Senate Bill S5433

2019-2020 Legislative Session

Prohibits state chartered banking institutions from investing in and providing financing for private prisons

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Assembly Committee

  • Introduced
    • In Committee Assembly
    • In Committee Senate
    • On Floor Calendar Assembly
    • On Floor Calendar Senate
    • Passed Assembly
    • Passed Senate
  • Delivered to Governor
  • Signed By Governor

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Votes

Bill Amendments

co-Sponsors

2019-S5433 - Details

See Assembly Version of this Bill:
A7580
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §12, Bank L
Versions Introduced in Other Legislative Sessions:
2021-2022: A7112
2023-2024: A6601

2019-S5433 - Summary

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

2019-S5433 - Sponsor Memo

2019-S5433 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5433
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                                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:
 
   Section  1.  The  banking law is amended by adding a new section 12 to
 read as follows:
   § 12. INVESTMENTS IN PRIVATE PRISONS BY STATE CHARTERED BANKING INSTI-
 TUTIONS. 1. NO STATE CHARTERED BANKING INSTITUTION SHALL PROVIDE FINANC-
 ING FOR OR INVEST IN THE STOCKS, SECURITIES, OR OTHER OBLIGATIONS OF ANY
 INSTITUTION, COMPANY, OR  SUBSIDIARY  THAT  OWNS  OR  CONTRACTS  WITH  A
 GOVERNMENT TO MANAGE OR RUN A PRISON.
   2.  NOTWITHSTANDING  ANY  OTHER  PROVISION  OF LAW TO THE CONTRARY, NO
 LATER THAN ONE YEAR AFTER THE EFFECTIVE DATE OF THIS SECTION, ANY MONEYS
 OR ASSETS OF A STATE CHARTERED BANKING INSTITUTION WHICH SHALL REMAIN OR
 BE INVESTED IN THE STOCKS,  SECURITIES,  OR  OTHER  OBLIGATIONS  OF  ANY
 INSTITUTION, COMPANY, OR SUBSIDIARY OF A COMPANY THAT OWNS OR INVESTS IN
 A  FOR-PROFIT  INSTITUTION  THAT  OWNS OR CONTRACTS WITH A GOVERNMENT TO
 MANAGE OR RUN A PRISON SHALL BE WITHDRAWN.
    3. FOR PURPOSES OF THIS SECTION "STATE CHARTERED BANKING INSTITUTION"
 SHALL HAVE THE SAME MEANING AS DEFINED IN  SUBDIVISION  ONE  OF  SECTION
 TWELVE-A OF THIS ARTICLE.
   §  2.  This  act  shall take effect immediately and shall apply to all
 contracts entered into, renewed, modified or amended on  or  after  such
 effective date.
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11393-01-9

co-Sponsors

2019-S5433A (ACTIVE) - Details

See Assembly Version of this Bill:
A7580
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §12, Bank L
Versions Introduced in Other Legislative Sessions:
2021-2022: A7112
2023-2024: A6601

2019-S5433A (ACTIVE) - Summary

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

2019-S5433A (ACTIVE) - Sponsor Memo

2019-S5433A (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  5433--A
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                                May 1, 2019
                                ___________
 
 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:
 
   Section 1. The banking law is amended by adding a new  section  12  to
 read as follows:
   § 12. INVESTMENTS IN PRIVATE PRISONS BY STATE CHARTERED BANKING INSTI-
 TUTIONS. 1. NO STATE CHARTERED BANKING INSTITUTION SHALL PROVIDE FINANC-
 ING FOR OR INVEST IN THE STOCKS, SECURITIES, OR OTHER OBLIGATIONS OF ANY
 INSTITUTION,  COMPANY,  OR  SUBSIDIARY  THAT  OWNS  OR  CONTRACTS WITH A
 GOVERNMENT TO MANAGE OR RUN A PRISON.
    2. FOR PURPOSES OF THIS SECTION "STATE CHARTERED BANKING INSTITUTION"
 SHALL HAVE THE SAME MEANING AS DEFINED IN  SUBDIVISION  ONE  OF  SECTION
 TWELVE-A OF THIS ARTICLE.
   §  2.  This  act  shall take effect immediately and shall apply to all
 contracts entered into, renewed, modified or amended on  or  after  such
 effective date.
 
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD11393-02-9

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