|New York State Iran Divestment Act of 2012|
On January 13, 2012, Chapter 1 of the Laws of New York for 2012 was signed into law by Governor Andrew M. Cuomo. The law is known as the "Iran Divestment Act of 2012" (the "Act") and can be found at § 165-a of the NY State Finance Law. The Act became effective on April 12, 2012. The Act imposes limitations on "persons" that are determined to be engaged in investment activities in the Iranian energy sector, as defined in the Act. The Act is available at the link below.
According to the Act, the Commissioner of General Services is required to develop and maintain a list of persons determined to be engaged in investment activities in Iran. Once an entity appears on the list, it will be considered a non-responsive bidder/offerer and prohibited from entering into contracts with New York State or local governments. That list is available at the link below.
On July 17, 2012, Governor Cuomo signed into law Chapter 106 of the laws of 2012, which extended the Iran Divestment Act to State and local public authorities, the State University of New York, and the City University of New York. The link to that law is available below.