NY A04277

Prohibits New York State pension and annuity funds under the Comptroller's jurisdiction from investing in stocks, securities, or obligations of companies doing business in Iran or Iranian entities.

Bars investment in banks or financial institutions with outstanding loans to or financial activities in Iran, whether direct or through subsidiaries.

Requires the Comptroller to divest all violating investments within three years of the law's effective date, without requiring premature or imprudent sales.

Mandates the Comptroller file an initial report within 60 days identifying all violating investments, then provide annual progress reports on divestment activities.

Automatically repeals once Iran is removed from the U.S. Department of State's list of countries supporting international terrorism and the President certifies Iran has ceased efforts to develop nuclear weapons.