senate Bill S7344D

Signed By Governor
2013-2014 Legislative Session

Relates to the development of financial literacy education

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Sponsored By

Archive: Last Bill Status - Signed by Governor


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed by Governor

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Oct 21, 2014 signed chap.421
Oct 09, 2014 delivered to governor
Jun 19, 2014 returned to senate
passed assembly
ordered to third reading rules cal.292
substituted for a9199f
referred to ways and means
delivered to assembly
passed senate
Jun 16, 2014 amended on third reading 7344d
Jun 12, 2014 amended on third reading 7344c
Jun 02, 2014 amended on third reading 7344b
May 29, 2014 advanced to third reading
May 28, 2014 2nd report cal.
amended 7344a
May 21, 2014 1st report cal.912
May 13, 2014 referred to banks

Votes

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Bill Amendments

Original
A
B
C
D (Active)
Original
A
B
C
D (Active)

Co-Sponsors

S7344 - Bill Details

See Assembly Version of this Bill:
A9199F
Law Section:
Financial Services Law
Laws Affected:
Add §311, Fin Serv L

S7344 - Bill Texts

view summary

Develops a financial literacy education program for teenagers and young adult participants in the summer youth employment program.

view sponsor memo
BILL NUMBER:S7344

TITLE OF BILL: An act to amend the financial services law, in
relation to financial literacy education

PURPOSE OR GENERAL IDEA OF BILL: In order to strengthen the financial
capability of our youth, this legislation establishes the Financial
Literacy Education in the New York State Summer Youth Employment
Program Act.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1: Legislative Intent

Section 2: The financial services law is amended by adding a new
section 311 to read as follows: Any youth participating in the Summer
Youth Employment Program shall be provided with financial literacy
education workshop materials within the first two weeks of the
program. The financial literacy education materials developed by banks
and credit unions shall be used by the program in conjunction with
banks and credit unions to provide financial literacy education
workshop to all participating youth within the first two weeks of the
program. This section also defines the Summer Youth Employment
Program.

Section 3. This act shall take effect immediately.

JUSTIFICATION: In order to contribute to the State's and nation's
future financial stability and increase upward economic mobility, it
should be the policy of New York State Legislature to promote
financial capability among its youth and encourage building the
financial capability of young people at an early stage in schools,
families, communities, and the workplace; such as the State's Youth
Employment program. Each year and for thousands of youth, the summer
youth employment program is their first exposure to a job and a
paycheck. Engaging these youth in basic financial literacy
instruction, such as creating a savings account, balancing their
budget, and managing their disposable income is tremendously
important.

By starting early, young people can begin to learn the difference
between wants and needs, the importance and power of saving, and the
positive and productive role money can play in their lives. Having a
basic understanding of money management from an early age will make
our young people better equipped to tackle more complex financial
decisions in their transition to adulthood, when critical decisions
about financing higher education and saving for retirement can have
lasting consequences for financial security.

Strengthening the financial capability of our young people is an
investment in our State's and nation's economic prosperity. Financial
capability is the capacity, based on knowledge, skills, and access, to
manage financial resources prudently and effectively. Efforts to
improve financial capability, which should be based on evidence of
effectiveness, empower individuals to make informed choices, plan and
set goals, avoid pitfalls, know where to seek help, and take other
actions to better their present and long-term financial well-being.


Therefore, in order to strengthen the financial capability of our
youth it is important to establish the Financial Literacy Education in
the New York State Summer Youth Employment Program.

PRIOR LEGISLATIVE HISTORY: New bill.

FISCAL IMPLICATIONS: None. Local banks and credit unions as well as
consumer groups have developed materials for all age groups on
financial literacy. The collating of available materials is all that
is required.

