Bill Text: NY A07112 | 2021-2022 | General Assembly | Introduced
Bill Title: Prohibits state chartered banking institutions from investing in and providing financing for private prisons.
Spectrum: Partisan Bill (Democrat 16-0)
Status: (Introduced - Dead) 2021-06-10 - substituted by s1015 [A07112 Detail]
Download: New_York-2021-A07112-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7112 2021-2022 Regular Sessions IN ASSEMBLY April 22, 2021 ___________ Introduced by M. of A. REYES -- read once and referred to the Committee on Banks AN ACT to amend the banking law, in relation to prohibiting state char- tered banking institutions from investing in and providing financing for private prisons The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The banking law is amended by adding a new section 12 to 2 read as follows: 3 § 12. Investments in private prisons by state chartered banking insti- 4 tutions. 1. No state chartered banking institution shall provide financ- 5 ing for or invest in the stocks, securities, or other obligations of any 6 entity that owns or operates a private correctional facility for housing 7 inmates that would be prohibited under section one hundred twenty-one of 8 the correction law if such facility were located in this state. 9 2. For purposes of this section "banking institution" shall have the 10 same meaning as defined in paragraph (b) of subdivision three of section 11 nine-f of this chapter. 12 § 2. This act shall take effect immediately and shall apply to all 13 contracts entered into, renewed, modified or amended on or after such 14 effective date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD05078-01-1