Bill Text: NY A06601 | 2023-2024 | General Assembly | Introduced

---

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

Spectrum: Partisan Bill (Democrat 17-0)

Status: (Introduced) 2024-01-03 - ordered to third reading cal.190 [A06601 Detail]

Download: New_York-2023-A06601-Introduced.html

---

                STATE OF NEW YORK
        ________________________________________________________________________

                                          6601

                               2023-2024 Regular Sessions

                   IN ASSEMBLY

                                     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:

     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  inmates that would be prohibited under section one hundred twenty-one of
     8  the correction law if such facility were located in this state.
     9     2.  For purposes of this section "banking institution" shall have the
    10  same meaning as defined in paragraph (b) of subdivision three of section
    11  nine-f of this chapter.
    12    § 2. This act shall take effect immediately and  shall  apply  to  all
    13  contracts  entered  into,  renewed, modified or amended on or after such
    14  effective date.




         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD01198-01-3