EFFECTIVE DATE: This act shall take effect immediately.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  7344

                            I N  S E N A T E

                              May 13, 2014
                               ___________

Introduced  by Sen. GRISANTI -- read twice and ordered printed, and when
  printed to be committed to the Committee on Banks

AN ACT to amend the financial services law,  in  relation  to  financial
  literacy education

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1.  Legislative intent. In order to contribute to the  state's
and the nation's future financial stability and increase upward economic
mobility,  it is the policy of the New York state legislature to promote
financial capability among young Americans and  encourage  building  the
financial capability of young people at an early stage in schools, fami-
lies, communities, and the workplace.
  By  starting  early,  young  people  can begin to learn the difference
between wants and needs, the importance and power  of  saving,  and  the
positive  and  productive  role  money can play in their lives. Having a
basic understanding of money management from an early age will make  our
young  people better equipped to tackle more complex financial decisions
in their transition to adulthood, when critical decisions about  financ-
ing  higher  education and saving for retirement can have lasting conse-
quences for financial security.
  Strengthening the financial capability  of  our  young  people  is  an
investment in our state's and our nation's economic prosperity.
  Financial  capability is the capacity, based on knowledge, skills, and
access, to manage financial resources prudently and effectively. Efforts
to improve financial capability, which should be based  on  evidence  of
effectiveness,  empower  individuals  to make informed choices, plan and
set goals, avoid pitfalls, know where  to  seek  help,  and  take  other
actions to better their present and long-term financial well-being.
  S  2.  Short  title.  This  act shall be known and may be cited as the
"financial literacy education in the New  York  state  youth  employment
program act".
  S 3. The financial services law is amended by adding a new section 311
to read as follows:

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14402-07-4

S. 7344                             2

  S  311.  FINANCIAL LITERACY EDUCATION.  (A) ANY YOUTH PARTICIPATING IN
THE SUMMER YOUTH EMPLOYMENT PROGRAM SHALL  BE  PROVIDED  WITH  FINANCIAL
LITERACY  EDUCATION WORKSHOP MATERIALS WITHIN THE FIRST TWO WEEKS OF THE
PROGRAM.
  (B)  THE FINANCIAL LITERACY EDUCATION MATERIALS DEVELOPED BY BANKS AND
CREDIT UNIONS SHALL BE USED BY THE SUMMER YOUTH EMPLOYMENT  PROGRAM,  IN
CONJUNCTION  WITH  LOCAL  BANKS  AND CREDIT UNIONS, TO PROVIDE FINANCIAL
LITERACY EDUCATION TO ALL PARTICIPATING YOUTH WITHIN THE FIRST TWO WEEKS
OF THE PROGRAM.
  (C) FOR  THE  PURPOSES  OF  THIS  SECTION,  "SUMMER  YOUTH  EMPLOYMENT
PROGRAM" SHALL MEAN ANY SUCH PROGRAM FUNDED THROUGH THE OFFICE OF TEMPO-
RARY AND DISABILITY ASSISTANCE.
  S 4. This act shall take effect immediately.

Co-Sponsors

S7344A - Bill Details

See Assembly Version of this Bill:
A9199F
Law Section:
Financial Services Law
Laws Affected:
Add §311, Fin Serv L

S7344A - Bill Texts

view summary

Develops a financial literacy education program for teenagers and young adult participants in the summer youth employment program.

view sponsor memo
BILL NUMBER:S7344A

TITLE OF BILL:
An act
to amend the financial services law, in relation to
financial literacy education

PURPOSE OR GENERAL IDEA OF BILL:

In order to strengthen the financial
capability of our youth, this legislation establishes the Financial
Literacy Education in the New York State Summer Youth Employment
Program Act.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1: Legislative Intent.

Section 2: The financial services law is amended by adding a new
section 311 to read as follows: Any youth participating in the Summer
Youth Employment Program shall be provided with financial literacy
education workshop materials within the first two weeks of the
program. The financial literacy education materials developed by the
department in consultation with banks, credit unions and any other
licensed financial services provider shall be used by the program in
conjunction with local banks and credit unions to provide financial
literacy education workshop to all participating youth within the
first two weeks of the program. This section also defines the Summer
Youth Employment Program.

Section 3. This act shall take effect July 1, 2016.

JUSTIFICATION:

In order to contribute to the State's and nation's future financial
stability and increase upward economic mobility, it should be the
policy of New York State Legislature to promote financial capability
among its youth and encourage building the financial capability of
young people at an early stage in schools, families, communities, and
the workplace; such as the State's Youth Employment program. Each
year and for thousands of youth, the summer youth employment program
is their first exposure to a job and a paycheck. Engaging these youth
in basic financial literacy instruction, such as creating a savings
account, balancing their budget, and managing their disposable income
is tremendously important.

