NY State Senate Bill 2019-S1589

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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Actions

View Actions

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Dec 28, 2020	committed to rules
Feb 10, 2020	advanced to third reading
Feb 05, 2020	2nd report cal. amended (t) 1589a
Feb 04, 2020	1st report cal.336
Jan 08, 2020	referred to banks
Jan 15, 2019	referred to banks

Votes

- Feb 4, 2020 - Banks Committee Vote
  S1589
  
  6
  
  Aye
  
  4
  
  Nay
  
  0
  
  Aye with Reservations
  
  0
  
  Absent
  
  1
  
  Excused
  
  0
  
  Abstained
  - - Banks Committee Vote: Feb 4, 2020
      
      aye (6)
      
      Kennedy
      
      Parker
      
      Persaud
      
      Sanders Jr.
      
      Sepúlveda
      
      Thomas
      
      nay (4)
      
      Borrello
      
      Jordan
      
      O'Mara
      
      Tedisco
      
      excused (1)
      
      Breslin

Bill Amendments

Original

A (Active)

2019-S1589 - Details

See Assembly Version of this Bill:: A9141
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:: 2015-2016: S7062, A10339
2017-2018: S3604, A5813
2021-2022: S574, A1047
2023-2024: S1750, A4605

2019-S1589 - Summary

Establishes the state financial literacy fund.

2019-S1589 - Sponsor Memo

                                
 
BILL NUMBER: S1589

SPONSOR: SANDERS
 
TITLE OF BILL:

An act to amend the financial services law, in relation to establishing
the state financial literacy commission

 
PURPOSE:

To establish a state financial literacy commission to measurably improve
the financial literacy and financial capability of New York state resi-
dents.

 
SUMMARY OF PROVISIONS:

Section 1 of the bill amends the financial services law by adding a new
article 7 establishing the state financial literacy commission:

Section 701 will contain definitions.

Section 702 will create the commission for measurably improving the
financial literacy and financial capability of New York state residents.

The commission shall be composed of the state comptroller or designee;
the Commissioner of Education or designee; 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; a member of the Assembly appointed by the
Speaker of the Assembly and a member of the Senate appointed by the
Temporary President of the Senate; a Kindergarten through twelfth grade
public school financial literacy educator appointed by. New York State
United Teachers; one representative of Kindergarten through twelfth
grade public school administration, currently serving as a school board
member, superintendent or principal, appointed by the governor based on
nominees submitted by the New York State School Boards Association, the
New York State Council of School Superintendents and the School Adminis-
trators Association of New York State; the chairman of the New York
State Higher Education Services Corporation or designee; one represen-
tative appointed by the governor from the State University of New York;
one representative appointed by the governor from an independent college
in New York; two representatives from nonprofit entities engaged in
providing financial literacy education to New York adults appointed by
the governor; and two representatives from New York state's financial
services business community that actively promote financial literacy
education to New York state adults, appointed by the governor.

The state comptroller or designee and another member of the commission,
appointed by the governor, who is not an employee of New York state,
shall serve as co-chairs. Each member shall serve a three-year term,
except the comptroller may designate an initial term of one, two or
three years to ensure no more than one third of the terms expire in a
given year. A vacancy shall be filled by the original appointing author-
ity for the remainder of the term. The financial literacy commission may
request from any branch, division, department, board, commission or
other state agency or any entity that receives state funds, information
necessary for the commission to perform its duties.


