STATE OF NEW YORK
________________________________________________________________________
5433--A
2019-2020 Regular Sessions
IN SENATE
May 1, 2019
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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.
LBD11393-02-9
