NY State Senate Bill 2017-S8462

Senate Bill S8462

2017-2018 Legislative Session

Directs the department of financial services and the department of state's consumer protection division to conduct a study on consumer awareness and financial education in New York state

download bill text pdf

Archive: Last Bill Status - In Senate Committee Banks 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

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 08, 2018	referred to banks

2017-S8462 (ACTIVE) - Details

See Assembly Version of this Bill:: A8737
Current Committee:: Senate Banks
Law Section:: Financial Services
Versions Introduced in 2019-2020 Legislative Session:: S2397, A6070

2017-S8462 (ACTIVE) - Summary

Directs the New York state department of financial services and the New York state department of state's consumer protection division to conduct a study on consumer awareness and financial education in New York state and to make recommendations for a consumer awareness and financial education program.

2017-S8462 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S8462

SPONSOR: COMRIE
 
TITLE OF BILL:  An act to direct the New York state department of
financial services and the New York state department of state's consumer
protection division to conduct a study on consumer awareness and finan-
cial education in New York state and to make recommendations for a
consumer awareness and financial education program

 
PURPOSE OR GENERAL IDEA OF BILL:

The purpose of this bill is to better prepare and educate consumers by
requiring the Division of Financial Services, in conjunction with the
Department of State, to conduct a study on consumer awareness and finan-
cial education needs and to provide recommendations for a consumer
awareness program.

 
SUMMARY OF PROVISIONS:

This bill would require the Department of Financial Services and the
Department of State to study consumer debt, access to banking services

and investment services by age, gender and location in New York State
and to make recommendations to create a consumer awareness and financial
education program.

 
JUSTIFICATION:

A comprehensive study to analysis access to financial services by age,
gender and location, coupled with recommendations on how to increase
consumer awareness and financial education will benefit all New Yorkers.

Financial literacy is very important for all New Yorkers. All consumers
need to understand the impact of borrowing, access to credit and how to
safeguard their credit information. Several state agencies provide data
on borrowing, identity theft, credit reporting but consumers do not have
a single repository to find comprehensive information.

The study will examine various consumer transactions and access to
information. The recommendations will outline how to streamline and
enhance consumer awareness and financial education.

 
PRIOR LEGISLATIVE HISTORY:

This is a new bill.

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

None noted.

 
EFFECTIVE DATE:
Immediately.

2017-S8462 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8462
 
                             I N  S E N A T E
 
                                May 8, 2018
                                ___________
 
 Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Banks
 
 AN ACT to direct the New York state department of financial services and
   the New York state department of state's consumer protection  division
   to  conduct  a  study on consumer awareness and financial education in
   New York state and to make recommendations for  a  consumer  awareness
   and financial education program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The superintendent of financial  services,  in  conjunction
 with  the  commissioner  of  the  New York state department of state are
 hereby authorized and directed to prepare or have prepared  a  study  of
 the  status  of  consumer  awareness and financial education in New York
 state and to provide recommendations for a consumer awareness and finan-
 cial education program for all New  York  state  consumers.  Such  study
 shall include, but not be limited to, an analysis of consumer and finan-
 cial  education provided to New York state consumers, the amount of debt
 incurred by age, gender and location in New York state, access to  bank-
 ing  services  by age, gender and location in New York state, and access
 to investment services by age, gender and location in New York state.
   § 2. Such study and recommendations shall be completed  within  twelve
 months of the effective date of this act.
   § 3. This act shall take effect on the one hundred twentieth day after
 it shall have become a law and the results of such study and the remedi-
 al  plan  shall be provided to the governor and the legislature no later
 than eighteen months from the beginning of such study.
 
 
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13462-01-7

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