NY S01015

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 that would be prohibited under Section 121 of the Correction Law if located in New York State.

Applies the prohibition to all "banking institutions" as defined in 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.