Senate Bill S7062

2015-2016 Legislative Session

Establishes the state financial literacy commission

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules 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-S7062 (ACTIVE) - Details

See Assembly Version of this Bill:
A10339
Current Committee:
Senate Rules
Law Section:
Financial Services Law
Laws Affected:
Add Art 7 §§701 - 703, Fin Serv L
Versions Introduced in Other Legislative Sessions:
2017-2018: S3604, A5813
2019-2020: S1589, A3421, A9141
2021-2022: S574, A1047
2023-2024: S1750, A4605

2015-S7062 (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-S7062 (ACTIVE) - Sponsor Memo

2015-S7062 (ACTIVE) - Bill Text download pdf

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

                                  7062

                            I N  S E N A T E

                             March 22, 2016
                               ___________

Introduced  by  Sen. SANDERS -- 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  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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