What's happening
This bill directs New York agencies to study and recommend ways to improve consumer awareness and financial education statewide.
Why it matters
Focuses on equity by requiring the study to break down debt levels and access to banking and investment services by age, gender, and location, which could highlight disparities and inform targeted interventions.
Aims to create actionable policy change by mandating specific recommendations for a state-wide consumer awareness and financial education program, not just a report on current conditions.
Requires coordination between key state agencies (Department of Financial Services and Department of State’s Consumer Protection Division), potentially leading to a more comprehensive approach to consumer financial issues in New York.
Sets clear deadlines for both the study and the delivery of recommendations, which could accelerate the development and implementation of new consumer education initiatives.
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Who cares
Headline styles
Study Financial Literacy Gaps
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 14
No co-sponsors yet.
History
- Referred to banks
- Delivered to assembly
- Passed senateVote 61–0
- Advanced to third reading
- 2nd report cal.
- 1st report cal.177
- Referred to banks
- Returned to senate
- Died in assembly
- Referred to banks
- Delivered to assembly
- Passed senateVote 62–0
Show 3 earlier actions
- Ordered to third reading cal.1479
- Committee discharged and committed to rules
- Referred to banks
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
2397
2019-2020 Regular Sessions
IN SENATE
January 24, 2019
Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Banks
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.
§ 2. Such study and recommendations shall be completed within twelve months of the effective date of this act.
§ 3. This act shall take effect on the one hundred twentieth day after it shall have become a law and the results of such study and the remedial plan shall be provided to the governor and the legislature no later than eighteen months from the beginning of such study.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08692-01-9
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Sponsor's memo
Title of bill
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
Purpose or general idea of bill
The purpose of this bill is to better prepare and educate consumers by requiring the Division of Financial Services, in conjunction with the Department of State, to conduct a study on consumer awareness and finan- cial education needs and to provide recommendations for a consumer awareness program.
Summary of provisions
This bill would require the Department of Financial Services and the Department of State to study consumer debt, access to banking services and investment services by age, gender and location in New York State and to make recommendations to create a consumer awareness and financial education program.
Justification
A comprehensive study to analysis access to financial services by age, gender and location, coupled with recommendations on how to increase consumer awareness and financial education will benefit all New Yorkers.
Financial literacy is very important for all New Yorkers. All consumers need to understand the impact of borrowing, access to credit and how to safeguard their credit information. Several state agencies provide data on borrowing, identity theft, credit reporting but consumers do not have a single repository to find comprehensive information.
The study will examine various consumer transactions and access to information. The recommendations will outline how to streamline and enhance consumer awareness and financial education.
Prior legislative history
Senate 8462 | Assembly 8737 of 2017-18; Referred to Banks in both hous- es.
Fiscal implications for state and local governments
None noted.
Effective date
One hundred and twenty days after enactment; report to be provided with- in eighteen months.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.