By starting early, young people can begin to learn the difference
between wants and needs, the importance and power of saving, and the
positive and productive role money can play in their lives. Having a
basic understanding
of money management from an early age will make our young people
better equipped to tackle more complex financial decisions in their
transition to adulthood, when critical decisions about financing
higher education and saving for retirement can have lasting
consequences for financial security.


Strengthening the financial capability of our young people is an
investment in our State's and nation's economic prosperity. Financial
capability is the capacity, based on knowledge, skills, and access,
to manage financial resources prudently and effectively. Efforts to
improve financial capability, which should be based on evidence of
effectiveness, empower individuals to make informed choices, plan and
set goals, avoid pitfalls, know where to seek help, and take other
actions to better their present and long-term financial well-being.

Therefore, in order to strengthen the financial capability of our
youth it is important to establish the Financial Literacy Education
in the New York State Summer Youth Employment Program.

PRIOR LEGISLATIVE HISTORY:

New bill.

FISCAL IMPLICATIONS:

None. Local banks and credit unions as well as
consumer groups have developed materials for all age groups on
financial literacy. The collating of available materials is all that
is required.

EFFECTIVE DATE:

This act shall take effect July 1, 2016.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7344--A
    Cal. No. 912

                            I N  S E N A T E

                              May 13, 2014
                               ___________

Introduced by Sens. GRISANTI, PERKINS -- read twice and ordered printed,
  and when printed to be committed to the Committee on Banks -- reported
  favorably  from  said  committee,  ordered to first report, amended on
  first report, ordered  to  a  second  report  and  ordered  reprinted,
  retaining its place in the order of second report

AN  ACT  to  amend  the financial services law, in relation to financial
  literacy education

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Legislative intent. In order to contribute to the state's
and the nation's future financial stability and increase upward economic
mobility, it is the policy of the New York state legislature to  promote
financial  capability  among  young Americans and encourage building the
financial capability of young people at an early stage in schools, fami-
lies, communities, and the workplace.
  By starting early, young people can  begin  to  learn  the  difference
between  wants  and  needs,  the importance and power of saving, and the
positive and productive role money can play in  their  lives.  Having  a
basic  understanding of money management from an early age will make our
young people better equipped to tackle more complex financial  decisions
in  their transition to adulthood, when critical decisions about financ-
ing higher education and saving for retirement can have  lasting  conse-
quences for financial security.
  Strengthening  the  financial  capability  of  our  young people is an
investment in our state's and our nation's economic prosperity.
  Financial capability is the capacity, based on knowledge, skills,  and
access, to manage financial resources prudently and effectively. Efforts
to  improve  financial  capability, which should be based on evidence of
effectiveness, empower individuals to make informed  choices,  plan  and
set  goals,  avoid  pitfalls,  know  where  to seek help, and take other
actions to better their present and long-term financial well-being.
  S 2. Short title. This act shall be known and  may  be  cited  as  the
"financial  literacy  education  in  the New York state youth employment
program act".

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14402-10-4

S. 7344--A                          2

  S 3. The financial services law is amended by adding a new section 311
to read as follows:
  S  311.  FINANCIAL LITERACY EDUCATION.  (A) ANY YOUTH PARTICIPATING IN
THE SUMMER YOUTH EMPLOYMENT PROGRAM, AS DEFINED IN  SUBDIVISION  (C)  OF
THIS  SECTION, SHALL BE PROVIDED WITH FINANCIAL LITERACY EDUCATION WORK-
SHOP MATERIALS WITHIN THE FIRST TWO WEEKS OF ANY SUCH PROGRAM.
  (B) THE FINANCIAL LITERACY EDUCATION MATERIALS SHALL BE  DEVELOPED  BY
THE  DEPARTMENT IN CONSULTATION WITH BANKS, CREDIT UNIONS, AND ANY OTHER
LICENSED FINANCIAL SERVICE  PROVIDERS  THE  DEPARTMENT  CHOOSES  IN  ITS
DISCRETION,  SHALL  BE  USED  BY THE SUMMER YOUTH EMPLOYMENT PROGRAM, IN
CONJUNCTION WITH LOCAL BANKS AND CREDIT  UNIONS,  TO  PROVIDE  FINANCIAL
LITERACY EDUCATION TO ALL PARTICIPATING YOUTH WITHIN THE FIRST TWO WEEKS
OF THE PROGRAM.
  (C)  FOR  THE  PURPOSES  OF  THIS  SECTION,  "SUMMER  YOUTH EMPLOYMENT
PROGRAM" SHALL MEAN ANY SUCH PROGRAM FUNDED THROUGH THE OFFICE OF TEMPO-
RARY AND DISABILITY ASSISTANCE.
  S 4. This act shall take effect July 1, 2016.

