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| 5 | 5 | | 2023 -- S 0168 |
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| 7 | 7 | | LC001232 |
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| 8 | 8 | | ======== |
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| 9 | 9 | | S TATE OF RHODE IS LAND |
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| 10 | 10 | | IN GENERAL ASSEMBLY |
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| 11 | 11 | | JANUARY SESSION, A.D. 2023 |
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| 12 | 12 | | ____________ |
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| 13 | 13 | | |
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| 14 | 14 | | A N A C T |
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| 15 | 15 | | RELATING TO FINANCIAL INSTITUTIONS -- POWERS AND OPERATION S |
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| 16 | 16 | | Introduced By: Senators Acosta, Mack, Kallman, Ujifusa, and Murray |
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| 17 | 17 | | Date Introduced: February 16, 2023 |
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| 18 | 18 | | Referred To: Senate Commerce |
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| 19 | 19 | | |
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| 20 | 20 | | |
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| 21 | 21 | | It is enacted by the General Assembly as follows: |
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| 22 | 22 | | SECTION 1. Chapter 19-3 of the General Laws entitled "Powers and Operations" is hereby 1 |
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| 23 | 23 | | amended by adding thereto the following section: 2 |
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| 24 | 24 | | 19-3-4.1. Private detention centers. 3 |
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| 25 | 25 | | (a) No financial institution shall provide financing for or invest in the stocks, securities, or 4 |
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| 26 | 26 | | other obligations of any institution, company, or subsidiary that owns or contracts with a 5 |
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| 27 | 27 | | government to manage or run a prison. 6 |
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| 28 | 28 | | (b) Notwithstanding any other provision of law to the contrary, no later than one year after 7 |
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| 29 | 29 | | the effective date of this section, any monies or assets of a financial institution which shall remain 8 |
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| 30 | 30 | | or be invested in the stocks, securities, or other obligations of any institution, company or subsidiary 9 |
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| 31 | 31 | | of a company that owns or invests in a for-profit institution that owns or contracts with a 10 |
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| 32 | 32 | | government entity to manage or run a prison shall be withdrawn. 11 |
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| 33 | 33 | | SECTION 2. This act shall take effect upon passage. 12 |
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| 35 | 35 | | LC001232 |
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| 38 | 38 | | |
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| 39 | 39 | | LC001232 - Page 2 of 2 |
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| 40 | 40 | | EXPLANATION |
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| 41 | 41 | | BY THE LEGISLATIVE COUNCIL |
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| 42 | 42 | | OF |
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| 43 | 43 | | A N A C T |
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| 44 | 44 | | RELATING TO FINANCIAL INSTITUTIONS -- POWERS AND OPERATION S |
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| 45 | 45 | | *** |
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| 46 | 46 | | This act would prohibit financial institutions from investing in private detention centers or 1 |
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| 47 | 47 | | continuing to invest with any institution, company or subsidiary of a company that owns or invests 2 |
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| 48 | 48 | | in a for-profit institution that owns or contracts with a government entity to manage or run a prison. 3 |
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| 49 | 49 | | This act would take effect upon passage. 4 |
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| 51 | 51 | | LC001232 |
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