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A6070Assembly2019-2020 SessionSame asS8721

Study Financial Education Gaps

Official title

“Directs the department of financial services and the department of state's consumer protection division to conduct a study on consumer awareness and financial education in New York state”

Sponsor Rebecca SeawrightAD-76+5 co-sponsorsAffects Finance
Status
Signed by Governor
Impact
2/10
Minimal
Outcome
Signed into law

Bill progress

Signed into law

What's happening

This bill directs state agencies to study and recommend improvements for consumer awareness and financial education in New York.

Why it matters

  1. Addresses financial inequality. By requiring an analysis of debt and access to financial services broken down by age, gender, and location, the bill could highlight disparities in financial literacy and service availability across different demographic groups in New York.

  2. Informs targeted policy responses. The collected data and resulting recommendations may help state leaders design more effective financial education programs that address the specific needs of under-served communities.

  3. Promotes transparency and accountability. Releasing the study and recommendations to both state leadership and the public ensures that findings are accessible, encouraging follow-through and public scrutiny of next steps.

  4. Potential long-term impact. Improved consumer awareness and financial education could lead to better financial decision-making among New Yorkers, possibly reducing debt and increasing access to banking and investment opportunities statewide.

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Who cares

Headline styles

Study Financial Education Gaps

Plain English, a few words. Used as the page title.

Sponsors

Primary sponsor
Rebecca Seawright

Assembly Member · Assembly District 76

Chair, Aging

History

  1. Approval memo.33
  2. Signed chap.324
  3. Delivered to governor
  4. Returned to assembly
  5. Passed senateVote 48–12
  6. 3rd reading cal.948
  7. Substituted for S8721
  8. Referred to rules
  9. Delivered to senate
  10. Passed assembly
  11. Ordered to third reading rules cal.164
  12. Rules report cal.164
Show 6 earlier actions
  1. Reported
  2. Reported referred to rules
  3. Print number 6070a
  4. Amend and recommit to banks
  5. Referred to banks
  6. Referred to banks

Companion bill

The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.

S8721Senate

Study Financial Literacy Statewide

Senate Floor Calendar · Sponsor Leroy Comrie

Impact 2 · Minimal0% to pass

Full text

1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗

STATE OF NEW YORK

6070--A

2019-2020 Regular Sessions

IN ASSEMBLY

February 26, 2019

Introduced by M. of A. SEAWRIGHT, GALEF -- read once and referred to the Committee on Banks -- recommitted to the Committee on Banks in accordance with Assembly Rule 3, sec. 2 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee

AN ACT to direct the New York state department of financial services and the New York state department of state's consumer protection division to conduct a study on consumer awareness and financial education in New York state and to make recommendations for a consumer awareness and financial education program

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

Section 1. The superintendent of financial services, in conjunction with the commissioner of the New York state department of state are hereby authorized and directed to prepare or have prepared a study of the status of consumer awareness and financial education in New York state and to provide recommendations for a consumer awareness and financial education program for all New York state consumers. Such study shall include, but not be limited to, an analysis of consumer and financial education provided to New York state consumers, the amount of debt incurred by age, gender and location in New York state, access to banking services by age, gender and location in New York state, and access to investment services by age, gender and location in New York state.

Such study and recommendations shall be completed, and shall be provided to the governor, the temporary president of the senate, and the speaker of the assembly, within twelve months of the effective date of this act and shall be posted on the department of financial services public website.

§ 2. This act shall take effect immediately.

EXPLANATION--Matter in italics (underscored) is new; matter in brackets

[ ] is old law to be omitted.

LBD08692-02-0

Reflowed for reading: line numbers and page breaks removed. Cite the official text.

Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.