(1) Before December 31, 2019, the Executive Director of the Department of Finance and Administration shall develop or contract to develop, using credible information available to the public, a list of companies determined to engage in a boycott of Israel, as described in this section. When completed, the list must be posted on the website of the Department of Finance and Administration.
(2) The executive director shall update the list by July 1 of every year.
(3) Before a company is included on the finalized initial list or updated list, the executive director must do all of the following: Provide ninety (90) days written notice of the executive director’s intent to include the company on the list. The notice must inform the company that inclusion on the list will make the company ineligible for investment by the State or Public Employees Retirement System. The notice also must specify that the company, if it ceases its boycott of Israel, may be removed from the list.
(4) The executive director shall provide a company with an opportunity to comment in writing that it is not engaged in a boycott of Israel. If the company demonstrates to the executive director that the company is not engaged in a boycott of Israel, the company shall not be included on the list.
(5) The executive director shall make every effort to avoid including a company on the list erroneously.