Page:United States Statutes at Large Volume 124.djvu/1368

 124 STAT. 1342 PUBLIC LAW 111–195—JULY 1, 2010 (D) any public institution of higher education within the meaning of the Higher Education Act of 1965 (20 U.S.C. 1001 et seq.). SEC. 202. AUTHORITY OF STATE AND LOCAL GOVERNMENTS TO DIVEST FROM CERTAIN COMPANIES THAT INVEST IN IRAN. (a) SENSE OF CONGRESS.—It is the sense of Congress that the United States should support the decision of any State or local government that for moral, prudential, or reputational reasons divests from, or prohibits the investment of assets of the State or local government in, a person that engages in investment activi- ties in the energy sector of Iran, as long as Iran is subject to economic sanctions imposed by the United States. (b) AUTHORITY TO DIVEST.—Notwithstanding any other provi- sion of law, a State or local government may adopt and enforce measures that meet the requirements of subsection (d) to divest the assets of the State or local government from, or prohibit invest- ment of the assets of the State or local government in, any person that the State or local government determines, using credible information available to the public, engages in investment activities in Iran described in subsection (c). (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 require- ments: (1) NOTICE.—The State or local government shall provide written notice to each person to which a measure is to be applied. (2) TIMING.—The measure shall apply to a person not ear- lier than the date that is 90 days after the date on which written notice is provided to the person under paragraph (1). (3) OPPORTUNITY FOR HEARING.—The State or local govern- ment shall provide an opportunity to comment in writing to each person to which a measure is to be applied. If the person demonstrates to the State or local government that the person does not engage in investment activities in Iran described in subsection (c), the measure shall not apply to the person. (4) SENSE OF CONGRESS ON AVOIDING ERRONEOUS TAR- GETING.—It is the sense of Congress that a State or local government should not adopt a measure under subsection (b) with respect to a person unless the State or local government has made every effort to avoid erroneously targeting the person and has verified that the person engages in investment activi- ties in Iran described in subsection (c). (e) NOTICE TO DEPARTMENT OF JUSTICE.—Not later than 30 days after adopting a measure pursuant to subsection (b), a State Deadline. Applicability. Effective date. 22 USC 8532.