STATE OF NEW YORK
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114
2025-2026 Regular Sessions
IN SENATE(Prefiled)
January 8, 2025
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Introduced by Sens. CLEARE, BROUK, JACKSON, MAY -- 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 incarcerated individuals that would be prohibited under section one
8 hundred twenty-one of the correction law if such facility were located
9 in this state.
10 2. For purposes of this section "banking institution" shall have the
11 same meaning as defined in paragraph (b) of subdivision three of section
12 nine-f of this chapter.
13 § 2. This act shall take effect immediately and shall apply to all
14 contracts entered into, renewed, modified or amended on or after such
15 effective date.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD00211-01-5
