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MO HB1810
Bill
Status
2/22/2012
Primary Sponsor
Timothy Jones
Click for details
AI Summary
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Enacts the "Iran Energy Divestment Act" prohibiting entities designated as "proscribed investors" from bidding on or entering into contracts with Missouri public entities for goods or services.
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Defines "proscribed investor" as a person with $20 million or more invested in Iran's energy sector, providers of oil/liquified natural gas tankers or pipeline materials for Iran, or financial institutions extending $20 million or more in credit for Iran energy sector investment.
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Requires entities with international business activities in the past three years to certify they are not proscribed investors when bidding on public contracts.
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Imposes civil penalties of at least $250,000 or twice the contract amount, contract termination without penalty, and three-year contract ineligibility for submitting false certifications.
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Allows public entities to provide 90 days written notice before denying contracts to entities determined to be proscribed investors and permits entities to demonstrate they have ceased Iran energy sector investments to regain eligibility.
Legislative Description
Establishes the Iran Energy Divestment Act which bars any person or entity that invests in the energy sector in Iran from contracting with the state and political subdivisions
Last Action
Voted Do Pass (H)
3/8/2012