assembly Bill A7580A

2019-2020 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
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (5)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Mar 03, 2020 reported referred to codes
Jan 08, 2020 referred to banks
Jun 03, 2019 print number 7580a
Jun 03, 2019 amend and recommit to banks
May 09, 2019 referred to banks

A7580 - Details

See Senate Version of this Bill:
S5433
Current Committee:
Assembly Codes
Law Section:
Banking Law
Laws Affected:
Add §12, Bank L

A7580 - Summary

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

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

A7580A (ACTIVE) - Details

See Senate Version of this Bill:
S5433
Current Committee:
Assembly Codes
Law Section:
Banking Law
Laws Affected:
Add §12, Bank L

A7580A (ACTIVE) - Summary

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

A7580A (ACTIVE) - 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