§ 165-a. Iran divestment. 1. As used in this section, the following\ndefinitions shall apply:\n (a) "Energy sector" of Iran means activities to develop petroleum or\nnatural gas resources or nuclear power in Iran.\n (b) "Financial institution" means the term as used in Section 14 of\nthe Iran Sanctions Act of 1996 (Public Law 104-172; 50 U.S.C. 1701\nnote).\n (c) "Investment" means a commitment or contribution of funds or\nproperty, a loan or other extension of credit; and the entry into or\nrenewal of a contract for goods or services.\n (d) "Iran" includes the government of Iran and any agency or\ninstrumentality of Iran.\n (e) "Person" means any of the following:\n (1) A natural person, corporation, company, limited liability company,\nbusiness association, partnership, society, trust, or any other\nnongovernmental entity, organization, or group.\n (2) Any governmental entity or instrumentality of a government,\nincluding a multilateral development institution, as defined in Section\n1701(c)(3) of the International Financial Institutions Act (22 U.S.C.\n262r(c)(3)).\n (3) Any successor, subunit, parent entity, or subsidiary of, or any\nentity under common ownership or control with, any entity described in\nsubparagraph one or two of this paragraph.\n 2. For purposes of this section, a person engages in investment\nactivities in Iran if:\n (a) The person provides goods or services of twenty million dollars or\nmore in the energy sector of Iran, including a person that provides oil\nor liquefied natural gas tankers, or products used to construct or\nmaintain pipelines used to transport oil or liquefied natural gas, for\nthe energy sector of Iran; or\n (b) The person is a financial institution that extends twenty million\ndollars or more in credit to another person, for forty-five days or\nmore, if that person will use the credit to provide goods or services in\nthe energy sector in Iran and is identified on a list created pursuant\nto paragraph (b) of subdivision three of this section as a person\nengaging in investment activities in Iran as described in paragraph (a)\nof this subdivision.\n 3. (a) A person that is identified on a list created pursuant to\nparagraph (b) of this subdivision as a person engaging in investment\nactivities in Iran as described in subdivision two of this section,\nshall not be deemed a responsive bidder or offerer pursuant to section\none hundred sixty-three of this article.\n (b) (1) Not later than one hundred twenty days after the effective\ndate of this section, the commissioner shall develop or contract to\ndevelop, using credible information available to the public, a list of\npersons it determines engage in investment activities in Iran as\ndescribed in subdivision two of this section. If the commissioner has\ncontracted to develop the list, the list shall be finally developed not\nlater than one hundred twenty days after this section shall take effect.\nSuch list, when completed, shall be posted on the website of the office\nof general services.\n (2) The commissioner shall update the list every one hundred eighty\ndays.\n (3) Before finalizing an initial list pursuant to subparagraph one of\nthis paragraph or an updated list pursuant to subparagraph two of this\nparagraph, the commissioner shall do all of the following before a\nperson is included on the list:\n (A) Provide ninety days' written notice of the commissioner's intent\nto include the person on the list. The notice shall inform the person\nthat inclusion on the list would make the person a non-responsive bidder\nor offerer. The notice shall specify that the person, if it ceases its\nengagement in investment activities in Iran as described in subdivision\ntwo of this section, may be removed from the list.\n (B) The commissioner shall provide a person with an opportunity to\ncomment in writing that it is not engaged in investment activities in\nIran. If the person demonstrates to the commissioner that the person is
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