NY S08722

Prohibits state-chartered banking institutions from providing financing for or investing in stocks, securities, or other obligations of entities that own or operate private correctional facilities

Applies to private prisons that would be prohibited under section 121 of the correction law if located in New York State

Defines "banking institution" according to paragraph (b) of subdivision three of section 9-f of the banking law

Takes effect immediately and applies to all contracts entered into, renewed, modified, or amended on or after the effective date