Section 703 will outline the powers and duties of the commission:
collaborate with relevant state agencies and departments, private enter-
prise and nonprofit organizations; incentivize New York state's Kinder-
garten through twelfth grade education system, businesses, community
organizations and governmental agencies to implement financial literacy
and capability programs; advise the governor, agencies and departments
and the legislature on the current status of New York state residents'
financial literacy and capability; create and maintain a current inven-
tory of all financial literacy and capability initiatives available in
the state, identifying trusted options that will benefit residents;
identify ways to equip residents with the tools needed to make sound
financial decisions; identify ways to help low income residents save and
build assets; identify ways to help increase the percentage of state
employees saving for retirement; recommend actions that can be taken by
the public and private sector to achieve the goal of increasing finan-
cial literacy; promote and raise awareness about financial literacy;
identify key indicators to be tracked regarding financial literacy and
capability; analyze data to monitor the progress in achieving an
increase in financial literacy and capability; pursue and accept funding
from diverse sources outside state government for financial literacy and
capability efforts; disburse such funds accordingly; implement research
and policy initiatives providing effective and meaningful results; and
issue a report on the commission's progress and recommendations to the
governor and legislative committees of jurisdiction during the first
month of each legislation session.

Section 2 of the bill provides this act shall take effect immediately.

 
EXISTING LAW:

None

 
JUSTIFICATION:

It is a compelling interest of the state to ensure New York residents
are properly educated in financial literacy from a young age and have
the tools necessary to make sound financial decisions.

 
LEGISLATIVE HISTORY:

03/22/16 - Referred to Banks
05/11/16 - 1ST Report CAL.817
05/16/16 - 2ND Report CAL
05/17/16 - Advanced to Third Reading
06/17/16 - Committed to Rules

 
FISCAL IMPLICATIONS:

None

 
LOCAL FISCAL IMPLICATIONS:

None

 
EFFECTIVE DATE:
This act shall take effect immediately.

2019-S1589 - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   1589
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 15, 2019
                                ___________
 
 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.
   § 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.
   § 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;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD01592-01-9

