CT HB05464

State agencies are prohibited from contracting with entities that have invested $20 million or more in Iran's energy or financial sectors, effective October 1, 2012.

The Department of Administrative Services must compile and post a list of sanctioned entities by January 2, 2013, using the New York Iran Divestment Act of 2012 as a reference source.

Affected entities must receive written notice by December 1, 2012, with 30 days to respond and demonstrate they do not meet the investment threshold; entities failing to respond or satisfy the department are added to the list.

The list must be updated quarterly and removed entirely if the Office of Foreign Assets Control and U.S. Treasury remove all sanctions on Iran.

Contractors and substantial subcontractors named on the Iran investment list are barred from receiving or renewing prequalification certificates with the state.