Bill Text: NY S00876 | 2021-2022 | General Assembly | Introduced

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Bill Title: Directs a study of the status of consumer awareness and financial education in New York state to instead require that the department of financial services website provide information to enhance consumer financial literacy and consumer awareness which shall include information on basic banking and personal financial management, how credit scores are determined and ways to establish good credit, options for investing and increasing savings, best practices for protecting personal information, and any other topics deemed appropriate by the superintendent.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Passed) 2021-01-28 - SIGNED CHAP.14 [S00876 Detail]

Download: New_York-2021-S00876-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                           876

                               2021-2022 Regular Sessions

                    IN SENATE

                                       (Prefiled)

                                     January 6, 2021
                                       ___________

        Introduced  by  Sen.  COMRIE -- read twice and ordered printed, and when
          printed to be committed to the Committee on Rules

        AN ACT to amend a chapter of the laws of 2020  directing  the  New  York
          state  department of financial services and the New York state depart-
          ment of state's consumer protection  division to  conduct  a  study on
          consumer awareness and financial  education  in  New  York  state  and
          making  recommendations  for    a   consumer   awareness and financial
          education program, in relation to consumer financial  literacy  educa-
          tion

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

     1    Section 1. Section 1 of a chapter of the laws of 2020,  directing  the
     2  New  York  state department of financial services and the New York state
     3  department of state's consumer protection   division  to    conduct    a
     4  study  on  consumer  awareness and financial education in New York state
     5  and making recommendations for   a   consumer   awareness and  financial
     6  education  program,  as proposed in legislative bills numbers S.8721 and
     7  A.6070-A, is amended to read as follows:
     8    Section 1. The superintendent of financial services[,  in  conjunction
     9  with  the  commissioner  of  the  New York state department of state are
    10  hereby authorized and directed to prepare or have prepared  a  study  of
    11  the  status  of  consumer  awareness and financial education in New York
    12  state and to provide recommendations for a consumer awareness and finan-
    13  cial education program for all New  York  state  consumers.  Such  study
    14  shall include, but not be limited to, an analysis of consumer and finan-
    15  cial  education provided to New York state consumers, the amount of debt
    16  incurred by age, gender and location in New York state, access to  bank-
    17  ing  services  by age, gender and location in New York state, and access
    18  to investment services by age, gender and location in  New  York  state]
    19  shall  provide,  on  the  department's  website,  information to enhance

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07162-01-1
        S. 876                              2

     1  consumer financial literacy and consumer awareness which  shall  include
     2  information  on  basic  banking  and  personal financial management, how
     3  credit scores are determined and ways to establish good credit,  options
     4  for  investing  and  increasing  savings,  best practices for protecting
     5  personal information, and any other topics  deemed  appropriate  by  the
     6  superintendent. Such information shall be posted, in a printable format,
     7  on the department's website by January first, two thousand twenty-two.
     8    [Such  study  and  recommendations  shall  be  completed, and shall be
     9  provided to the governor, the temporary president of the senate, and the
    10  speaker of the assembly, within twelve months of the effective  date  of
    11  this  act  and  shall  be posted on the department of financial services
    12  public website] By November first, two thousand twenty-one, every agency
    13  or authority shall assist the department by sending the  department  any
    14  appropriate information in an electronic format. Every agency or author-
    15  ity  shall,  by  November  first  of  each year, send the department any
    16  revisions or updates to the information previously submitted, or any new
    17  information that has been developed. The department  shall  update  such
    18  information on its website as necessary but no less than annually.
    19    §  2.  This  act  shall  take effect on the same date  and in the same
    20  manner as a chapter of the laws of 2020 directing  the  New  York  state
    21  department  of  financial  services and the New York state department of
    22  state's consumer protection  division to  conduct  a  study on  consumer
    23  awareness and financial education in New York state and making recommen-
    24  dations  for a   consumer  awareness and financial education program, as
    25  proposed in legislative bills numbers S.8721 and A.6070-A, takes effect.