Bill > S00114

This bill prohibits state-chartered banking institutions from investing in or providing financing for private correctional facilities that would be considered illegal if located in New York State. Specifically, the bill adds a new section to the state banking law that prevents these financial institutions from purchasing stocks, securities, or other financial obligations of entities that own or operate private prisons housing incarcerated individuals. The term "banking institution" is defined according to an existing definition in the state banking law. The bill will take effect immediately and apply to all financial contracts that are entered into, renewed, modified, or amended after its effective date. The legislation aims to discourage financial support for private prison operations by restricting state-chartered banks from providing economic resources to such facilities, potentially as a means of promoting prison reform or addressing concerns about the private prison industry.

Business and Industry, Housing and Urban Affairs

https://www.nysenate.gov/legislation/bills/2025/S114