 S. 1589                             2
 
   (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
 SERVICES,  OR  THE DEPARTMENT OF LABOR, BUT NOT INCLUDING THE DEPARTMENT
 OF EDUCATION;
   (D) A MEMBER OF THE ASSEMBLY APPOINTED BY THE SPEAKER OF THE  ASSEMBLY
 AND  A  MEMBER OF THE SENATE APPOINTED BY THE TEMPORARY PRESIDENT OF THE
 SENATE;
   (E) A KINDERGARTEN  THROUGH  TWELFTH  GRADE  PUBLIC  SCHOOL  FINANCIAL
 LITERACY EDUCATOR APPOINTED BY NEW YORK STATE UNITED TEACHERS;
   (F)  ONE  REPRESENTATIVE  OF KINDERGARTEN THROUGH TWELFTH GRADE PUBLIC
 SCHOOL ADMINISTRATION, CURRENTLY  SERVING  AS  A  SCHOOL  BOARD  MEMBER,
 SUPERINTENDENT,  OR  PRINCIPAL, APPOINTED BY THE GOVERNOR BASED ON NOMI-
 NEES SUBMITTED BY THE NEW YORK STATE SCHOOL BOARDS ASSOCIATION, THE  NEW
 YORK STATE COUNCIL OF SCHOOL SUPERINTENDENTS, AND THE SCHOOL ADMINISTRA-
 TORS ASSOCIATION OF NEW YORK STATE;
   (G)  THREE  REPRESENTATIVES  FOCUSED  ON COLLEGIATE FINANCIAL LITERACY
 ISSUES:
   (I) THE CHAIRMAN OF THE  NEW  YORK  STATE  HIGHER  EDUCATION  SERVICES
 CORPORATION OR DESIGNEE;
   (II)  ONE  REPRESENTATIVE  APPOINTED  BY  THE  GOVERNOR FROM THE STATE
 UNIVERSITY OF NEW YORK; AND
   (III) ONE REPRESENTATIVE APPOINTED BY THE GOVERNOR FROM AN INDEPENDENT
 COLLEGE IN NEW YORK;
   (H) TWO REPRESENTATIVES FROM NONPROFIT ENTITIES ENGAGED  IN  PROVIDING
 FINANCIAL  LITERACY EDUCATION TO NEW YORK ADULTS APPOINTED BY THE GOVER-
 NOR; AND
   (I) TWO REPRESENTATIVES FROM NEW YORK STATE'S FINANCIAL SERVICES BUSI-
 NESS COMMUNITY THAT ACTIVELY PROMOTE FINANCIAL LITERACY EDUCATION TO NEW
 YORK STATE ADULTS, APPOINTED BY THE GOVERNOR.
   3. THE STATE COMPTROLLER OR DESIGNEE AND ANOTHER MEMBER OF THE COMMIS-
 SION, APPOINTED BY THE GOVERNOR, WHO IS NOT AN EMPLOYEE OF THE STATE  OF
 NEW YORK, SHALL SERVE AS CO-CHAIRS OF THE COMMISSION.
   4.  (A)  EACH  MEMBER SHALL SERVE FOR A THREE-YEAR TERM, PROVIDED THAT
 THE STATE COMPTROLLER SHALL HAVE THE AUTHORITY TO DESIGNATE  WHETHER  AN
 INITIAL  TERM  FOR EACH APPOINTEE SHALL BE FOR A ONE, TWO, OR THREE-YEAR
 INITIAL TERM IN ORDER TO ENSURE THAT NO MORE THAN ONE-THIRD OF THE TERMS
 EXPIRE IN ANY GIVEN YEAR.
   (B) A VACANCY SHALL BE FILLED BY THE APPOINTING AUTHORITY AS  PROVIDED
 IN SUBDIVISION TWO OF THIS SECTION FOR THE REMAINDER OF THE TERM.
   5.  THE  COMMISSION MAY REQUEST FROM ANY BRANCH, DIVISION, DEPARTMENT,
 BOARD, COMMISSION, OR OTHER AGENCY OF  THE  STATE  OR  ANY  ENTITY  THAT
 RECEIVES  STATE FUNDS, SUCH INFORMATION AS WILL ENABLE THE COMMISSION TO
 PERFORM ITS DUTIES AS REQUIRED IN THIS ARTICLE.
   § 703. POWERS AND DUTIES. THE COMMISSION ESTABLISHED BY SECTION  SEVEN
 HUNDRED  TWO  OF THIS ARTICLE SHALL HAVE THE FOLLOWING POWERS AND DUTIES
 NECESSARY AND APPROPRIATE TO ACHIEVE THE PURPOSES OF THIS CHAPTER:
   1. COLLABORATE WITH RELEVANT STATE AGENCIES AND  DEPARTMENTS,  PRIVATE
 ENTERPRISE, AND NONPROFIT ORGANIZATIONS;
   2.  INCENTIVIZE  NEW  YORK  STATE'S KINDERGARTEN THROUGH TWELFTH GRADE
 EDUCATIONAL SYSTEM, BUSINESSES,  COMMUNITY  ORGANIZATIONS,  AND  GOVERN-
 MENTAL AGENCIES TO IMPLEMENT FINANCIAL LITERACY AND CAPABILITY PROGRAMS;
   3.  ADVISE THE GOVERNOR, AGENCIES AND DEPARTMENTS, AND THE LEGISLATURE
 ON THE CURRENT STATUS OF NEW YORK STATE  RESIDENTS'  FINANCIAL  LITERACY
 AND CAPABILITY;