Co-Sponsors

S7344B - Bill Details

See Assembly Version of this Bill:
A9199F
Law Section:
Financial Services Law
Laws Affected:
Add §311, Fin Serv L

S7344B - Bill Texts

view summary

Develops a financial literacy education program for teenagers and young adult participants in the summer youth employment program.

view sponsor memo
BILL NUMBER:S7344B

TITLE OF BILL: An act to amend the financial services law, in
relation to financial literacy education

PURPOSE:

In order to strengthening the financial capability of our youth, this
legislation establishes the Financial Literacy Education in the New
York State Summer Youth Employment Program Act.

SUMMARY OF PROVISION:

Section 1: Legislative Intent.

Section 2: The financial services law is amended by adding a new
section 311 to read as follows: Any youth participating in the Summer
Youth Employment Program shall be provided with financial literacy
education workshop materials within the first two weeks of the
program. The financial literacy education materials developed by the
department in consultation with banks, credit unions and any other
licensed financial services provider shall be used by the summer youth
employment program, which do not have such a program already in place,
in conjunction with local banks and credit unions to provide financial
literacy education workshop to all participating youth within the
first two weeks of the program. This section also defines the Summer
Youth Employment Program.

Section 4. This act shall take effect July 1, 2016.

JUSTIFICATION:

In order to contribute to the State's and nation's future financial
stability and increase upward economic mobility, it should be the
policy of New York State Legislature to promote financial capability
among its youth and encourage building the financial capability of
young people at an early stage in schools, families, communities, and
the workplace; such as the State's Youth Employment program. Each year
and for thousands of youth, the summer youth employment program is
their first exposure to a job and a paycheck. Engaging these youth in
basic financial literacy instruction, such as creating a savings
account, balancing their budget, and managing their disposable income
is tremendously important.

By starting early, young people can begin to learn the difference
between wants and needs, the importance and power of saving, and the
positive and productive role money can play in their lives. Having a
basic understanding of money management from an early age will make
our young people better equipped to tackle more complex financial
decisions in their transition to adulthood, when critical decisions
about financing higher education and saving for retirement can have
lasting consequences for financial security.

Strengthening the financial capability of our young people is an
investment in our State's and nation's economic prosperity. Financial
capability is the capacity, based on knowledge, skills, and access, to
manage financial resources prudently and effectively. Efforts to


improve financial capability, which should be based on evidence of
effectiveness, empower individuals to make informed choices, plan and
set goals, avoid pitfalls, know where to seek help, and take other
actions to better their present and long-term financial well-being.

Therefore, in order to strengthening the financial capability of our
youth it is important to establish financial literacy education in the
New York State Summer Youth Employment Program. The summer youth
employment programs that have already developed financial literacy
components for their participants are not impacted by this
legislation. However the bulk of the programs that do not offer such
critical pro-youth and pro-consumer education will have the resources
to build the financial literacy of the communities they serve.

FISCAL IMPLICATIONS:

None. Local banks and credit unions as well as consumer groups have
developed materials for all age groups on financial literacy. The
collating of available materials is all that is required.

