Bill Text: NY A04144 | 2025-2026 | General Assembly | Introduced

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

Spectrum: Partisan Bill (Democrat 16-0)

Status: (Introduced) 2025-01-31 - referred to banks [A04144 Detail]

Download: New_York-2025-A04144-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4144

                               2025-2026 Regular Sessions

                   IN ASSEMBLY

                                    January 31, 2025
                                       ___________

        Introduced  by  M.  of  A. REYES, ANDERSON, RIVERA, DINOWITZ, GALLAGHER,
          CRUZ,  SEAWRIGHT,  ZINERMAN,  FORREST,  SIMON,  ROSENTHAL,   MITAYNES,
          LAVINE, WEPRIN, RAGA, TAPIA -- 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:

     1    Section 1. The banking law is amended by adding a new  section  12  to
     2  read as follows:
     3    § 12. Investments in private prisons by state chartered banking insti-
     4  tutions. 1. No state chartered banking institution shall provide financ-
     5  ing for or invest in the stocks, securities, or other obligations of any
     6  entity that owns or operates a private correctional facility for housing
     7  incarcerated  individuals  that  would  be  prohibited under section one
     8  hundred twenty-one of the correction law if such facility  were  located
     9  in this state.
    10     2.  For purposes of this section "banking institution" shall have the
    11  same meaning as defined in paragraph (b) of subdivision three of section
    12  nine-f of this chapter.
    13    § 2. This act shall take effect immediately and  shall  apply  to  all
    14  contracts  entered  into,  renewed, modified or amended on or after such
    15  effective date.



         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00211-01-5