Iran Divestment Act Summary

• Enacts the "Iran Divestment Act of 2015" authorizing North Carolina to divest state funds from companies engaged in investment activities in Iran's energy sector, consistent with federal authority under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010.

• Requires the State Treasurer to create and maintain a public list of persons engaged in investment activities in Iran (defined as providing $20 million or more in goods, services, or credit within any 12-month period) and update it every 180 days.

• Prohibits the North Carolina Retirement Systems and State Treasurer from investing with listed persons, requires divestment of existing investments within 180 days, and mandates all state contractors certify they are not on the list.

• Provides exceptions for contracts under $1,000, persons with investments predating the law who have adopted plans to cease Iran activities, and cases where state agencies make good-faith determinations that commodities or services are necessary and unavailable elsewhere.

• Becomes effective October 1, 2015; includes no private right of action but allows individuals to challenge inclusion on lists through administrative procedures under state law.