Added by Stats. 2011, Ch. 612, Sec. 1. (AB 597) Effective January 1, 2012.
For purposes of this division, “fund” means the California Financial Literacy Fund.
Division 22 - CALIFORNIA FINANCIAL LITERACY FUND
California Financial Code — §§ 70000-70004
Sections (5)
Added by Stats. 2011, Ch. 612, Sec. 1. (AB 597) Effective January 1, 2012.
(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 is to enable partnerships with the financial services community and governmental and nongovernmental stakeholders to improve Californians’ financial literacy.
(c)Funds not appropriated within 18 months of being contributed to the fund shall be returned in full to the contributor.
Added by Stats. 2011, Ch. 612, Sec. 1. (AB 597) Effective January 1, 2012.
The Controller may accept private donations and deposit those donations into the fund, which shall be made available upon appropriation in the annual Budget Act. Donations shall not be used to promote or market the financial products of any contributor.
Added by Stats. 2011, Ch. 612, Sec. 1. (AB 597) Effective January 1, 2012.
The Controller may convene a financial literacy advisory committee to provide additional oversight of the fund and develop strategies to improve financial literacy. If convened, the committee shall comply with the Bagley-Keene Open Meeting Act (Article 9 (commencing with Section 11120) of Chapter 1 of Part 1 of Division 3 of Title 2 of the Government Code).
Added by Stats. 2011, Ch. 612, Sec. 1. (AB 597) Effective January 1, 2012.
Beginning in 2013, the Controller shall provide to the respective chairpersons of the Assembly Committee on Banking and Finance and the Senate Committee on Banking and Financial Institutions 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.