SB 53 – Bars entities that invest in the energy sector in Iran from contracting with the state and political subdivisions

• Sponsor: Lamping
• LR Number: 0367S.01I
• Committee: Financial and Governmental Organizations and Elections
• Last Action: 5/17/2013 - S Informal Calendar S Bills for Perfection--SB 53-Lamping
• Effective Date: August 28, 2013

Current Bill Summary

SB 53 - This act creates the "Iran Energy Divestment Act" which bars entities that invest in the energy sector in Iran from making contracts in excess of $1 million with the state and political subdivisions. Entities wishing to make public contracts shall certify that they are not investors in the energy sector in Iran. Upon a determination by the Attorney General, entities that falsely certify shall be subject to a penalty of $250,000. In addition, contracts shall be terminated and the entity shall be ineligible to bid on and enter into public contracts for 3 years.

This act is similar to HB 1810 (2012), HCS/SCS/SB 722 (2012), and HCS/HB 1900 (2012).

CHRIS HOGERTY