Bill Text: NY S00114 | 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 4-0)

Status: (Introduced) 2025-01-08 - REFERRED TO BANKS [S00114 Detail]

Download: New_York-2025-S00114-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           114

                               2025-2026 Regular Sessions

                    IN SENATE

                                       (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:

     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