Bill Summary for S 455 (2015-2016)

Summary date: 

Mar 25 2015

Bill Information:

View NCGA Bill Details2015-2016 Session
Senate Bill 455 (Public) Filed Wednesday, March 25, 2015
AN ACT TO ENACT THE IRAN DIVESTMENT ACT.
Intro. by Gunn.

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Bill summary

Enacts new Article 6A, Iran Divestment Act, in GS Chapter 143C. Sets out General Assembly findings. Defines terms as they are used in the act. Requires the Secretary of State, no more than 120 days after the effective date of the act, to develop a list of persons it determines engage in investment activities in Iran and update the list every 180 days. Specifies steps that must be taken before a person is included in the list. Requires a state agency to require a person attempting to contract with the state or a political subdivision of the state to certify at the time that the bid is submitted or the contract is entered into, renewed, or assigned, that the person is not identified on the list. Prohibits a person contracting with the state or a political subdivision of the state from using on the contract any subcontractor that is on the list. Sets out the procedure for when a person certifying that they are not on the list is in fact on the list. Prohibits a person on the list from contracting with the state or any political subdivision of the state and makes any contract entered into with an ineligible person void ab initio. This prohibition does not apply to contracts valued at $1,000 or less. Prohibits the North Carolina Retirement System or the State Treasurer from investing funds with a person on the list and requires any existing investments in violation of the prohibition to be divested within 120 days of the effective date of the act. Allows a person engaged in investment activities in Iran to contract with the state or political subdivision of the state, and allows an investment to be made in a person engaged in investment activities in Iran, on a case-by-case basis if specified conditions are met. Requires the Secretary of State to report to the President Pro Tempore of the Senate, the Speaker of the House of Representatives, and the Governor annually by October 1, on the status of the federal Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010, this act, and any rules or regulations adopted thereunder. Makes the restrictions provided for in this Article apply only until: (1) the President or US Congress declares that divestment of the type provided for in this Article interferes with the conduct of United States foreign policy or (2) Congress revokes authority to divest in the manner provided for in this Article.

Requires the Secretary of State to submit a written notice describing this act to the US Attorney General within 30 days after the effective date of the act. 

Effective October 1, 2015.

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