Senate Bill S5421

2021-2022 Legislative Session

Relates to establishing a program for financial transitional living services for foster children

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee Children And Families 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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2021-S5421 (ACTIVE) - Details

Current Committee:
Senate Children And Families
Law Section:
Social Services Law
Laws Affected:
Add §393, Soc Serv L
Versions Introduced in Other Legislative Sessions:
2015-2016: S7720
2017-2018: S1701
2019-2020: S5014
2023-2024: S6844

2021-S5421 (ACTIVE) - Summary

Relates to establishing a program for financial transitional living services for foster children; establishes independent development savings accounts for foster children over the age of 16; requires foster children to attend financial literacy and independent living classes.

2021-S5421 (ACTIVE) - Sponsor Memo

2021-S5421 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   5421
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                               March 4, 2021
                                ___________
 
 Introduced  by  Sens.  PARKER, BAILEY -- read twice and ordered printed,
   and when printed to be committed to  the  Committee  on  Children  and
   Families
 
 AN  ACT  to amend the social services law, in relation to establishing a
   program for financial transitional living services for foster children

   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section  1. The social services law is amended by adding a new section
 393 to read as follows:
   § 393. PROGRAM FOR FINANCIAL TRANSITIONAL LIVING SERVICES  FOR  FOSTER
 CHILDREN.  1. THE OFFICE OF CHILDREN AND FAMILY SERVICES SHALL ESTABLISH
 A PROGRAM TO ASSIST FOSTER CHILDREN IN THE CARE, CUSTODY OR GUARDIANSHIP
 OF AN AUTHORIZED AGENCY TO ACHIEVE FINANCIAL SECURITY  AND  INDEPENDENCE
 AS THE CHILDREN TRANSITION TO INDEPENDENT LIVING.
   2.  THE  OFFICE  OF  CHILDREN  AND FAMILY SERVICES SHALL ENTER INTO AN
 AGREEMENT WITH FINANCIAL INSTITUTIONS TO ESTABLISH INDEPENDENT  DEVELOP-
 MENT SAVINGS ACCOUNTS FOR FOSTER CHILDREN OVER THE AGE OF SIXTEEN IN THE
 STATE. THE AGREEMENT MUST:
   (A)  PROHIBIT  A  FOSTER CHILD FROM WITHDRAWING MONEY FROM THE SAVINGS
 ACCOUNT UNTIL THE EARLIER OF:
   (I) THE FIRST ANNIVERSARY OF THE DATE THE FIRST DEPOSIT IS  MADE  INTO
 THE SAVINGS ACCOUNT; OR
   (II)  THE  DATE  THE  BALANCE  IN  THE SAVINGS ACCOUNT FIRST EQUALS OR
 EXCEEDS TWO THOUSAND DOLLARS;
   (B) AUTHORIZE A FOSTER  CHILD  TO  WITHDRAW  MONEY  FROM  THE  SAVINGS
 ACCOUNT ONLY IN PERSON AT THE FINANCIAL INSTITUTION;
   (C) PROVIDE THAT THE BALANCE IN THE SAVINGS ACCOUNT MAY NOT EXCEED TWO
 THOUSAND DOLLARS AND ESTABLISH PROCEDURES FOR THE TRANSFER OR WITHDRAWAL
 OF THE AMOUNT OF MONEY THAT EXCEEDS TWO THOUSAND DOLLARS WHEN NECESSARY;
   (D)  REQUIRE THE OFFICE OF CHILDREN AND FAMILY SERVICES AND THE FINAN-
 CIAL INSTITUTION TO WORK  TOGETHER  TO  ENCOURAGE  THE  FOSTER  CHILDREN
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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