What's happening
This bill requires a study on consumer awareness and financial education in New York, with recommendations for a statewide program.
Why it matters
Addresses financial disparities. By analyzing debt levels and access to banking and investment services by age, gender, and location, the study could reveal gaps in financial literacy and resources among different groups, helping target future programs more effectively.
Potential for policy change. The recommendations produced may influence future state policy or regulations regarding consumer education, possibly leading to mandatory or expanded financial education initiatives statewide.
Transparency and public input. Since the findings will be posted online and delivered to state leadership, New Yorkers will have access to the study’s results, which could foster public discussion and advocacy for stronger consumer protection measures.
Data-driven approach. This act ensures that any future statewide consumer awareness and financial education program is informed by real data about current conditions and needs, increasing the likelihood of effective interventions.
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Who cares
Headline styles
Study Financial Literacy Statewide
Plain English, a few words. Used as the page title.
Sponsors
Senator · Senate District 14
No co-sponsors yet.
History
- Substituted by A6070A
- Ordered to third reading cal.948
- Reported and committed to rules
- Committee discharged and committed to banks
- Referred to rules
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.
Study Financial Education Gaps
Signed by Governor · Sponsor Rebecca Seawright
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
8721
IN SENATE
July 10, 2020
Introduced by Sen. COMRIE -- read twice and ordered printed, and when printed to be committed to the Committee on Rules
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.
LBD08692-04-0
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
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 Superintendent of the Department of Finan- cial Services, in conjunction with the Commissioner of the Department of State, to study the status of consumer awareness and financial education in New York and provide recommendations for a consumer awareness and financial education program for all New York state consumers. The study shall include but not be limited to an analysis of consumer and finan- cial education provided to New York state consumers, the amount of debt incurred (by age, gender, and location), and access to banking services (by age, gender, and location).
Justification
Financial literacy is very important for all New Yorkers. Consumers need to understand the impact of borrowing, access to credit, and debt. Several state agencies provide relevant data but consumers do not have a single repository to find comprehensive information.
This study will examine various consumer transactions and access to information and services. The recommendations will address consumer awareness and financial education. The study and recommendations will be provided to the Governor, the Temporary President of the Senate, and the Speaker of the Assembly within twelve months of the effective date and shall be posted on the website of the Department of Financial Services.
Legislative history
New bill.
Fiscal implications
Undetermined
Effective date
Immediately; report to be provided within twelve months.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.