EFFECTIVE DATE:

This act shall take effect July 1, 2016.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7344--B
    Cal. No. 912

                            I N  S E N A T E

                              May 13, 2014
                               ___________

Introduced by Sens. GRISANTI, PERKINS -- read twice and ordered printed,
  and when printed to be committed to the Committee on Banks -- reported
  favorably  from  said  committee,  ordered to first report, amended on
  first report, ordered  to  a  second  report  and  ordered  reprinted,
  retaining  its  place  in  the  order of second report -- ordered to a
  third reading, amended and ordered reprinted, retaining its  place  in
  the order of third reading

AN  ACT  to  amend  the financial services law, in relation to financial
  literacy education

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  Legislative intent. In order to contribute to the state's
and the nation's future financial stability and increase upward economic
mobility, it is the policy of the New York state legislature to  promote
financial  capability  among  young Americans and encourage building the
financial capability of young people at an early stage in schools, fami-
lies, communities, and the workplace.
  By starting early, young people can  begin  to  learn  the  difference
between  wants  and  needs,  the importance and power of saving, and the
positive and productive role money can play in  their  lives.  Having  a
basic  understanding of money management from an early age will make our
young people better equipped to tackle more complex financial  decisions
in  their transition to adulthood, when critical decisions about financ-
ing higher education and saving for retirement can have  lasting  conse-
quences for financial security.
  Strengthening  the  financial  capability  of  our  young people is an
investment in our state's and our nation's economic prosperity.
  Financial capability is the capacity, based on knowledge, skills,  and
access, to manage financial resources prudently and effectively. Efforts
to  improve  financial  capability, which should be based on evidence of
effectiveness, empower individuals to make informed  choices,  plan  and
set  goals,  avoid  pitfalls,  know  where  to seek help, and take other
actions to better their present and long-term financial well-being.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14402-12-4

S. 7344--B                          2

  S 2. Short title. This act shall be known and  may  be  cited  as  the
"financial  literacy  education  in  the New York state youth employment
program act".
  S 3. The financial services law is amended by adding a new section 311
to read as follows:
  S  311.  FINANCIAL LITERACY EDUCATION.  (A) ANY YOUTH PARTICIPATING IN
THE SUMMER YOUTH EMPLOYMENT PROGRAM, AS DEFINED IN  SUBDIVISION  (C)  OF
THIS  SECTION, SHALL BE PROVIDED WITH FINANCIAL LITERACY EDUCATION WORK-
SHOP MATERIALS WITHIN THE FIRST TWO WEEKS OF ANY SUCH PROGRAM.
  (B) THE FINANCIAL  LITERACY  EDUCATION  WORKSHOP  MATERIALS  SHALL  BE
DEVELOPED  BY  THE DEPARTMENT IN CONSULTATION WITH BANKS, CREDIT UNIONS,
AND ANY OTHER LICENSED FINANCIAL SERVICE PROVIDERS THE DEPARTMENT CHOOS-
ES IN ITS DISCRETION, FOR ANY SUMMER YOUTH EMPLOYMENT PROGRAMS  THAT  DO
NOT  ALREADY HAVE SUCH MATERIALS AS OF THE EFFECTIVE DATE OF THIS SUBDI-
VISION.
  (C) FOR  THE  PURPOSES  OF  THIS  SECTION,  "SUMMER  YOUTH  EMPLOYMENT
PROGRAM" SHALL MEAN ANY SUCH PROGRAM FUNDED THROUGH THE OFFICE OF TEMPO-
RARY AND DISABILITY ASSISTANCE.
  S 4. This act shall take effect July 1, 2016.

Co-Sponsors

S7344C - Bill Details

See Assembly Version of this Bill:
A9199F
Law Section:
Financial Services Law
Laws Affected:
Add §311, Fin Serv L

S7344C - Bill Texts

view summary

Develops a financial literacy education program for teenagers and young adult participants in the summer youth employment program.

view sponsor memo
BILL NUMBER:S7344C

TITLE OF BILL: An act to amend the financial services law, in
relation to financial literacy education

PURPOSE: In order to strengthen the financial capability of our youth,
this legislation establishes the Financial Literacy Education in the
New York State Summer Youth Employment Program Act.

SUMMARY OF PROVISION:

Section 1: Legislative Intent.

Section 2: The financial services law is amended by adding a new
section 311 to read as follows: Any youth participating in the Summer
Youth Employment Program shall be-provided with financial literacy
education according to practices and best standards of currently
operating summer youth employment programs or other similar model used
by local government in coordination with nonprofit organizations
and/or financial institutions for any summer youth employment program
that do not have such a program already in place. This section also
defines the Summer Youth Employment Program.

