SB 10-C Summary

• Renames the "Scrutinized Companies with Activities in the Iran Petroleum Energy Sector List" to the "Scrutinized Companies with Activities in Iran Terrorism Sectors List" and expands criteria to include energy, petrochemical, financial, construction, manufacturing, textile, mining, metals, shipping, shipbuilding, and port sectors in Iran effective January 10, 2024.

• Requires the State Board of Administration to identify, maintain, and quarterly update the Iran Terrorism Sectors List, with companies on the Iran Petroleum Energy Sector List as of November 6, 2023 automatically transferred to the new list effective November 10, 2023.

• Prohibits state and local governments from contracting with companies on either scrutinized company list for $1 million or more unless specific exemption conditions are met, including that scrutinized operations occurred before specified dates and have not been expanded or renewed.

• Requires companies bidding on or renewing contracts worth $1 million or more to certify they are not on the scrutinized lists, with false certifications subject to penalties of $2 million or twice the contract value plus attorney fees and a 3-year bidding ban.

• Makes Sudan-related scrutiny provisions expire upon four specified congressional or presidential actions regarding the Darfur genocide and Sudan sanctions, and makes Iran-related scrutiny provisions expire only when both Congress AND the President affirmatively state Iran has ceased pursuing weapons of mass destruction and supporting terrorism AND all U.S. sanctions on Iran are revoked.