Senate Bill S8722

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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2019-S8722 (ACTIVE) - Details

See Assembly Version of this Bill:
A7580
Current Committee:
Assembly Codes
Law Section:
Banking Law
Laws Affected:
Add §12, Bank L
Versions Introduced in Other Legislative Sessions:
2021-2022: S1015, S8073, A7112
2023-2024: S205, A6601

2019-S8722 (ACTIVE) - Summary

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

2019-S8722 (ACTIVE) - Sponsor Memo

2019-S8722 (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8722
 
                             I N  S E N A T E
 
                               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:
 
   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
 ENTITY THAT OWNS OR OPERATES A PRIVATE CORRECTIONAL FACILITY FOR HOUSING
 INMATES THAT WOULD BE PROHIBITED UNDER SECTION ONE HUNDRED TWENTY-ONE OF
 THE CORRECTION LAW IF SUCH FACILITY WERE LOCATED IN THIS STATE.
    2. FOR PURPOSES OF THIS SECTION "BANKING INSTITUTION" SHALL HAVE  THE
 SAME MEANING AS DEFINED IN PARAGRAPH (B) OF SUBDIVISION THREE OF SECTION
 NINE-F OF THIS CHAPTER.
   §  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.
                                                            LBD11393-12-0

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