Assembly Bill A4605A

2023-2024 Legislative Session

Establishes the state financial literacy fund

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Current Bill Status - In Assembly 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

2023-A4605 - Details

See Senate Version of this Bill:
S1750
Current Committee:
Assembly Banks
Law Section:
State Finance Law
Laws Affected:
Add §99-rr, St Fin L; add §803-c, amd §305, Ed L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10339, S7062
2017-2018: A5813, S3604
2019-2020: A3421, A9141, S1589
2021-2022: A1047, S574

2023-A4605 - Summary

Establishes the state financial literacy fund which provides funding for project grants to organizations in order to establish financial capability and financial literacy programs, products content and/or services for at-risk populations in New York.

2023-A4605 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4605
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 17, 2023
                                ___________
 
 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-qq to read as follows:
   § 99-QQ. 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.
                                                            LBD02476-01-3
 A. 4605                             2
 
              

2023-A4605A (ACTIVE) - Details

See Senate Version of this Bill:
S1750
Current Committee:
Assembly Banks
Law Section:
State Finance Law
Laws Affected:
Add §99-rr, St Fin L; add §803-c, amd §305, Ed L
Versions Introduced in Other Legislative Sessions:
2015-2016: A10339, S7062
2017-2018: A5813, S3604
2019-2020: A3421, A9141, S1589
2021-2022: A1047, S574

2023-A4605A (ACTIVE) - Summary

Establishes the state financial literacy fund which provides funding for project grants to organizations in order to establish financial capability and financial literacy programs, products content and/or services for at-risk populations in New York.

2023-A4605A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4605--A
 
                        2023-2024 Regular Sessions
 
                           I N  A S S E M B L Y
 
                             February 17, 2023
                                ___________
 
 Introduced  by  M.  of A. BICHOTTE HERMELYN -- read once and referred to
   the Committee on Banks -- recommitted to the  Committee  on  Banks  in
   accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
   amended, ordered reprinted as amended and recommitted to said  commit-
   tee

 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-rr to read as follows:
   §  99-RR.  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
                       [ ] is old law to be omitted.
                                                            LBD02476-03-4
 A. 4605--A                          2
              

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