NY A03078

Establishes the "New York State Iran Divestment Act" to prohibit state investments and contracts with companies operating in Iran's energy and financial sectors

Expands the definition of "financial institution" to include banking organizations, securities firms, insurance companies, and other financial service providers under New York law

Removes references to federal authorization under the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, instead grounding the law in New York's constitutional powers to protect public safety and regulate its financial sectors

Requires the commissioner to report annually to the governor and legislature by October 1st on the status of the divestment provisions

Specifies the act cannot be repealed by executive action from the U.S. President or State Department unless through a treaty approved by two-thirds of the U.S. Senate