Bill Text: NY S01015 | 2021-2022 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 4-0)

Status: (Engrossed - Dead) 2021-06-10 - ordered to third reading rules cal.808 [S01015 Detail]

Download: New_York-2021-S01015-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          1015

                               2021-2022 Regular Sessions

                    IN SENATE

                                       (Prefiled)

                                     January 6, 2021
                                       ___________

        Introduced  by Sens. BENJAMIN, BIAGGI, JACKSON -- read twice and ordered
          printed, and when printed to be committed 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