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Senate Bill S114

2025-2026 Legislative Session

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

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Current Bill Status - In Assembly Committee

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2025-S114 (ACTIVE) - Details

See Assembly Version of this Bill:
A4144
Current Committee:
Assembly Codes
Law Section:
Banking Law
Laws Affected:
Add §12, Bank L
Versions Introduced in Other Legislative Sessions:
2019-2020: S8722, A7580
2021-2022: S1015, S8073, A7112
2023-2024: S205, A6601

2025-S114 (ACTIVE) - Summary

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

2025-S114 (ACTIVE) - Sponsor Memo

2025-S114 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                    114
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                                (PREFILED)
 
                              January 8, 2025
                                ___________
 
 Introduced  by  Sens.  CLEARE,  BROUK,  JACKSON,  MAY  -- 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
 ENTITY THAT OWNS OR OPERATES A PRIVATE CORRECTIONAL FACILITY FOR HOUSING
 INCARCERATED  INDIVIDUALS  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.
                                                            LBD00211-01-5

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