NY A07112

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

Applies the prohibition to facilities that would be prohibited under section 121 of the Correction Law if located in New York State.

Defines "banking institution" using the same definition as 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.