Senate Bill S4063

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4063
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 31, 2025
                                ___________
 
 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-a to read as follows:
   § 393-A. 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.
                                                            LBD00063-01-5
              

 S. 4063                             2
 
 PARTICIPATING IN THE PROGRAM TO OPEN PRIVATE SAVINGS ACCOUNTS  ONCE  THE
 PARTICIPANTS ARE NO LONGER ELIGIBLE FOR FOSTER CARE SERVICES; AND
   (E)  ESTABLISH  PROCEDURES  TO  TRANSFER  OWNERSHIP AND CONTROL OF THE
 ACCOUNT TO THE PARTICIPANTS EXITING THE PROGRAM WHO ARE NO LONGER ELIGI-
 BLE FOR FOSTER CARE SERVICES.
   3. THE OFFICE OF CHILDREN AND FAMILY SERVICES SHALL  SEEK  TO  PARTNER
 WITH  OTHER  PUBLIC  AND  PRIVATE ENTITIES TO MATCH THE AMOUNTS OF MONEY
 DEPOSITED INTO THE FOSTER  CHILDREN'S  INDEPENDENT  DEVELOPMENT  SAVINGS
 ACCOUNTS UNDER THE PROGRAM. THE MATCHING FUNDS MUST BE DEPOSITED DIRECT-
 LY INTO THE CHILD'S SAVINGS ACCOUNT.
   4.  (A)  THE  OFFICE OF CHILDREN AND FAMILY SERVICES AND THE PUBLIC OR
 PRIVATE ENTITIES SELECTED AS PARTNERS UNDER SUBDIVISION  THREE  OF  THIS
 SECTION  SHALL JOINTLY ESTABLISH INCENTIVES TO PROVIDE FINANCIAL REWARDS
 TO FOSTER CHILDREN FOR ACTIONS PERFORMED BY THE CHILDREN, INCLUDING, BUT
 NOT LIMITED TO, COLLEGE VISITS OR ATTENDANCE AT FINANCIAL  LITERACY  AND
 INDEPENDENT LIVING CLASSES.
   (B)  FOSTER CHILDREN PARTICIPATING IN THE PROGRAM SHALL BE REQUIRED TO
 ATTEND FINANCIAL LITERACY AND INDEPENDENT LIVING CLASSES.  SUCH  CLASSES
 MAY  INCLUDE,  BUT  NEED NOT BE LIMITED TO INSTRUCTION ON USING CHECKING
 AND SAVINGS ACCOUNTS, SECURING A LOAN FOR HIGH  COST  ITEMS  SUCH  AS  A
 MOTOR  VEHICLE  OR  A  HOME, OBTAINING AND USING CREDIT AND DEBIT CARDS,
 INVESTING  AND  SAVING  MONEY,  APPLYING  TO  POST-SECONDARY   EDUCATION
 PROGRAMS,  AND  SECURING  HOUSING AND EMPLOYMENT.  ATTENDANCE AND ACTIVE
 PARTICIPATION IN SUCH CLASSES  SHALL  ENTITLE  FOSTER  CHILDREN  TO  THE
 FINANCIAL  INCENTIVES  ESTABLISHED  UNDER PARAGRAPH (A) OF THIS SUBDIVI-
 SION.
   5. MONEY THAT MAY BE DEPOSITED IN A  FOSTER  CHILD'S  SAVINGS  ACCOUNT
 ESTABLISHED UNDER THIS SECTION INCLUDES:
   (A) MONEY EARNED BY THE CHILD THROUGH EMPLOYMENT OR ALLOWANCE;
   (B) GIFT MONEY;
   (C)  MONEY  DEPOSITED  BY  THE CHILD'S FOSTER PARENT OR BY A PARENT OR
 OTHER RELATIVE OF THE CHILD;
   (D) MONEY RECEIVED FROM PUBLIC OR PRIVATE ENTITIES SELECTED  AS  PART-
 NERS  UNDER SUBDIVISION THREE OF THIS SECTION AS FINANCIAL INCENTIVES OR
 MATCHING FUNDS; AND
   (E) OTHER MONEY AUTHORIZED UNDER THE DEPARTMENT'S AGREEMENT  WITH  THE
 CREDIT UNION.
   6. THE OFFICE OF CHILDREN AND FAMILY SERVICES SHALL SURVEY EACH FOSTER
 CHILD  WHO  ENTERS AND EXITS THE PROGRAM. THE SURVEY MUST BE DESIGNED TO
 ASSESS ANY CHANGES IN THE CHILD'S ATTITUDES, PERCEPTIONS, AND  KNOWLEDGE
 ABOUT  FINANCIAL  MATTERS AND INDEPENDENT LIVING FROM THE TIME THE CHILD
 ENTERED THE PROGRAM UNTIL THE CHILD EXITED THE PROGRAM.
   7. THE OFFICE OF CHILDREN AND FAMILY SERVICES SHALL COMPLETE NO  LATER
 THAN  DECEMBER  THIRTY-FIRST,  TWO  THOUSAND  TWENTY-SEVEN, AND ANNUALLY
 THEREAFTER, AN EVALUATION OF THE PROGRAM.
   8. THE OFFICE OF CHILDREN AND FAMILY SERVICES SHALL SUBMIT A REPORT ON
 THE EVALUATION OF THE PROGRAM CONDUCTED UNDER SUBDIVISION SEVEN OF  THIS
 SECTION  NO LATER THAN APRIL FIRST, TWO THOUSAND TWENTY-EIGHT, AND ANNU-
 ALLY THEREAFTER, TO THE GOVERNOR, TEMPORARY PRESIDENT OF THE SENATE  AND
 SPEAKER OF THE ASSEMBLY.
   §  2.  This  act shall take effect on the ninetieth day after it shall
 have become a law. Effective immediately, the addition, amendment and/or
 repeal of any rule or regulation necessary  for  the  implementation  of
 this  act  on its effective date are authorized to be made and completed
 on or before such effective date.