 S. 1589                             3
 
   4.  CREATE  AND MAINTAIN A CURRENT INVENTORY OF ALL FINANCIAL LITERACY
 AND CAPABILITY INITIATIVES AVAILABLE IN THE  STATE,  AND  IN  PARTICULAR
 IDENTIFY TRUSTED OPTIONS THAT WILL BENEFIT NEW YORK STATE RESIDENTS;
   5.  IDENTIFY WAYS TO EQUIP NEW YORK STATE RESIDENTS WITH THE TRAINING,
 INFORMATION, SKILLS, AND TOOLS THEY NEED TO MAKE SOUND  FINANCIAL  DECI-
 SIONS  THROUGHOUT  THEIR  LIVES  AND  WAYS  TO HELP INDIVIDUALS WITH LOW
 INCOME GET ACCESS TO NEEDED FINANCIAL PRODUCTS AND SERVICES;
   6. IDENTIFY WAYS TO HELP NEW YORK STATE RESIDENTS WITH LOW INCOME SAVE
 AND BUILD ASSETS;
   7. IDENTIFY WAYS TO HELP INCREASE THE PERCENTAGE  OF  NEW  YORK  STATE
 EMPLOYEES SAVING FOR RETIREMENT;
   8.  RECOMMEND  ACTIONS  THAT  CAN  BE  TAKEN BY THE PUBLIC AND PRIVATE
 SECTOR TO ACHIEVE THE GOAL OF  INCREASING  THE  FINANCIAL  LITERACY  AND
 CAPABILITY OF ALL NEW YORK STATE RESIDENTS;
   9.  PROMOTE  AND RAISE THE AWARENESS IN THE STATE ABOUT THE IMPORTANCE
 OF FINANCIAL LITERACY AND CAPABILITY;
   10. IDENTIFY KEY INDICATORS TO BE TRACKED REGARDING FINANCIAL LITERACY
 AND CAPABILITY IN NEW YORK STATE;
   11. ANALYZE DATA TO MONITOR THE PROGRESS IN ACHIEVING AN  INCREASE  IN
 THE FINANCIAL LITERACY AND CAPABILITY OF NEW YORK STATE RESIDENTS;
   12.  PURSUE  AND  ACCEPT  FUNDING  FROM  DIVERSE SOURCES OUTSIDE STATE
 GOVERNMENT TO LAUNCH, SUSTAIN, EXPAND, AND  ENHANCE  FINANCIAL  LITERACY
 AND CAPABILITY EFFORTS IN THE STATE;
   13.  DISBURSE  FUNDS  RAISED  THROUGH  FUND  DEVELOPMENT ACTIVITIES IN
 ACCORDANCE WITH THE PRIORITIES SET FORTH BY  THIS  SECTION  AND  BY  THE
 COMMISSION;
   14.  CONSIDER  AND  IMPLEMENT  RESEARCH  AND  POLICY  INITIATIVES THAT
 PROVIDE EFFECTIVE AND MEANINGFUL RESULTS; AND
   15. ISSUE A REPORT ON THE COMMISSION'S  PROGRESS  AND  RECOMMENDATIONS
 FOR  INCREASING  THE FINANCIAL LITERACY AND CAPABILITY OF NEW YORK STATE
 RESIDENTS TO THE GOVERNOR AND THE LEGISLATIVE COMMITTEES OF JURISDICTION
 DURING THE FIRST MONTH OF EACH LEGISLATIVE SESSION.
   § 2. This act shall take effect immediately.

2019-S1589A (ACTIVE) - Details

See Assembly Version of this Bill:: A9141
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:: 2015-2016: S7062, A10339
2017-2018: S3604, A5813
2021-2022: S574, A1047
2023-2024: S1750, A4605

2019-S1589A (ACTIVE) - Summary

Establishes the state financial literacy fund.

2019-S1589A (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S1589A                Revised 7/23/2020

SPONSOR: SANDERS
 
TITLE OF BILL:

An act to amend the state finance law and the education law, in relation
to establishing the state financial literacy fund

 
PURPOSE:

To establish a state financial literacy fund to provide grants to
improve the financial literacy and financial capability of New York
state residents.

 
SUMMARY OF PROVISIONS:

Section 1 of the bill amends the state finance law by adding a new
section 99-hh establishing the state financial literacy fund:

 1. established in the joint custody of the state comptroller, the
attorney general, and commissioner of taxation and finance a fund to be

known as the "state financial literacy fund".
 2. Definitions
 3. states what the fund shall consist of, where the money will come
from, and that it shall be kept separately from other money held by the
state comptroller.
 4. annually on April first each year thereafter, the attorney general
shall transfer a sum up to one million dollars, subject to available
funding
 5. Moneys of such fund shall be made available to the attorney general
and shall be used for project grants to duly applying organizations to
establish financial capability and financial literacy programs,
products, content and/or services for at-risk populations in New York.
The attorney general shall establish the application criteria for such
organizations for the purposes of the fund as defined in this section.
 6. Provides that money in the fund shall only be used to provide the
following financial capability and financial literacy programs,
products, content and/or services:
  (a) To develop and/or offer free classroom or web based financial
education content intended to help an unbanked or under banked consumer
(i) achieve, identify and access lower cost financial products and
services; (ii) establish or improve their credit; (iii) increase their
saving or retirement funds; or (iv) lower their debt;
  (b) To provide individualized, free financial coaching to an unbanked
or underbanked consumer;
  (c) To develop and/or offer free financial products and/or services
intended to help an unbanked or underbanked consumer consumer (i)
achieve, identify and access lower cost financial products and services;
ii) establish or improve their credit; (iii) increase their saving or
retirement funds; or (iv) lower their debt; d) To develop and/or offer
free classroom-based programs to be implemented in the state education
system to increase the financial capability and financial education of
the state's youth.
 7. Lists requirements to be followed by, organizations that are awarded
a project grant.
 8. Provides that the money shall be payable from the fund on the audit
and warrant of the comptroller on vouchers approved by the commission of
the division of human rights.

Section 2 of the bill amends the education law by adding a new section
803-c establishing instruction relating to financial literacy.

  1. States that the department shall require that a school district
incorporate into the social studies curriculum for each of the grades K
through eight financial literacy instruction for pupils enrolled in such
grades.
  2. Lists the requirements shall be established by the department

Section 3 provides that Section 305 of the education law shall be
amended to authorize the commissioner to develop a concise course of
instruction in financial literacy and personal financial management and
require that such course be completed by students prior to high school
graduation.

Section 4 is the effective date.

 
EXISTING LAW:

None

 
JUSTIFICATION:

It is a compelling interest of the state to ensure New York residents
are properly educated in financial literacy from a young age and have
the tools necessary to make sound financial decisions.

 
LEGISLATIVE HISTORY:

2016: S.7062 Third Reading; A.10339 referred to banks
2017-18: S.3604 referred to banks; A.5813 referred to banks
2019: S.1589 referred to banks
2020: S.1589-A Third Reading

 
FISCAL IMPLICATIONS:

Beginning on April 1, 2021 and annually on April 1 each year thereafter,
the attorney general shall transfer a sum up to $1 million, subject to
available funding.

 
EFFECTIVE DATE:
This act shall take effect immediately.

2019-S1589A (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  1589--A
     Cal. No. 336
 
                        2019-2020 Regular Sessions
 
                             I N  S E N A T E
 
                             January 15, 2019
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks  --  recommitted  to
   the  Committee  on  Banks  in accordance with Senate Rule 6, sec. 8 --
   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 state finance law and the education law, in relation
   to establishing the state financial literacy fund
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1.   The state finance law is amended by adding a new section
 99-hh to read as follows:
   § 99-HH. STATE FINANCIAL LITERACY FUND. 1. NOTWITHSTANDING  ANY  OTHER
 PROVISION  OF  LAW, RULE, REGULATION, OR PRACTICE TO THE CONTRARY, THERE
 IS HEREBY ESTABLISHED IN THE JOINT CUSTODY OF THE STATE COMPTROLLER, THE
 ATTORNEY GENERAL, AND COMMISSIONER OF TAXATION AND FINANCE A FUND TO  BE
 KNOWN AS THE "STATE FINANCIAL LITERACY FUND".
   2.  FOR  THE  PURPOSES OF THIS SECTION, THE FOLLOWING TERMS SHALL HAVE
 THE FOLLOWING MEANINGS:
   A. "FINANCIAL CAPABILITY" MEANS: (I) FINANCIAL LITERACY AND ACCESS  TO
 APPROPRIATE FINANCIAL PRODUCTS; AND
   (II)(A)  THE  ABILITY TO ACT, INCLUDING KNOWLEDGE, SKILLS, CONFIDENCE,
 AND MOTIVATION; AND
   (B) THE OPPORTUNITY TO ACT, THROUGH  ACCESS  TO  BENEFICIAL  FINANCIAL
 PRODUCTS AND INSTITUTIONS.
   B.  "FINANCIAL LITERACY" MEANS THE ABILITY TO USE KNOWLEDGE AND SKILLS
 TO MANAGE FINANCIAL RESOURCES EFFECTIVELY FOR A  LIFETIME  OF  FINANCIAL
 WELL-BEING.
   C.  "ORGANIZATION"  MEANS A STATE AGENCY, STATE AUTHORITY OR AN ORGAN-
 IZATION THAT POSSESSES A FEDERAL TAX EXEMPTION UNDER  SECTION  501(C)(3)
 OF THE UNITED STATES INTERNAL REVENUE CODE.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets

