§ 12-12-101. Short Title
This chapter shall be known and may be cited as the “Iran Divestment Act.”
§ 12-12-102. Legislative Intent
It is the intent of the general assembly to fully implement the authority granted under Section 202 of the Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Public Law 111-195).
§ 12-12-103. Chapter Definitions
As used in this chapter: “Energy sector of Iran” means activities to develop petroleum or natural gas resources or nuclear power in Iran; “Financial institution” means the term as used in Section 14 of the Iran and Libya Sanctions Act of 1996 (Public Law 104 – 172; 50 U.S.C. § 1701 note); “Investment” means a […]
§ 12-12-104. Chapter Inapplicable to Procurement of Contract Valued at $1,000 or Less
This chapter shall not apply to a procurement or contract valued at one thousand dollars ($1,000) or less.
§ 12-12-105. Engagement in Investment Activities in Iran
For purposes of this chapter, a person engages in investment activities in Iran if: 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 […]
§ 12-12-106. List of Persons Engaging in Investment Activities in Iran — Ineligibility to Contract With State
No more than one hundred twenty (120) days after July 1, 2016, the state chief procurement officer shall publish, using credible information freely available to the public, a list of persons it determines engage in investment activities in Iran, as described in § 12-12-105. The list, when completed, shall be posted on the state’s website. […]
§ 12-12-107. Right to Contract With State on Case-by-Case Basis
Notwithstanding § 12-12-106, a person engaged in investment activities in Iran as described in § 12-12-105, may contract with the state, on a case-by-case basis, if: The investment activities in Iran were made before July 1, 2016, the investment activities in Iran have not been expanded or renewed after July 1, 2016, and the person […]
§ 12-12-108. Certification That Person or Assignee Not Identified on List — No Use of Subcontractor Identified on List
A state agency or entity shall require a person that attempts to contract with the state, including a contract renewal or assumption, to certify, at the time the bid is submitted or the contract is entered into, renewed, or assigned, that the person or the assignee is not identified on a list created pursuant to […]
§ 12-12-109. Report
The chief procurement officer shall report to the speaker of the senate, the speaker of the house of representatives, and the governor annually by October 1, on the status of the federal Comprehensive Iran Sanctions, Accountability, and Divestment Act of 2010 (Public Law 111-195), the Iran Divestment Act of 2014, and any rules or regulations […]
§ 12-12-110. Ineligibility to Contract With Political Subdivision
A person that is identified on a list created pursuant to § 12-12-106, as a person engaging in investment activities in Iran as described in § 12-12-105 shall be ineligible to contract with any political subdivision of this state, and any contract entered into with a political subdivision of this state shall be void ab […]
§ 12-12-111. Statement of Noninvestment Required for Competitive Bidding
On or after July 1, 2016, every bid or proposal made to a political subdivision of the state or any public department, agency, or official thereof where competitive bidding is required by statute, rule, regulation, or local ordinance or resolution, for work or services performed or to be performed or goods sold or to be […]
§ 12-12-112. Chapter Inapplicable to Investments Involving Tennessee Consolidated Retirement System
This chapter shall not apply to investments made by the state treasurer or board of trustees involving the Tennessee consolidated retirement system.
§ 12-12-113. Applicability of Restrictions
The restrictions provided for in this chapter apply only until Congress, by legislation, declares that divestment of the type provided for in this chapter interferes with the conduct of United States foreign policy or revokes its current sanctions against Iran.