Section 3. This act shall take effect July 1, 2016,.

JUSTIFICATION: In order to contribute to the State's and nation's
future financial stability and increase upward economic mobility, it
should be the policy of New York State Legislature to promote
financial capability among its youth and encourage building the
financial capability of young people at an early stage in schools,
families, communities, and the workplace; such as the State's Youth
Employment program. Each year and for thousands of youth, the summer
youth employment program is their first exposure to a job and a
paycheck. Engaging these youth in basic financial literacy
instruction, such as creating a savings account, balancing their
budget, and managing their disposable income is tremendously
important.

By starting early, young people can begin to learn the difference
between wants and needs, the importance and power of saving, and the
positive and productive role money can play in their lives. Having a
basic understanding of money management from an early age will make
our young people better equipped to tackle more complex financial
decisions in their transition to adulthood, when critical decisions
about financing higher education and saving for retirement can have
lasting consequences for financial security.

Strengthening the financial capability of our young people is an
investment in our State's and nation's economic prosperity. Financial
capability is the capacity, based on knowledge, skills, and access, to
manage financial resources prudently and effectively. Efforts to
improve financial capability, which should be based on evidence of
effectiveness, empower individuals to make informed choices, plan and
set goals, avoid pitfalls, know where to seek help, and take other
actions to better. their present and long-term financial well-being.


Therefore, in order to strengthen the financial capability of our
youth it is important to establish financial literacy education in the
New York State Summer Youth Employment Program. The summer youth
employment programs that have already developed financial literacy
components for their participants are not impacted by this
legislation. However the bulk of the programs that do not offer such
critical pro-youth and pro-consumer education will have the resources
to build the financial literacy of the communities they serve.

FISCAL IMPLICATIONS: None, Local banks and credit unions as well as
consumer groups have developed materials for all age groups on
financial literacy. The collating of available materials is all that
is required.

EFFECTIVE DATE: This act shall take effect July 1, 2016.

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7344--C
    Cal. No. 912

                            I N  S E N A T E

                              May 13, 2014
                               ___________

Introduced by Sens. GRISANTI, PERKINS -- read twice and ordered printed,
  and when printed to be committed to the Committee on Banks -- reported
  favorably  from  said  committee,  ordered to first report, amended on
  first report, ordered  to  a  second  report  and  ordered  reprinted,
  retaining  its  place  in  the  order of second report -- ordered to a
  third reading, amended and ordered reprinted, retaining its  place  in
  the  order  of  third  reading -- again amended and ordered reprinted,
  retaining its place in the order of third reading

AN ACT to amend the financial services law,  in  relation  to  financial
  literacy education

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1.  Legislative intent. In order to contribute to the  state's
and the nation's future financial stability and increase upward economic
mobility,  it is the policy of the New York state legislature to promote
financial capability among young Americans and  encourage  building  the
financial capability of young people at an early stage in schools, fami-
lies, communities, and the workplace.
  By  starting  early,  young  people  can begin to learn the difference
between wants and needs, the importance and power  of  saving,  and  the
positive  and  productive  role  money can play in their lives. Having a
basic understanding of money management from an early age will make  our
young  people better equipped to tackle more complex financial decisions
in their transition to adulthood, when critical decisions about  financ-
ing  higher  education and saving for retirement can have lasting conse-
quences for financial security.
  Strengthening the financial capability  of  our  young  people  is  an
investment in our state's and our nation's economic prosperity.
  Financial  capability is the capacity, based on knowledge, skills, and
access, to manage financial resources prudently and effectively. Efforts
to improve financial capability, which should be based  on  evidence  of
effectiveness,  empower  individuals  to make informed choices, plan and
set goals, avoid pitfalls, know where  to  seek  help,  and  take  other
actions to better their present and long-term financial well-being.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14402-16-4

