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PRINTER'S NO. 865
THE GENERAL ASSEMBLY OF PENNSYLVANIA
SENATE BILL
No.
748
Session of
2021
INTRODUCED BY COSTA, KEARNEY, FONTANA, SANTARSIERO, TARTAGLIONE,
STREET, COLLETT, SCHWANK, KANE, COMITTA, HAYWOOD AND
CAPPELLETTI, JUNE 7, 2021
REFERRED TO FINANCE, JUNE 7, 2021
AN ACT
Amending the act of July 2, 2010 (P.L.266, No.44), entitled "An
act providing for divestiture by the State Treasurer, the
State Employees' Retirement System and the Public School
Employees' Retirement System of investments in companies
doing business in Iran and Sudan," amending the title of the
act; further providing for definitions; and providing for
identification of assault weapons manufacturers, for required
actions related to assault weapons manufacturers and for
reporting relating to assault weapons manufacturers.
The General Assembly of the Commonwealth of Pennsylvania
hereby enacts as follows:
Section 1. The title of the act of July 2, 2010 (P.L.266,
No.44), known as the Protecting Pennsylvania's Investments Act,
is amended to read:
AN ACT
Providing for divestiture by the State Treasurer, the State
Employees' Retirement System and the Public School Employees'
Retirement System of investments in companies doing business
in Iran and Sudan and in assault weapons manufacturers.
Section 2. Section 2 of the act is amended by adding
definitions to read:
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Section 2. Definitions.
The following words and phrases when used in this act shall
have the meanings given to them in this section unless the
context clearly indicates otherwise:
* * *
"Assault weapon." The term includes all of the following:
(1) A semiautomatic center fire rifle capable of
accepting detachable magazines and a pistol grip protruding
conspicuously below the weapon's action, a thumbhole stock or
folding or telescopic stock, a flash suppressor, grenade
launcher or flare launcher or a forward pistol grip.
(2) A semiautomatic center fire rifle with an overall
length of less than 30 inches.
(3) A semiautomatic center fire rifle with a fixed
magazine capable of holding more than 10 rounds of
ammunition.
(4) A semiautomatic pistol capable of accepting
detachable magazines and a threaded barrel, a second
handgrip, a capacity to accept a detachable magazine at some
location outside the pistol grip or a shroud attached to, or
partially or completely encircling, the barrel allowing the
bearer to fire the weapon without burning the bearer's hand,
except for a slide enclosing the barrel.
(5) A semiautomatic pistol with a fixed magazine having
the capacity to accept more than 10 rounds.
(6) A semiautomatic shotgun having a folding or
telescoping stock, a pistol grip protruding conspicuously
beneath the action of the weapon, a thumbhole stock or a
vertical handgrip.
(7) A semiautomatic shotgun with the ability to accept
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detachable magazines.
(8) A shotgun with a revolving cylinder.
(9) A part or combination of parts designed or intended
to convert a firearm into an assault weapon or any
combination of parts from which an assault weapon may be
readily assembled if the parts are in the possession of or
under the control of the same person.
(10) A detachable ammunition-feeding device with the
capacity to accept more than 10 rounds of ammunition. The
term does not include:
(i) a feeding device that has been permanently
altered so that it cannot accommodate more than 10
rounds;
(ii) a .22 caliber tube ammunition-feeding device;
or
(iii) a tubular magazine that is contained in a
lever-action firearm.
(11) A device designed or manufactured for the sole
purpose of accelerating the rate of fire of a semiautomatic
firearm to simulate the rate of fire of an automatic weapon.
"Assault weapons manufacturer." A person who manufactures
assault weapons.
"Assault weapons manufacturing activities." The
manufacturing of assault weapons.
* * *
"Substantial action specific to assault weapons
manufacturing." Adopting, publicizing and implementing a formal
plan to cease assault weapons manufacturing activities within
one year and to refrain from any new assault weapons
manufacturing activities.
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* * *
Section 3. The act is amended by adding sections to read:
Section 6.1. Identification of assault weapons manufacturers.
(a) Best effort.--Within 90 days after the effective date of
this section, a public fund shall make its best effort to
identify all assault weapons manufacturers in which the public
fund has direct holdings. A public fund shall review, as
appropriate in the public fund's judgment, publicly available
information regarding assault weapons manufacturers, including
information provided by nonprofit organizations, research firms,
international organizations and government entities.
