ALBANY - Governor Andrew Cuomo signed the Iran Divestment Act, a new law that will exclude companies that invest in Iran's energy sector from entering into contracts with state and local governments.

"This new law ensures that companies that invest in Iran’s energy sector do not do business with the State of New York,"  Cuomo said. "I thank Majority Leader Skelos and Speaker Silver for their leadership and hard work on this important law."

The Iran Divestment Act of 2012 prohibits companies that invest in the Iranian energy sector from receiving state or local government contracts. The Office of General Services will develop a list of entities involved in such investments and will inform these companies that they will be unable to bid on government contracts as long as they support Iran's energy sector. The law also requires companies to certify that they do not hold such investments when applying for government contracts, and allows affected businesses to appeal. The law takes effect in 90 days.