2023 -- H 5733

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LC001717

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2023

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A N   A C T

RELATING TO FINANCIAL INSTITUTIONS -- POWERS AND OPERATIONS

     

     Introduced By: Representatives Giraldo, Morales, Alzate, Sanchez, Cruz, Potter, and
Stewart

     Date Introduced: February 21, 2023

     Referred To: House Corporations

     It is enacted by the General Assembly as follows:

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

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amended by adding thereto the following section:

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     19-3-4.1. Private detention centers.

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

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

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government to manage or run a prison.

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

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

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

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

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government entity to manage or run a prison shall be withdrawn.

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     SECTION 2. This act shall take effect upon passage.

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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

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

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

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     This act would take effect upon passage.

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