Assembly Bill A10339

2015-2016 Legislative Session

Establishes the state financial literacy commission

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Archive: Last Bill Status - In Assembly Committee


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

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2015-A10339 (ACTIVE) - Details

See Senate Version of this Bill:
S7062
Current Committee:
Assembly Banks
Law Section:
Financial Services Law
Laws Affected:
Add Art 7 ยงยง701 - 703, Fin Serv L
Versions Introduced in Other Legislative Sessions:
2017-2018: A5813, S3604
2019-2020: A3421, A9141, S1589
2021-2022: A1047, S574
2023-2024: A4605, S1750

2015-A10339 (ACTIVE) - Summary

Establishes the state financial literacy commission; creates a state financial literacy commission to measurably improve the financial literacy and financial capability of New York state residents.

2015-A10339 (ACTIVE) - Bill Text download pdf

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

                                  10339

                          I N  A S S E M B L Y

                              May 23, 2016
                               ___________

Introduced by M. of A. ROBINSON -- read once and referred to the Commit-
  tee on Banks

AN  ACT to amend the financial services law, in relation to establishing
  the state financial literacy commission

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

  Section 1. The financial services law is amended by adding a new arti-
cle 7 to read as follows:
                                ARTICLE 7
                   STATE FINANCIAL LITERACY COMMISSION
SECTION 701. DEFINITIONS.
  702. STATE FINANCIAL LITERACY COMMISSION.
  703. POWERS AND DUTIES.
  S  701.  DEFINITIONS.  FOR THE PURPOSES OF THIS ARTICLE, THE FOLLOWING
TERMS SHALL HAVE THE FOLLOWING MEANINGS:
  1. "FINANCIAL CAPABILITY" MEANS: (A) FINANCIAL LITERACY AND ACCESS  TO
APPROPRIATE FINANCIAL PRODUCTS; AND
  (B)(I)  THE  ABILITY  TO ACT, INCLUDING KNOWLEDGE, SKILLS, CONFIDENCE,
AND MOTIVATION; AND
  (II) THE OPPORTUNITY TO ACT, THROUGH ACCESS  TO  BENEFICIAL  FINANCIAL
PRODUCTS AND INSTITUTIONS.
  2.  "FINANCIAL LITERACY" MEANS THE ABILITY TO USE KNOWLEDGE AND SKILLS
TO MANAGE FINANCIAL RESOURCES EFFECTIVELY FOR A  LIFETIME  OF  FINANCIAL
WELL-BEING.
  S  702.  STATE  FINANCIAL  LITERACY  COMMISSION. 1. THERE IS CREATED A
STATE FINANCIAL LITERACY COMMISSION TO MEASURABLY IMPROVE THE  FINANCIAL
LITERACY AND FINANCIAL CAPABILITY OF NEW YORK STATE RESIDENTS.
  2. THE COMMISSION SHALL BE COMPOSED OF THE FOLLOWING MEMBERS:
  (A) THE STATE COMPTROLLER OR DESIGNEE;
  (B) THE COMMISSIONER OF EDUCATION OR DESIGNEE;
  (C)  ONE  REPRESENTATIVE  OF  THE  EXECUTIVE  BRANCH, APPOINTED BY THE
GOVERNOR, WHO IS AN EMPLOYEE OF AN AGENCY OR  DEPARTMENT  THAT  CONDUCTS
FINANCIAL LITERACY EDUCATION OUTREACH EFFORTS IN NEW YORK STATE, INCLUD-
ING  THE OFFICE OF CHILDREN AND FAMILY SERVICES, DEPARTMENT OF FINANCIAL

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

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