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

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 (7)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jul 23, 2020 referred to codes
delivered to assembly
passed senate
Jul 22, 2020 ordered to third reading cal.949
Jul 21, 2020 reported and committed to rules
Jul 13, 2020 committee discharged and committed to banks
Jul 10, 2020 referred to rules

Votes

view votes

Jul 22, 2020 - Rules committee Vote

S8722
12
6
committee
12
Aye
6
Nay
1
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

Jul 21, 2020 - Banks committee Vote

S8722
8
3
committee
8
Aye
3
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Banks committee vote details

Banks Committee Vote: Jul 21, 2020

S8722 (ACTIVE) - Details

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

S8722 (ACTIVE) - Summary

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

S8722 (ACTIVE) - Sponsor Memo

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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