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§ 3503. List of persons engaged in investment activities

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 62 Pa.C.S.A. ProcurementEffective: July 1, 2015

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 62 Pa.C.S.A. Procurement (Refs & Annos)
Part II. General Procurement Provisions (Refs & Annos)
Chapter 35. Iran-Free Procurement (Refs & Annos)
Effective: July 1, 2015
62 Pa.C.S.A. § 3503
§ 3503. List of persons engaged in investment activities
Currentness
(a) List.--The department shall develop a list of persons whom the department determines are engaged in investment activities in Iran as described in section 3502 (relating to engaging in investment activities). The department shall make its determination based on publicly available, credible information. The department shall update the list every 180 days. Ninety days prior to adding a person to the list, the department shall do all of the following:
(1) Provide notice to the person of the department's intention to add the person to the list. The notice shall inform the person that inclusion on the list makes the person ineligible to enter into a contract with a Commonwealth entity for goods or services worth at least $1,000,000. The notice shall specify that if the person ceases to engage in investment activities in Iran, the person may regain eligibility upon removal from the list.
(2) Provide the person an opportunity to comment in writing to the department. The person shall maintain eligibility if the person demonstrates no engagement in investment activities in Iran.
(b) Ineligibility of persons on list.--A person identified on a list under subsection (a) shall be ineligible to enter into a contract with a Commonwealth entity to provide for goods or services worth at least $1,000,000.
(c) List.--The department shall post the list on its publicly accessible Internet website. Upon request, the department shall provide the list free of charge to the General Assembly or a public entity.
(d) Investment service contracts.--Service contracts entered into by Commonwealth entities for the management and investment of a fund for which there is a fiduciary responsibility and for which compliance with the act of July 2, 2010 (P.L. 266, No. 44),1 known as the Protecting Pennsylvania's Investments Act, is required, shall be exempt from the provisions of this chapter.
(e) Exception.--On a case-by-case basis, the department may permit a person engaging in investment activities in Iran to enter a contract with a Commonwealth entity for goods or services worth at least $1,000,000 if any of the following apply:
(1) The investment activities in Iran were made before and were not expanded after July 1, 2015.
(2) The person refrains from entering into new agreements to engage in any future investment activities in Iran.
(3) The department determines that the Commonwealth entity has no other cost-effective method of obtaining the goods or services than entering into a contract with the person.

Credits

2014, Oct. 21, P.L. 2517, No. 149, § 3, effective July 1, 2015.

Footnotes

1
72 P.S. § 3837.1 et seq.
62 Pa.C.S.A. § 3503, PA ST 62 Pa.C.S.A. § 3503
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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