S T A T E O F N E W Y O R K
________________________________________________________________________
7133
2025-2026 Regular Sessions
I N A S S E M B L Y
March 20, 2025
___________
Introduced by M. of A. BICHOTTE HERMELYN -- read once and referred to
the Committee on Banks
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-ss to read as follows:
§ 99-SS. 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.
D. "UNBANKED" MEANS AN INDIVIDUAL NOT SERVED BY AN INSURED INSTITUTION
IN ANY CAPACITY.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD06023-01-5
A. 7133 2
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-SIX 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.
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.
A. 7133 3
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.