assembly Bill A7112

2021-2022 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 Via S1015 - 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 10, 2021 ordered to third reading rules cal.808
substituted for a7112
Jun 10, 2021 substituted by s1015
rules report cal.808
reported
May 25, 2021 reported referred to rules
May 19, 2021 reported referred to codes
Apr 22, 2021 referred to banks

Co-Sponsors

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A7112 (ACTIVE) - Details

See Senate Version of this Bill:
S1015
Law Section:
Banking Law
Laws Affected:
Add §12, Bank L
Versions Introduced in 2019-2020 Legislative Session:
A7580, S8722

A7112 (ACTIVE) - Summary

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

A7112 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   7112
 
                        2021-2022 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 22, 2021
                                ___________
 
 Introduced  by M. of A. REYES -- 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
 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.
                                                            LBD05078-01-1