California Public Contract Code 2202.5 – For purposes of this chapter, a person engages in investment …
For purposes of this chapter, a person engages in investment activities in Iran if any of the following is true:
(a) The person provides goods or services of twenty million dollars ($20,000,000) or more in the energy sector of Iran, including a person that provides oil or liquefied natural gas tankers, or products used to construct or maintain pipelines used to transport oil or liquefied natural gas, for the energy sector of Iran.
Terms Used In California Public Contract Code 2202.5
- Financial institution: means the term as used in Section 14 of the Iran Sanctions Act of 1996 (Public Law 104-172. See California Public Contract Code 2202
- Iran: includes the Government of Iran and any agency or instrumentality of Iran. See California Public Contract Code 2202
- Person: means any of the following:
California Public Contract Code 2202
(b) The person is a financial institution that extends twenty million dollars ($20,000,000) or more in credit to another person, for 45 days or more, if that person will use the credit to provide goods or services in the energy sector in Iran and is identified on a list created pursuant to subdivision (b) of Section 2203 as a person engaging in investment activities in Iran as described in subdivision (a).
(Added by Stats. 2010, Ch. 573, Sec. 1. (AB 1650) Effective January 1, 2011. Conditionally inoperative as prescribed by Stats. 2010, Ch. 573, Sec. 2.)