(b) Assembly.--By the first meeting of a public fund
following the time period under subsection (a), the public fund
shall assemble all assault weapons manufacturers into an assault
weapons manufacturers list.
Section 6.2. Required actions related to assault weapons
manufacturers.
(a) Procedure.--A public fund shall adhere to the procedures
under this section for determining companies on the public
fund's assault weapons manufacturers list that qualify for
divestment.
(b) Engagement.--
(1) For each assault weapons manufacturer on a public
fund's assault weapons manufacturers list in which the public
fund has direct holdings, the public fund shall send a
written notice informing the assault weapons manufacturer of
the assault weapons manufacturing activities which have
resulted in this determination and that the assault weapons
manufacturer may become subject to divestment by the public
fund. The notice must inform the assault weapons manufacturer
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of the opportunity to clarify the assault weapons
manufacturing activities and encourage the assault weapons
manufacturer, within 180 days of the date of receipt of the
notice, to cease the assault weapons manufacturing activities
in order to avoid qualifying for divestment by the public
fund. The notice shall be sent no later than 120 days after
the effective date of this section.
(2) If, within 180 days of the date of receipt of a
notice under paragraph (1), an assault weapons manufacturer
announces by public disclosure substantial action specific to
assault weapons manufacturing, the public fund may maintain
its holdings, but the assault weapons manufacturer shall
remain on the assault weapons manufacturers list pending
completion of the assault weapons manufacturer's cessation of
assault weapons manufacturing activities. Following
completion of an assault weapons manufacturer's cessation of
assault weapons manufacturing activities, the public fund
shall remove the assault weapons manufacturer from the public
fund's assault weapons manufacturers list.
(c) Divestment.--
(1) If, after 180 days following the effective date of
receipt of the notice under subsection (b)(1), an assault
weapons manufacturer has not announced by public disclosure
substantial action specific to assault weapons manufacturing
as specified in the notice, or the public fund determines or
becomes aware that the assault weapons manufacturer continues
to have assault weapons manufacturing activities, the public
fund, within 26 months after the 180-day period, shall sell,
redeem, divest or withdraw from its direct holdings all
securities of the assault weapons manufacturer.
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(2) If a public fund determines or becomes aware that an
assault weapons manufacturer that ceased assault weapons
manufacturing activities following engagement under
subsection (b) has resumed the manufacturing, the public fund
shall send a written notice to the assault weapons
manufacturer under subsection (b), and the assault weapons
manufacturer shall be immediately placed onto the public
fund's assault weapons manufacturers list.
(3) A public fund shall monitor an assault weapons
manufacturer that has announced by public disclosure
substantial action specific to assault weapons manufacturing.
If, after one year, the public fund determines or becomes
aware that the assault weapons manufacturer has not
implemented the plan, the public fund, within 26 months after
the expiration of the one-year period, shall sell, redeem,
divest or withdraw from its direct holdings all securities of
the assault weapons manufacturer.
(d) Prohibition.--A public fund may not acquire securities
of an assault weapons manufacturer on the public fund's assault
weapons manufacturers list.
(e) Excluded securities.--Nothing in this act shall apply to
the public fund's holdings in alternative investments or
indirect holdings.
Section 6.3. Reporting relating to assault weapons
manufacturers.
(a) Duty of public fund.--A public fund shall, no earlier
than one year after the effective date of this section, provide
a report to the Governor, the President pro tempore of the
Senate, the Speaker of the House of Representatives and each
member of the boards of the Pennsylvania Municipal Retirement
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System, the State Employees' Retirement System and the Public
School Employees' Retirement System. The report shall include
the items required under subsection (b). The report shall be
made available to the public.
(b) Contents.--The report under subsection (a) shall include
the most recent assault weapons manufacturers list and all of
the following:
(1) A summary of correspondence with assault weapons
manufacturers engaged by the public fund under section 6.2.
(2) All investments sold, redeemed, divested or
withdrawn in compliance with section 6.2(c), the costs and
expenses of the transfers and a determination of net gain or
net loss on account of the transactions incurred under this
act.
(3) All prohibited investments under section 6.2(d).
(4) A list of all publicly traded securities held by the
public fund.
(c) Update.--A public fund shall do all of the following:
(1) Annually update, based on evolving information under
subsection (b), and make publicly available the public fund's
assault weapons manufacturers list.
(2) Provide a copy of the lists under paragraph (1),
including updates, to all other public funds.
Section 4. This act shall take effect immediately.
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