Bill Text: NY S08722 | 2019-2020 | 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 1-0)

Status: (Engrossed - Dead) 2020-07-23 - referred to codes [S08722 Detail]

Download: New_York-2019-S08722-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          8722

                    IN SENATE

                                      July 10, 2020
                                       ___________

        Introduced  by Sen. BENJAMIN -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        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.
                                                                   LBD11393-12-0