under section 7 or 11 of this chapter. However, securities may be lent under this section only if the agreement under which the securities are lent is collateralized by:

1. (1) cash; or

2. (2) non-cash collateral if the state is indemnified by the custodian holding the non-cash collateral;

   in excess of the total market value of the loaned securities.

As added by P.L.18-1996, SEC.23. Amended by P.L.102-2014, SEC.4.