Senate Bill S1589

2019-2020 Legislative Session

Establishes the state financial literacy fund

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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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Bill Amendments

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

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
              

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

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
              

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