BILL NUMBER: AB 2457	AMENDED
	BILL TEXT

	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, as amended, 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  Californian's
  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.
   Vote: majority. Appropriation: no. Fiscal committee: yes.
State-mandated local program: no.


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  Californian's  
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.