S. 7344--C                          2

  S  2.  Short  title.  This  act shall be known and may be cited as the
"financial literacy education in the New  York  state  youth  employment
program act".
  S 3. The financial services law is amended by adding a new section 311
to read as follows:
  S  311.  FINANCIAL LITERACY EDUCATION.  (A) ANY YOUTH PARTICIPATING IN
THE SUMMER YOUTH EMPLOYMENT PROGRAM, AS DEFINED IN  SUBDIVISION  (C)  OF
THIS  SECTION, SHALL BE PROVIDED WITH FINANCIAL LITERACY EDUCATION WORK-
SHOP.
  (B) THE FINANCIAL LITERACY EDUCATION SHALL BE DEVELOPED  AND  PROVIDED
IN ACCORDANCE WITH THE STANDARDS AND BEST PRACTICES OF CURRENTLY OPERAT-
ING  SUMMER  YOUTH  EMPLOYMENT  PROGRAMS OR OTHER SIMILAR MODELS USED BY
LOCAL GOVERNMENT IN COORDINATION  WITH  NONPROFIT  ORGANIZATIONS  AND/OR
FINANCIAL  INSTITUTIONS FOR ANY SUMMER YOUTH EMPLOYMENT PROGRAMS THAT DO
NOT ALREADY HAVE A WORKSHOP AS OF THE EFFECTIVE DATE  OF  THIS  SUBDIVI-
SION.
  (C)  FOR  THE  PURPOSES  OF  THIS  SECTION,  "SUMMER  YOUTH EMPLOYMENT
PROGRAM" SHALL MEAN ANY SUCH PROGRAM FUNDED THROUGH THE OFFICE OF TEMPO-
RARY AND DISABILITY ASSISTANCE.
  S 4. This act shall take effect July 1, 2016.

Co-Sponsors

S7344D (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A9199F
Law Section:
Financial Services Law
Laws Affected:
Add §311, Fin Serv L

S7344D (ACTIVE) - Bill Texts

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Develops a financial literacy education program for teenagers and young adult participants in the summer youth employment program.

view sponsor memo
BILL NUMBER:S7344D

TITLE OF BILL: An act to amend the financial services law, in relation
to financial literacy education

PURPOSE: In order to strengthen the financial capability of our youth,
this legislation establishes the Financial Literacy Education in the New
York State Summer Youth Employment Program Act.

SUMMARY OF PROVISIONS:

Section 1: Legislative Intent.

Section 2: The financial services law is amended by adding a new section
311 to read as follows: Any youth participating in the Summer Youth
Employment Program shall be provided with financial literacy education
according to practices and best standards of currently operating summer
youth employment programs or other similar model used by local govern-
ment in coordination with nonprofit organizations and/or financial
institutions for any summer youth employment program that do not have
such a program already in place. This section also defines the Summer
Youth Employment Program.

Section 4. This act shall take effect July 1, 2016.

JUSTIFICATION: In order to contribute to the State's and nation's
future financial stability and increase upward economic mobility, it
should be the policy of New York State Legislature to promote financial
capability among its youth and encourage building the financial capabil-
ity of young people at an early stage in schools, families, communities,
and the workplace; such as the State's Youth Employment program. Each
year and for thousands of youth, the summer youth employment program is
their first exposure to a job and a paycheck. Engaging these youth in
basic financial literacy instruction, such as creating a savings
account, balancing their budget, and managing their disposable income is
tremendously important.

By starting early, young people can begin to learn the difference
between wants and needs, the importance and power of saving, and the
positive and productive role money can play in their lives. Having a
basic understanding of money management from an early age will make our
young people better equipped to tackle more complex financial decisions
in their transition to adulthood, when critical decisions about financ-
ing higher education and saving for retirement can have lasting conse-
quences for financial security.

Strengthening the financial capability of our young people is an invest-
ment in our State's and nation's economic prosperity. Financial capabil-
ity is the capacity, based on knowledge, skills, and access, to manage
financial resources prudently and effectively. Efforts to improve finan-
cial capability, which should be based on evidence of effectiveness,
empower individuals to make informed choices, plan and set goals, avoid

pitfalls, know where to seek help, and take other actions to better
their present and long-term financial well-being.

