Bill Text: NY S05433 | 2019-2020 | General Assembly | Amended

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

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Engrossed) 2020-02-13 - referred to banks [S05433 Detail]

Download: New_York-2019-S05433-Amended.html

                STATE OF NEW YORK


                               2019-2020 Regular Sessions

                    IN SENATE

                                       May 1, 2019

        Introduced  by Sens. BENJAMIN, BIAGGI, JACKSON -- read twice and ordered
          printed, and when printed to be committed to the Committee on Banks --
          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  institution,  company,  or  subsidiary  that  owns  or  contracts with a
     7  government to manage or run a prison.
     8     2. For purposes of this section "state chartered banking institution"
     9  shall have the same meaning as defined in  subdivision  one  of  section
    10  twelve-a of this article.
    11    §  2.  This  act  shall take effect immediately and shall apply to all
    12  contracts entered into, renewed, modified or amended on  or  after  such
    13  effective date.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.