Collapse to view only § 8531. Definitions
- § 8531. Definitions
- § 8532. Authority of State and local governments to divest from certain companies that invest in Iran
§ 8531. Definitions
In this subchapter:
(1) Energy sector of Iran
(2) Financial institution
(3) Iran
(4) Person
The term “person” means—
(A) a natural person, corporation, company, business association, partnership, society, trust, or any other nongovernmental entity, organization, or group;
(B) any governmental entity or instrumentality of a government, including a multilateral development institution (as defined in section 262r(c)(3) of this title); and
(C) any successor, subunit, parent entity, or subsidiary of, or any entity under common ownership or control with, any entity described in subparagraph (A) or (B).
(5) State
(6) State or local government
The term “State or local government” includes—
(A) any State and any agency or instrumentality thereof;
(B) any local government within a State, and any agency or instrumentality thereof;
(C) any other governmental instrumentality of a State or locality; and
(D) any public institution of higher education within the meaning of the Higher Education Act of 1965 (20 U.S.C. 1001 et seq.).
(Pub. L. 111–195, title II, § 201, July 1, 2010, 124 Stat. 1341.)
§ 8532. Authority of State and local governments to divest from certain companies that invest in Iran
(a) Sense of Congress
(b) Authority to divest
(c) Investment activities described
A person engages in investment activities in Iran described in this subsection if the person—
(1) has an investment of $20,000,000 or more in the energy sector of Iran, including in a person that provides oil or liquified natural gas tankers, or products used to construct or maintain pipelines used to transport oil or liquified natural gas, for the energy sector of Iran; or
(2) is a financial institution that extends $20,000,000 or more in credit to another person, for 45 days or more, if that person will use the credit for investment in the energy sector of Iran.
(d) Requirements
Any measure taken by a State or local government under subsection (b) shall meet the following requirements:
(1) Notice
(2) Timing
(3) Opportunity for hearing
(4) Sense of Congress on avoiding erroneous targeting
(e) Notice to Department of Justice
(f) Nonpreemption
(g) Definitions
In this section:
(1) Assets
(A) In general
(B) Exception
(2) Investment
The “investment” includes—
(A) a commitment or contribution of funds or property;
(B) a loan or other extension of credit; and
(C) the entry into or renewal of a contract for goods or services.
(h) Effective date
(1) In general
(2) Notice requirements
(i) Authorization for prior enacted measures
(1) In general
(2) Application of notice requirements
(j) Rule of construction
(Pub. L. 111–195, title II, § 202, July 1, 2010, 124 Stat. 1342; Pub. L. 112–158, title II, § 222(b), Aug. 10, 2012, 126 Stat. 1239.)