New York S 4063: Relates to establishing a program for financial transitional living services for foster children

Bill Text

Bill Search and Legislative Information | New York State Assembly 

• 

• 

• 

• 

• 

• 

• 

• 

 Skip to main content 

 New York State Assembly

 Speaker Carl E. Heastie

 --> 
 --> 

 --> 

• 
 Assembly Members 

• 
 Legislative Info 

• 
 Public Hearings 

• 
 Speaker's Press 

• 
 Assembly Reports 

• 
 Committees & More 

• Bill Search Home
• Laws
• Legislative Calendar
• Public Hearing Schedule
• Assembly Calendars
• Assembly Committee Agenda 

 Javascript must be enabled to properly view this page. 

 Bill No.: 

• Summary 
• Actions 
• Committee&nbspVotes 
• Floor&nbspVotes 
• Memo 
• Text 
• LFIN 
• Chamber&nbspVideo/Transcript 
S04063 Summary:

BILL NOS04063 

&nbsp

SAME ASSAME AS A01305

&nbsp

SPONSORPARKER

&nbsp

COSPNSRBAILEY

&nbsp

MLTSPNSR

&nbsp

Add §393-a, Soc Serv L

&nbsp

Relates to establishing a program for financial transitional living services for foster children; establishes independent development savings accounts for foster children over the age of 16; requires foster children to attend financial literacy and independent living classes.

Go to top S04063 Actions:

BILL NOS04063 

&nbsp

01/31/2025REFERRED TO CHILDREN AND FAMILIES

01/07/2026REFERRED TO CHILDREN AND FAMILIES

Go to topS04063 Committee&nbspVotes:

Go to topS04063 Floor&nbspVotes:

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

Go to topS04063 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 4063

 2025-2026 Regular Sessions

 IN SENATE

 January 31, 2025
 ___________

 Introduced by Sens. PARKER, BAILEY -- read twice and ordered printed,
 and when printed to be committed to the Committee on Children and
 Families

 AN ACT to amend the social services law, in relation to establishing a
 program for financial transitional living services for foster children

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. The social services law is amended by adding a new section
 2 393-a to read as follows:
 3 § 393-a. Program for financial transitional living services for foster
 4 children. 1. The office of children and family services shall establish
 5 a program to assist foster children in the care, custody or guardianship
 6 of an authorized agency to achieve financial security and independence
 7 as the children transition to independent living.
 8 2. The office of children and family services shall enter into an
 9 agreement with financial institutions to establish independent develop-
 10 ment savings accounts for foster children over the age of sixteen in the
 11 state. The agreement must:
 12 (a) prohibit a foster child from withdrawing money from the savings
 13 account until the earlier of:
 14 (i) the first anniversary of the date the first deposit is made into
 15 the savings account; or
 16 (ii) the date the balance in the savings account first equals or
 17 exceeds two thousand dollars;
 18 (b) authorize a foster child to withdraw money from the savings
 19 account only in person at the financial institution;
 20 (c) provide that the balance in the savings account may not exceed two
 21 thousand dollars and establish procedures for the transfer or withdrawal
 22 of the amount of money that exceeds two thousand dollars when necessary;
 23 (d) require the office of children and family services and the finan-
 24 cial institution to work together to encourage the foster children

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD00063-01-5

 S. 4063 2

 1 participating in the program to open private savings accounts once the
 2 participants are no longer eligible for foster care services; and
 3 (e) establish procedures to transfer ownership and control of the
 4 account to the participants exiting the program who are no longer eligi-
 5 ble for foster care services.
 6 3. The office of children and family services shall seek to partner
 7 with other public and private entities to match the amounts of money
 8 deposited into the foster children's independent development savings
 9 accounts under the program. The matching funds must be deposited direct-
 10 ly into the child's savings account.
 11 4. (a) The office of children and family services and the public or
 12 private entities selected as partners under subdivision three of this
 13 section shall jointly establish incentives to provide financial rewards
 14 to foster children for actions performed by the children, including, but
 15 not limited to, college visits or attendance at financial literacy and
 16 independent living classes.
 17 (b) Foster children participating in the program shall be required to
 18 attend financial literacy and independent living classes. Such classes
 19 may include, but need not be limited to instruction on using checking
 20 and savings accounts, securing a loan for high cost items such as a
 21 motor vehicle or a home,