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

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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

Spectrum: Partisan Bill (Democrat 3-0)

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

Download: New_York-2019-S05433-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5433
                               2019-2020 Regular Sessions
                    IN SENATE
                                       May 1, 2019
                                       ___________
        Introduced  by Sen. BENJAMIN -- 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  institution, company, or  subsidiary  that  owns  or  contracts  with  a
     7  government to manage or run a prison.
     8    2.  Notwithstanding  any  other  provision  of law to the contrary, no
     9  later than one year after the effective date of this section, any moneys
    10  or assets of a state chartered banking institution which shall remain or
    11  be invested in the stocks,  securities,  or  other  obligations  of  any
    12  institution, company, or subsidiary of a company that owns or invests in
    13  a  for-profit  institution  that  owns or contracts with a government to
    14  manage or run a prison shall be withdrawn.
    15     3. For purposes of this section "state chartered banking institution"
    16  shall have the same meaning as defined in  subdivision  one  of  section
    17  twelve-a of this article.
    18    §  2.  This  act  shall take effect immediately and shall apply to all
    19  contracts entered into, renewed, modified or amended on  or  after  such
    20  effective date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11393-01-9