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
