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government entity to manage or run a prison shall be withdrawn. 11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