Senate Bill S205

2023-2024 Legislative Session

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

download bill text pdf

Sponsored By

Current 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

Do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.
Actions
Votes

co-Sponsors

2023-S205 (ACTIVE) - Details

See Assembly Version of this Bill:
A6601
Current Committee:
Assembly Codes
Law Section:
Banking Law
Laws Affected:
Add §12, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: S8722, A7580
2021-2022: S1015, S8073, A7112
2025-2026: S114

2023-S205 (ACTIVE) - Summary

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

2023-S205 (ACTIVE) - Sponsor Memo

2023-S205 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    205
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 4, 2023
                                ___________
 
 Introduced  by  Sens.  CLEARE,  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:
 
   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.
                                                            LBD01198-01-3

Comments

Open Legislation is a forum for New York State legislation. All comments are subject to review and community moderation is encouraged.

Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity, hate or toxic speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Attempts to intimidate and silence contributors or deliberately deceive the public, including excessive or extraneous posting/posts, or coordinated activity, are prohibited and may result in the temporary or permanent banning of the user. Comment moderation is generally performed Monday through Friday. By contributing or voting you agree to the Terms of Participation and verify you are over 13.

Create an account. An account allows you to sign petitions with a single click, officially support or oppose key legislation, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.