View all text of Subchapter II [§ 8531 - § 8532]
§ 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.)