Bill Text: NY A07580 | 2019-2020 | General Assembly | Amended

New York Assembly Bill 7580 (Prior Session Legislation)

Bill Title: Prohibits state chartered banking institutions from investing in and providing financing for private prisons.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Introduced - Dead) 2020-07-22 - ordered to third reading rules cal.287 [A07580 Detail]

Download: New_York-2019-A07580-Amended.html




                STATE OF NEW YORK
        ________________________________________________________________________

                                         7580--B

                               2019-2020 Regular Sessions

                   IN ASSEMBLY

                                       May 9, 2019
                                       ___________

        Introduced  by  M. of A. MOSLEY, REYES, WRIGHT -- read once and referred
          to the Committee on  Banks  --  committee  discharged,  bill  amended,
          ordered  reprinted  as  amended  and  recommitted to said committee --
          recommitted to the Committee on Banks in accordance with Assembly Rule
          3, sec. 2 -- committee discharged, bill amended, ordered reprinted  as
          amended and recommitted to said committee

        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.
                                                                   LBD11393-08-0