2022 -- H 7598

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LC004176

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2022

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A N   A C T

RELATING TO FINANCIAL INSTITUTIONS -- POWERS AND OPERATIONS

     Introduced By: Representatives Giraldo, Williams, and Alzate

     Date Introduced: March 02, 2022

     Referred To: House Corporations

     It is enacted by the General Assembly as follows:

     SECTION 1. Chapter 19-3 of the General Laws entitled "Powers and Operations" is hereby

amended by adding thereto the following section:

     19-3-4.1. Private detention centers.

     (a) No financial institution shall provide financing for or invest in the stocks, securities, or

other obligations of any institution, company, or subsidiary that owns or contracts with a

government to manage or run a prison.

     (b) Notwithstanding any other provision of law to the contrary, no later than one year after

the effective date of this section, any monies or assets of a financial institution which shall remain

or be invested in the stocks, securities, or other obligations of any institution, company or subsidiary

of a company that owns or invests in a for-profit institution that owns or contracts with a

government entity to manage or run a prison shall be withdrawn.

     SECTION 2. This act shall take effect upon passage.

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LC004176

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO FINANCIAL INSTITUTIONS -- POWERS AND OPERATIONS

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     This act would prohibit financial institutions from investing in private detention centers or

continuing to invest with any institution, company or subsidiary of a company that owns or invests

in a for-profit institution that owns or contracts with a government entity to manage or run a prison.

     This act would take effect upon passage.

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LC004176

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