S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   3069
 
                        2025-2026 Regular Sessions
 
                             I N  S E N A T E
 
                             January 23, 2025
                                ___________
 
 Introduced  by  Sen. SANDERS -- read twice and ordered printed, and when
   printed to be committed to the Committee on Finance
 
 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
 S. 3069                             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.
 S. 3069                             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.