senate Bill S5433A

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 - Passed Senate


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (8)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 11, 2019 referred to banks
delivered to assembly
passed senate
ordered to third reading cal.1255
committee discharged and committed to rules
May 30, 2019 print number 5433a
May 30, 2019 amend and recommit to banks
May 01, 2019 referred to banks

Co-Sponsors

S5433 - Details

See Assembly Version of this Bill:
A7580
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §12, Bank L

S5433 - Summary

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

S5433 - Sponsor Memo

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

S5433A (ACTIVE) - Details

See Assembly Version of this Bill:
A7580
Current Committee:
Assembly Banks
Law Section:
Banking Law
Laws Affected:
Add §12, Bank L

S5433A (ACTIVE) - Summary

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

S5433A (ACTIVE) - Sponsor Memo

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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