S 114: Prohibits state chartered banking institutions from investing in and providing financing for private prisons.

  
  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