                       [ ] is old law to be omitted.
                                                            LBD01592-02-0

 S. 1589--A                          2
 
   D. "UNBANKED" MEANS AN INDIVIDUAL NOT SERVED BY AN INSURED INSTITUTION
 IN ANY CAPACITY.
   E.  "UNDERBANKED"  MEANS  AN  INDIVIDUAL WITH AN ACCOUNT AT AN INSURED
 INSTITUTION  BUT  WHO  HAS  OBTAINED  ALTERNATIVE,  NONBANK,   FINANCIAL
 SERVICES IN THE PAST TWELVE MONTHS.
   3.  SUCH  FUND SHALL CONSIST OF ALL MONEYS COLLECTED BY THE STATE FROM
 COURTS OF THE UNIFIED COURT SYSTEM PURSUANT TO  ARTICLE  TWENTY-FOUR  OF
 THE INSURANCE LAW AND ALL OTHER MONEYS APPROPRIATED, CREDITED, OR TRANS-
 FERRED THERETO FROM ANY OTHER FUND OR SOURCE PURSUANT TO LAW. THE MONEYS
 IN  THE  STATE  FINANCIAL  LITERACY FUND SHALL BE KEPT SEPARATE FROM AND
 SHALL NOT BE COMMINGLED WITH ANY OTHER MONEYS  IN  THE  CUSTODY  OF  THE
 STATE COMPTROLLER.
   4.  BEGINNING  ON APRIL FIRST, TWO THOUSAND TWENTY-ONE AND ANNUALLY ON
 APRIL FIRST EACH YEAR THEREAFTER, THE ATTORNEY GENERAL SHALL TRANSFER  A
 SUM UP TO ONE MILLION DOLLARS, SUBJECT TO AVAILABLE FUNDING, FROM MONEYS
 PURSUANT TO SUBDIVISION THREE OF THIS SECTION.
   5. MONEYS OF SUCH FUND SHALL BE MADE AVAILABLE TO THE ATTORNEY GENERAL
 AND  SHALL  BE USED FOR PROJECT GRANTS TO DULY APPLYING ORGANIZATIONS TO
 ESTABLISH  FINANCIAL  CAPABILITY  AND   FINANCIAL   LITERACY   PROGRAMS,
 PRODUCTS,  CONTENT  AND/OR SERVICES FOR AT-RISK POPULATIONS IN NEW YORK.
 THE ATTORNEY GENERAL SHALL ESTABLISH THE APPLICATION CRITERIA  FOR  SUCH
 ORGANIZATIONS FOR THE PURPOSES OF THE FUND AS DEFINED IN THIS SECTION.
   6.  MONEYS  IN SUCH FUND SHALL ONLY BE EXPENDED FOR A GRANT TO PROVIDE
 THE FOLLOWING FINANCIAL  CAPABILITY  AND  FINANCIAL  LITERACY  PROGRAMS,
