New York S 3069: Establishes the state financial literacy fund

Bill Text

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S03069 Summary:

BILL NOS03069 

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SAME ASSAME AS A07133

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SPONSORSANDERS

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COSPNSR

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MLTSPNSR

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Add §99-ss, St Fin L; add §803-c, amd §305, Ed L

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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.

Go to top S03069 Actions:

BILL NOS03069 

&nbsp

01/23/2025REFERRED TO FINANCE

01/07/2026REFERRED TO FINANCE

Go to topS03069 Committee&nbspVotes:

Go to topS03069 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS03069 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 3069

 2025-2026 Regular Sessions

 IN SENATE

 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:

 1 Section 1. The state finance law is amended by adding a new section
 2 99-ss to read as follows:
 3 § 99-ss. State financial literacy fund. 1. Notwithstanding any other
 4 provision of law, rule, regulation, or practice to the contrary, there
 5 is hereby established in the joint custody of the state comptroller, the
 6 attorney general, and commissioner of taxation and finance a fund to be
 7 known as the "state financial literacy fund".
 8 2. For the purposes of this section, the following terms shall have
 9 the following meanings:
 10 a. "Financial capability" means: (i) financial literacy and access to
 11 appropriate financial products; and
 12 (ii)(A) the ability to act, including knowledge, skills, confidence,
 13 and motivation; and
 14 (B) the opportunity to act, through access to beneficial financial
 15 products and institutions.
 16 b. "Financial literacy" means the ability to use knowledge and skills
 17 to manage financial resources effectively for a lifetime of financial
 18 well-being.
 19 c. "Organization" means a state agency, state authority or an organ-
 20 ization that possesses a federal tax exemption under section 501(c)(3)
 21 of the United States internal revenue code.
 22 d. "Unbanked" means an individual not served by an insured institution
 23 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

 1 e. "Underbanked" means an individual with an account at an insured
 2 institution but who has obtained alternative, nonbank, financial
 3 services in the past twelve months.
 4 3. Such fund shall consist of all moneys collected by the state from
 5 courts of the unified court system pursuant to article twenty-four of
 6 the insurance law and all other moneys appropriated, credited, or trans-
 7 ferred thereto from any other fund or source pursuant to law. The moneys
 8 in the state financial literacy fund shall be kept separate from and
 9 shall not be commingled with any other moneys in the custody of the
 10 state comptroller.
 11 4. Beginning on April first, two thousand twenty-six and annually on
 12 April first each year thereafter, the attorney general shall transfer a
 13 sum up to one million dollars, subject to available funding, from moneys
 14 pursuant to subdivision three of this section.
 15 5. Moneys of such fund shall be made available to the attorney general
 16 and shall be used for project grants to duly applying organizations to
 17 establish financial capability and financial literacy programs,
 18 products, content and/or services for at-risk populations in New York.
 19 The attorney general shall establish the application criteria for such
 20 organizations for the purposes of the fund as defined in this section.
 21 6. Moneys in such fund shall only be expended for a grant to provide
 22 the following financial capability and financial literacy programs,
 23 products, content and/or services:
 24 a. to design, develop and/or offer free classroom or web based finan-
 25 cial education content inten