AN ACT TO ENACT THE IRAN DIVESTMENT ACT. Enacted June 29, 2015. Effective October 1, 2015, except as otherwise provided.
Bill Summaries: S455 (2015-2016 Session)
Tracking:
-
Bill S 455 (2015-2016)Summary date: Jul 1 2015 - View summary
-
Bill S 455 (2015-2016)Summary date: Jun 16 2015 - View 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 investment, making organizational and clarifying changes.
Amends proposed GS 143C-6A-5, Certification required, deleting 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).
-
Bill S 455 (2015-2016)Summary date: Apr 15 2015 - View summary
Senate committee substitute makes the following changes to the 1st edition.
Makes organizational and clarifying changes.
Requires the State Treasurer to complete all the duties which were previously required of the Secretary of State in the previous edition.
Requires the State Treasurer to adopt a policy, no more than 30 days after the effective date of this act, prohibiting the investment of funds with a person engaging in investment activities in Iran. Requires divestment of specified existing investments within 180 days of the adoption of the policy (was, within a 120 days of the of the effective date of the act).
-
Bill S 455 (2015-2016)Summary date: Mar 25 2015 - View 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.