 PRODUCTS, CONTENT AND/OR SERVICES:
   A.  TO DESIGN, DEVELOP AND/OR OFFER FREE CLASSROOM OR WEB BASED FINAN-
 CIAL EDUCATION CONTENT INTENDED  TO  HELP  AN  UNBANKED  OR  UNDERBANKED
 CONSUMER  (I) ACHIEVE, IDENTIFY AND ACCESS LOWER COST FINANCIAL PRODUCTS
 AND SERVICES; (II) ESTABLISH OR IMPROVE  THEIR  CREDIT;  (III)  INCREASE
 THEIR SAVING OR RETIREMENT FUNDS; OR (IV) LOWER THEIR DEBT;
   B.  TO  PROVIDE INDIVIDUALIZED, FREE FINANCIAL COACHING TO AN UNBANKED
 OR UNDERBANKED CONSUMER;
   C. TO DESIGN, DEVELOP AND/OR  OFFER  FREE  FINANCIAL  PRODUCTS  AND/OR
 SERVICES  INTENDED TO HELP AN UNBANKED OR UNDERBANKED CONSUMER (I) IDEN-
 TIFY AND ACCESS RESPONSIBLE FINANCIAL PRODUCTS AND SERVICES; (II) ESTAB-
 LISH OR IMPROVE THEIR CREDIT; (III) INCREASE THEIR SAVING OR  RETIREMENT
 FUNDS; OR (IV) LOWER THEIR DEBT; OR
   D. TO DESIGN, DEVELOP AND/OR OFFER FREE CLASSROOM-BASED PROGRAMS TO BE
 IMPLEMENTED  IN  THE  STATE  EDUCATION  SYSTEM TO INCREASE THE FINANCIAL
 CAPABILITY AND FINANCIAL EDUCATION OF THE STATE'S YOUTH.
   7. A. EVERY ORGANIZATION AWARDED A  PROJECT  GRANT  PURSUANT  TO  THIS
 SECTION SHALL:
   (I) PROMOTE AND ENHANCE THE ECONOMIC SECURITY OF CONSUMERS;
   (II)  INCLUDE AN EVALUATION COMPONENT WHICH IS DESIGNED TO MEASURE AND
 DOCUMENT THE EXTENT TO WHICH SUCH PROJECT ACHIEVED ITS INTENDED  OUTCOME
 AND  INCREASED  FINANCIAL  WELL-BEING  OF  CONSUMERS  WHO  UTILIZED SUCH
 PROJECT; AND
   (III) SUBMIT AN ANNUAL REPORT TO THE ATTORNEY GENERAL DOCUMENTING:
   (A) THE SPECIFIC USES TO WHICH SUCH FUNDS WERE ALLOCATED;
   (B) THE NUMBER OF INDIVIDUAL CONSUMERS AIDED THROUGH THE USE  OF  SUCH
 FUNDS;
   (C)  THE  QUANTITATIVE  RESULTS  REGARDING  THE IMPACT OF SUCH PROJECT
 GRANT; AND
   (D) ANY OTHER INFORMATION REQUESTED BY THE ATTORNEY GENERAL.

