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Assembly Bill A6601

2023-2024 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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2023-A6601 (ACTIVE) - Details

See Senate Version of this Bill:
S205
Law Section:
Banking Law
Laws Affected:
Add §12, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: A7580, S8722
2021-2022: A7112, S1015, S8073
2025-2026: A4144, S114

2023-A6601 (ACTIVE) - Summary

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

2023-A6601 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6601
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                              April 24, 2023
                                ___________
 
 Introduced  by  M.  of  A. REYES, ANDERSON, RIVERA, DINOWITZ, GALLAGHER,
   CRUZ, SEAWRIGHT, ZINERMAN,  FORREST,  SIMON,  L. ROSENTHAL,  MITAYNES,
   LAVINE -- 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.
                                                            LBD01198-01-3

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