Bill Summary for S 455 (2015-2016)

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Summary date: 

Jun 16 2015

Bill Information:

View NCGA Bill Details2015-2016 Session
Senate Bill 455 (Public) Filed Wednesday, March 25, 2015
Intro. by Gunn.

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Bill summary

House committee substitute makes the following changes to the 2nd edition.

Amends proposed GS 143C-6A-3, definitions for the Iran Divestment Act, making changes to the definitions for the terms investment activities in Iran and person

Amends proposed GS 143C-6A-4, Prohibitions on state investmentmaking organizational and clarifying changes. 

Amends proposed GS 143C-6A-5, Certification requireddeleting language that required individuals to cease investment activities with individuals that have been identified pursuant to the list created in GS 143C-6A-4 within 90 days after a determination of such a violation and instead provides that appropriate state action can be taken as provided if an individual fails to demonstrate within 90 days after the determination of the violation that any individual should not have been identified on the list created pursuant to GS 143C-6A-4.

Amends proposed GS 143C-6A-6, Restrictions on contracts with the State or subdivisions of the State, adding new subsection (c) providing that existing contracts with individuals made ineligible to contract with the state or a political subdivision of the state must be allowed to expire in accordance with the specified terms of the contract. 

Amends proposed GS 143C-6A-7, making organizational and clarifying changes and adding language that requires the State Treasurer to develop and make publicly available a "Substantial Positive Action Exception List" which lists individuals with allowable investment activities in Iran as specified. Requires the list to be updated every 180 days and provides for an individual's name to be removed from the list if the individual has not engaged in investment activities in Iran within the previous five years. 

Amends proposed GS 143C-6A-8, Report; application, adding conforming and technical language specifying that the restrictions provided for in the act do not apply to any investment activities in Iran that have been specifically exempted from federal sanctions by Congress. 

Creates new GS 143C-6A-9, No private right of action, which provides that the act does not create any private right of action to enforce the specified provisions. Allows individuals included on the specified lists to challenge such decisions, except such challenges cannot be filed more than once every 365 days and prohibits the awarding of attorneys' fees.

Authorizes the State Treasurer to retain the services of specified professionals for the proper implementation and administration of the requirements of the act. Effective when the act becomes law.

Amends the effective date clause, providing that, unless otherwise provided, the act is effective October 1, 2015 (previously, entire act was effective October 1, 2015).