BILL NUMBER: AB 2457	ENROLLED
	BILL TEXT

	PASSED THE SENATE  AUGUST 20, 2010
	PASSED THE ASSEMBLY  AUGUST 23, 2010
	AMENDED IN SENATE  JULY 15, 2010
	AMENDED IN ASSEMBLY  MAY 28, 2010

INTRODUCED BY   Assembly Member Salas
   (Coauthor: Senator Correa)

                        FEBRUARY 19, 2010

   An act to add Division 22 (commencing with Section 70000) to the
Financial Code, relating to financial literacy.


	LEGISLATIVE COUNSEL'S DIGEST


   AB 2457, Salas. California Financial Literacy Fund.
   The California Constitution requires the Legislature to encourage
the promotion of intellectual improvement. Existing law regulates
financial institutions and their interactions with the public.
Existing law recognizes the existence of specialized financial
institutions that provide services, including, but not limited to,
financial literacy training, to underserved communities.
   This bill would establish the California Financial Literacy Fund
in the State Treasury for the purpose of supporting partnerships with
the financial services community and governmental and
nongovernmental stakeholders to improve Californians' financial
literacy. The bill would require the fund to be administered by the
Controller and would authorize the Controller to deposit private
donations into the fund from entities with no direct financial
interest in any financial products. The bill would require those
moneys to be made available upon appropriation in the annual Budget
Act. The bill would require the Controller, beginning in 2012, to
provide a summary to specified committees of the Legislature annually
on or before August 30 on the use of those moneys appropriated from
the fund.


THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS:

  SECTION 1.  Division 22 (commencing with Section 70000) is added to
the Financial Code, to read:

      DIVISION 22.  CALIFORNIA FINANCIAL LITERACY FUND


   70000.  For purposes of this division, "fund" means the California
Financial Literacy Fund.
   70001.  (a) The California Financial Literacy Fund is hereby
established in the State Treasury. The fund shall be administered by
the Controller.
   (b) The purpose of the fund shall be to support partnerships with
the financial services community and governmental and nongovernmental
stakeholders to improve Californians' financial literacy.
   70002.  The Controller may accept private donations from entities
with no direct financial interest in any financial products and
deposit those donations into the fund, which shall be made available
upon appropriation in the annual Budget Act.
   70003.  Beginning in 2012, the Controller shall provide to the
respective chairpersons of the Assembly Committee on Banking and
Finance and the Senate Committee on Banking, Finance and Insurance a
brief annual summary on the use of the funds, when appropriated. This
summary shall be submitted no later than August 30 of each year.