Prohibits state chartered banking institutions from investing in and providing financing for private prisons

This bill prohibits state-chartered banks from investing in or providing financing to private prison operators. It achieves this by banning banks from purchasing stocks, securities, or other financial obligations of entities that own or run private correctional facilities, using the state's existing standards for public prisons as the benchmark for eligibility. The law applies immediately to all banking contracts entered into, renewed, modified, or amended on or after its effective date.