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Assembly Bill A7580B

2019-2020 Legislative Session

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

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Archive: Last Bill Status - On Floor Calendar

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Bill Amendments

2019-A7580 - Details

See Senate Version of this Bill:
S8722
Law Section:
Banking Law
Laws Affected:
Add §12, Bank L
Versions Introduced in Other Legislative Sessions:
2021-2022: A7112, S1015, S8073
2023-2024: A6601, S205
2025-2026: A4144, S114

2019-A7580 - Summary

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

2019-A7580 - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7580
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 9, 2019
                                ___________
 
 Introduced by M. of A. MOSLEY -- read once and referred 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 MANAGE OR RUN A PRISON SHALL BE WITHDRAWN.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-A7580A - Details

See Senate Version of this Bill:
S8722
Law Section:
Banking Law
Laws Affected:
Add §12, Bank L
Versions Introduced in Other Legislative Sessions:
2021-2022: A7112, S1015, S8073
2023-2024: A6601, S205
2025-2026: A4144, S114

2019-A7580A - Summary

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

2019-A7580A - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7580--A
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 9, 2019
                                ___________
 
 Introduced by M. of A. MOSLEY -- read once and referred 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.
                                                            LBD11393-03-9

co-Sponsors

2019-A7580B (ACTIVE) - Details

See Senate Version of this Bill:
S8722
Law Section:
Banking Law
Laws Affected:
Add §12, Bank L
Versions Introduced in Other Legislative Sessions:
2021-2022: A7112, S1015, S8073
2023-2024: A6601, S205
2025-2026: A4144, S114

2019-A7580B (ACTIVE) - Summary

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

2019-A7580B (ACTIVE) - Bill Text download pdf 

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  7580--B
 
                        2019-2020 Regular Sessions
 
                           I N  A S S E M B L Y
 
                                May 9, 2019
                                ___________
 
 Introduced  by  M. of A. MOSLEY, REYES, WRIGHT -- read once and referred
   to the Committee on  Banks  --  committee  discharged,  bill  amended,
   ordered  reprinted  as  amended  and  recommitted to said committee --
   recommitted to the Committee on Banks in accordance with Assembly Rule
   3, sec. 2 -- 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
 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.
                                                            LBD11393-08-0

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