Therefore, in order to strengthen the financial capability of our youth
it is important to establish financial literacy education in the New
York State Summer Youth Employment Program. The summer youth employment
programs that have already developed financial literacy components for
their participants are not impacted by this legislation. However the
bulk of the programs that do not offer such critical pro-youth and pro-
consumer education will have the resources to build the financial liter-
acy of the communities they serve.

FISCAL IMPLICATIONS: None. Local banks and credit unions as well as
consumer groups have developed materials for all age groups on financial
literacy. The collating of available materials is all that is required.

EFFECTIVE DATE: This act shall take effect July 1, 2016.

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                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 7344--D
    Cal. No. 912

                            I N  S E N A T E

                              May 13, 2014
                               ___________

Introduced by Sens. GRISANTI, PERKINS -- read twice and ordered printed,
  and when printed to be committed to the Committee on Banks -- reported
  favorably  from  said  committee,  ordered to first report, amended on
  first report, ordered  to  a  second  report  and  ordered  reprinted,
  retaining  its  place  in  the  order of second report -- ordered to a
  third reading, amended and ordered reprinted, retaining its  place  in
  the  order  of  third  reading -- again amended and ordered reprinted,
  retaining its place in the order of third reading -- again amended and
  ordered reprinted, retaining its place in the order of third reading

AN ACT to amend the financial services law,  in  relation  to  financial
  literacy education

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1.  Legislative intent. In order to contribute to the  state's
and the nation's future financial stability and increase upward economic
mobility,  it is the policy of the New York state legislature to promote
financial capability among young Americans and  encourage  building  the
financial capability of young people at an early stage in schools, fami-
lies, communities, and the workplace.
  By  starting  early,  young  people  can begin to learn the difference
between wants and needs, the importance and power  of  saving,  and  the
positive  and  productive  role  money can play in their lives. Having a
basic understanding of money management from an early age will make  our
young  people better equipped to tackle more complex financial decisions
in their transition to adulthood, when critical decisions about  financ-
ing  higher  education and saving for retirement can have lasting conse-
quences for financial security.
  Strengthening the financial capability  of  our  young  people  is  an
investment in our state's and our nation's economic prosperity.
  Financial  capability is the capacity, based on knowledge, skills, and
access, to manage financial resources prudently and effectively. Efforts
to improve financial capability, which should be based  on  evidence  of
effectiveness,  empower  individuals  to make informed choices, plan and

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14402-18-4

S. 7344--D                          2

set goals, avoid pitfalls, know where  to  seek  help,  and  take  other
actions to better their present and long-term financial well-being.
  S  2.  Short  title.  This  act shall be known and may be cited as the
"financial literacy education in the New  York  state  youth  employment
program act".
  S 3. The financial services law is amended by adding a new section 311
to read as follows:
  S  311.  FINANCIAL LITERACY EDUCATION.  (A) ANY YOUTH PARTICIPATING IN
THE SUMMER YOUTH EMPLOYMENT PROGRAM, AS DEFINED IN  SUBDIVISION  (C)  OF
THIS SECTION, SHALL BE PROVIDED WITH FINANCIAL LITERACY EDUCATION.
  (B)  THE  FINANCIAL LITERACY EDUCATION SHALL BE DEVELOPED AND PROVIDED
IN ACCORDANCE WITH THE STANDARDS AND BEST PRACTICES OF CURRENTLY OPERAT-
ING SUMMER YOUTH EMPLOYMENT PROGRAMS OR OTHER  SIMILAR  MODELS  USED  BY
LOCAL  GOVERNMENT  IN  COORDINATION  WITH NONPROFIT ORGANIZATIONS AND/OR
FINANCIAL INSTITUTIONS FOR ANY SUMMER YOUTH EMPLOYMENT PROGRAMS THAT  DO
NOT  ALREADY  HAVE  A WORKSHOP AS OF THE EFFECTIVE DATE OF THIS SUBDIVI-
SION.
  (C) FOR  THE  PURPOSES  OF  THIS  SECTION,  "SUMMER  YOUTH  EMPLOYMENT
PROGRAM" SHALL MEAN ANY SUCH PROGRAM FUNDED THROUGH THE OFFICE OF TEMPO-
RARY AND DISABILITY ASSISTANCE.
  S 4. This act shall take effect July 1, 2016.

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