HF 2062

2nd Engrossment - 86th Legislature (2009 - 2010) Posted on 03/11/2010 10:43am

A bill for an act
relating to poverty; establishing the Ladder Out of Poverty Task Force; providing
for its membership and duties; providing legislative appointments.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin LADDER OUT OF POVERTY TASK FORCE.
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new text begin Subdivision 1. new text end

new text begin Purpose. new text end

new text begin The final report of the Commission to End Poverty by
2020 set forth the following strategies regarding the building and maintaining of wealth
and assets:
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new text begin (1) establish public policies to encourage Minnesotans to accumulate and maintain
assets;
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new text begin (2) ban predatory financial practices that erode or deplete existing assets; and
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new text begin (3) increase financial literacy to reduce vulnerability to predatory practices and
enhance the ability to acquire assets and build wealth, and achieve and maintain
self-sufficiency.
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new text begin The purpose of the Ladder Out of Poverty Task Force ("the task force") created
in this section is to implement and build on the strategies set forth by the Legislative
Commission to End Poverty by 2020 to help poor and near-poor Minnesotans, including
older women, who are among the poorest of Minnesotans, have accounted for a larger
share of subprime loans, and are particularly vulnerable to predatory lending and financial
hardship, to avert or escape poverty.
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new text begin Achieving this purpose will require strong collaboration and coordination among the
public, private, nonprofit, academic, and philanthropic sectors.
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new text begin Subd. 2. new text end

new text begin Creation. new text end

new text begin (a) The task force consists of the following members, who serve
at the pleasure of their appointing authority:
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new text begin (1) four senators, including two members of the majority party and two members of
the minority party, appointed by the Subcommittee on Committees of the Committee on
Rules and Administration of the senate;
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new text begin (2) four members of the house of representatives, including two members of the
majority party, appointed by the speaker of the house, and two members of the minority
party, appointed by the minority leader;
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new text begin (3) the commissioner of the Minnesota Department of Commerce or the
commissioner's designee; and
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new text begin (4) the attorney general or the attorney general's designee.
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new text begin (b) The task force shall ensure that representatives of the following have the
opportunity to meet with and present views to the task force: credit unions; independent
community banks; state and federal financial institutions; community action agencies;
faith-based financial counseling agencies; faith-based social justice organizations;
legal services organizations representing low-income persons; nonprofit organizations
providing free tax preparation services as part of the volunteer income tax assistance
program; relevant state and local agencies; University of Minnesota faculty involved
in personal and family financial education; philanthropic organizations that have as
one of their missions combating predatory lending; organizations representing older
Minnesotans; and organizations representing the interests of women, Latinos and Latinas,
African-Americans, Asian-Americans, American Indians, and immigrants.
new text end

new text begin Subd. 3. new text end

new text begin Duties. new text end

new text begin (a) At a minimum, the task force must identify specific policies,
strategies, and actions to:
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new text begin (1) increase opportunities for poor and near-poor families and individuals to acquire
assets and create and build wealth;
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new text begin (2) expand the utilization of Family Assets for Independence in Minnesota (FAIM)
or other culturally specific individual development account programs;
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new text begin (3) reduce or eliminate predatory financial practices in Minnesota through regulatory
actions, legislative enactments, and the development and deployment of alternative,
nonpredatory financial products;
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new text begin (4) provide incentives or assistance to private sector financial institutions to
offer additional programs and services that provide alternatives to and education about
predatory financial products;
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new text begin (5) provide financial literacy information to low-income families and individuals at
the time the recipient has the ability, opportunity, and motivation to receive, understand,
and act on the information provided; and
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new text begin (6) identify incentives and mechanisms to increase community engagement in
combating poverty and helping poor and near-poor families and individuals to acquire
assets and create and build wealth.
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new text begin (b) By June 1, 2012, the task force must provide written recommendations and
any draft legislation necessary to implement the recommendations to the chairs and
ranking minority members of the legislative committees and divisions with jurisdiction
over commerce and consumer protection.
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new text begin Subd. 4. new text end

new text begin Administrative provisions. new text end

new text begin (a) The director of the Legislative
Coordinating Commission, or a designee of the director, must convene the initial meeting
of the task force by September 15, 2010. The members of the task force must elect a chair
or cochairs from the legislative members at the initial meeting.
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new text begin (b) Members of the task force serve without compensation or payment of expenses.
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new text begin (c) The task force expires June 1, 2012, or upon the submission of the report required
under subdivision 3, whichever is earlier.
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new text begin (d) The task force may accept gifts and grants, which are accepted on behalf of the
state and constitute donations to the state. The funds must be deposited in an account in
the special revenue fund and are appropriated to the Legislative Coordinating Committee
for purposes of the task force.
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new text begin (e) The Legislative Coordinating Commission shall provide fiscal services to the
task force as needed under this subdivision.
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new text begin Subd. 5. new text end

new text begin Deadline for appointments and designations. new text end

new text begin The appointments and
designations authorized under this section must be completed no later than August 15,
2010.
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new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
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