 S. 1589--A                          3
 
   B. FAILURE TO SUBMIT A REPORT PURSUANT TO SUBPARAGRAPH (III) OF  PARA-
 GRAPH  A  OF  THIS SUBDIVISION SHALL RENDER SUCH ORGANIZATION INELIGIBLE
 FOR PROJECT GRANT FUNDING DURING THE SUBSEQUENT FISCAL YEAR.
   C. THE ATTORNEY GENERAL SHALL POST ANNUALLY ON THEIR WEBSITE A SUMMARY
 OF  THE  ANNUAL REPORTS RECEIVED PURSUANT TO SUBPARAGRAPH (III) OF PARA-
 GRAPH A OF THIS SUBDIVISION.
   8. THE MONEYS SHALL BE PAYABLE FROM THE FUND ON THE AUDIT AND  WARRANT
 OF THE COMPTROLLER ON VOUCHERS APPROVED AND CERTIFIED BY THE COMMISSION-
 ER OF THE DIVISION OF HUMAN RIGHTS.
   §  2.  The  education  law is amended by adding a new section 803-c to
 read as follows:
   § 803-C. INSTRUCTION RELATING TO FINANCIAL LITERACY. 1. THE DEPARTMENT
 SHALL REQUIRE THAT A SCHOOL DISTRICT INCORPORATE INTO THE SOCIAL STUDIES
 CURRICULUM FOR EACH OF THE GRADES KINDERGARTEN THROUGH  EIGHT  FINANCIAL
 LITERACY INSTRUCTION FOR PUPILS ENROLLED IN SUCH GRADES.  THE PURPOSE OF
 SUCH  INSTRUCTION  SHALL BE TO PROVIDE STUDENTS WITH THE BASIC FINANCIAL
 LITERACY NECESSARY FOR SOUND FINANCIAL DECISION-MAKING.
   2. THE INSTRUCTION SHALL MEET  THE  REQUIREMENTS  ESTABLISHED  BY  THE
 DEPARTMENT AND SHALL:
   A.  BE  APPROPRIATE  TO, AND REFLECT THE AGE AND COMPREHENSION OF, THE
 STUDENTS ENROLLED IN THE PARTICULAR GRADE LEVEL; AND
   B. INCLUDE CONTENT ASSOCIATED WITH PERSONAL  FINANCIAL  RESPONSIBILITY
 AS DETERMINED BY THE DEPARTMENT.
   3.  THE  COMMISSIONER  SHALL  PROVIDE  SCHOOL  DISTRICTS  WITH  SAMPLE
 INSTRUCTIONAL MATERIALS AND RESOURCES THAT MAY BE USED  TO  SUPPORT  THE
 IMPLEMENTATION OF THE FINANCIAL LITERACY INSTRUCTION REQUIREMENT.
   §  3.  Section  305  of  the  education law is amended by adding a new
 subdivision 57 to read as follows:
   57. THE COMMISSIONER IS AUTHORIZED TO  DEVELOP  A  CONCISE  COURSE  OF
 INSTRUCTION  IN FINANCIAL LITERACY AND PERSONAL FINANCIAL MANAGEMENT AND
 REQUIRE THAT SUCH COURSE BE COMPLETED BY STUDENTS  PRIOR  TO  GRADUATION
 FROM  HIGH  SCHOOL.  SUCH COURSE OF INSTRUCTION MAY BE INCORPORATED INTO
 OTHER CLASS WORK OR COURSES OF INSTRUCTION PROVIDED  TO  SUCH  STUDENTS.
 THE  FINANCIAL  LITERACY  COURSE  SHALL  INCLUDE CONTENT ASSOCIATED WITH
 PERSONAL  FINANCIAL  RESPONSIBILITY,  FINANCIAL  LITERACY  AND  PERSONAL
 FINANCIAL MANAGEMENT AS DETERMINED BY THE COMMISSIONER.
   § 4. This act shall take effect immediately.

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Senate Bill S1589

Sponsored By

Archive: Last Bill Status - In Senate Committee Rules Committee

Feb 4, 2020 - Banks Committee Vote

Banks Committee Vote: Feb 4, 2020

Bill Amendments

2019-S1589 - Details

2019-S1589 - Summary

2019-S1589 - Sponsor Memo

2019-S1589 - Bill Text download pdf

2019-S1589A (ACTIVE) - Details

2019-S1589A (ACTIVE) - Summary

2019-S1589A (ACTIVE) - Sponsor Memo

2019-S1589A (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S1589

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Sponsored By

James Sanders Jr.

Archive: Last Bill Status - In Senate Committee Rules Committee

Bill Amendments

2019-S1589 - Details

2019-S1589 - Summary

2019-S1589 - Sponsor Memo

2019-S1589 - Bill Text download pdf

2019-S1589A (ACTIVE) - Details

2019-S1589A (ACTIVE) - Summary

2019-S1589A (ACTIVE) - Sponsor Memo

2019-S1589A (ACTIVE) - Bill Text download pdf

Comments