HF 2062

1st Committee Engrossment - 86th Legislature (2009 - 2010)

Posted on 03/19/2013 07:29 p.m.

1.1A bill for an act 1.2relating to poverty; establishing the Ladder Out of Poverty Task Force; providing 1.3for its membership and duties; providing legislative appointments. 1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 1.5    Section 1. new text begin LADDER OUT OF POVERTY TASK FORCE. new text end 1.6     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 new text end 1.7 new text begin 2020 set forth the following strategies regarding the building and maintaining of wealth new text end 1.8 new text begin and assets: new text end 1.9 new text begin (1) establish public policies to encourage Minnesotans to accumulate and maintain new text end 1.10 new text begin assets; new text end 1.11 new text begin (2) ban predatory financial practices that erode or deplete existing assets; and new text end 1.12 new text begin (3) increase financial literacy to reduce vulnerability to predatory practices and new text end 1.13 new text begin enhance the ability to acquire assets and build wealth, and achieve and maintain new text end 1.14 new text begin self-sufficiency. new text end 1.15 new text begin The purpose of the Ladder Out of Poverty Task Force ("the task force") created new text end 1.16 new text begin in this section is to implement and build on the strategies set forth by the Legislative new text end 1.17 new text begin Commission to End Poverty by 2020 to help poor and near-poor Minnesotans, including new text end 1.18 new text begin older women, who are among the poorest of Minnesotans, have accounted for a larger new text end 1.19 new text begin share of subprime loans, and are particularly vulnerable to predatory lending and financial new text end 1.20 new text begin hardship, to avert or escape poverty. new text end 1.21 new text begin Achieving this purpose will require strong collaboration and coordination among the new text end 1.22 new text begin public, private, nonprofit, academic, and philanthropic sectors. new text end 1.23     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: new text end 2.1 new text begin (1) four senators, including two members of the majority party and two members of new text end 2.2 new text begin the minority party, appointed by the Subcommittee on Committees of the Committee on new text end 2.3 new text begin Rules and Administration of the senate; new text end 2.4 new text begin (2) four members of the house of representatives, including two members of the new text end 2.5 new text begin majority party, appointed by the speaker of the house, and two members of the minority new text end 2.6 new text begin party, appointed by the minority leader; new text end 2.7 new text begin (3) the commissioner of the Minnesota Department of Commerce or the new text end 2.8 new text begin commissioner's designee; and new text end 2.9 new text begin (4) the attorney general or the attorney general's designee. new text end 2.10 new text begin (b) The task force shall ensure that representatives of the following have the new text end 2.11 new text begin opportunity to meet with and present views to the task force: credit unions; independent new text end 2.12 new text begin community banks; state and federal financial institutions; community action agencies; new text end 2.13 new text begin faith-based financial counseling agencies; faith-based social justice organizations; new text end 2.14 new text begin legal services organizations representing low-income persons; nonprofit organizations new text end 2.15 new text begin providing free tax preparation services as part of the volunteer income tax assistance new text end 2.16 new text begin program; relevant state and local agencies; University of Minnesota faculty involved new text end 2.17 new text begin in personal and family financial education; philanthropic organizations that have as new text end 2.18 new text begin one of their missions combating predatory lending; organizations representing older new text end 2.19 new text begin Minnesotans; and organizations representing the interests of women, Latinos and Latinas, new text end 2.20 new text begin African-Americans, Asian-Americans, American Indians, and immigrants. new text end 2.21     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, new text end 2.22 new text begin strategies, and actions to: new text end 2.23 new text begin (1) increase opportunities for poor and near-poor families and individuals to acquire new text end 2.24 new text begin assets and create and build wealth; new text end 2.25 new text begin (2) expand the utilization of Family Assets for Independence in Minnesota (FAIM) new text end 2.26 new text begin or other culturally specific individual development account programs; new text end 2.27 new text begin (3) reduce or eliminate predatory financial practices in Minnesota through regulatory new text end 2.28 new text begin actions, legislative enactments, and the development and deployment of alternative, new text end 2.29 new text begin nonpredatory financial products; new text end 2.30 new text begin (4) provide incentives or assistance to private sector financial institutions to new text end 2.31 new text begin offer additional programs and services that provide alternatives to and education about new text end 2.32 new text begin predatory financial products; new text end 2.33 new text begin (5) provide financial literacy information to low-income families and individuals at new text end 2.34 new text begin the time the recipient has the ability, opportunity, and motivation to receive, understand, new text end 2.35 new text begin and act on the information provided; and new text end 3.1 new text begin (6) identify incentives and mechanisms to increase community engagement in new text end 3.2 new text begin combating poverty and helping poor and near-poor families and individuals to acquire new text end 3.3 new text begin assets and create and build wealth. new text end 3.4 new text begin (b) By June 1, 2012, the task force must provide written recommendations and new text end 3.5 new text begin any draft legislation necessary to implement the recommendations to the chairs and new text end 3.6 new text begin ranking minority members of the legislative committees and divisions with jurisdiction new text end 3.7 new text begin over commerce and consumer protection. new text end 3.8     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 new text end 3.9 new text begin Coordinating Commission, or a designee of the director, must convene the initial meeting new text end 3.10 new text begin of the task force by September 15, 2010. The members of the task force must elect a chair new text end 3.11 new text begin or cochairs from the legislative members at the initial meeting. new text end 3.12 new text begin (b) Members of the task force serve without compensation or payment of expenses new text end 3.13 new text begin from the task force. new text end 3.14 new text begin (c) The task force expires June 1, 2012, or upon the submission of the report required new text end 3.15 new text begin under subdivision 3, whichever is earlier. new text end 3.16 new text begin (d) The task force may accept gifts and grants, which are accepted on behalf of the new text end 3.17 new text begin state and constitute donations to the state. The funds must be deposited in an account in new text end 3.18 new text begin the special revenue fund and are appropriated to the Legislative Coordinating Committee new text end 3.19 new text begin for purposes of the task force. new text end 3.20 new text begin (e) The Legislative Coordinating Commission shall provide fiscal services to the new text end 3.21 new text begin task force as needed under this subdivision. new text end 3.22     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 new text end 3.23 new text begin designations authorized under this section must be completed no later than August 15, new text end 3.24 new text begin 2010. new text end 3.25 new text begin EFFECTIVE DATE. new text end new text begin This section is effective the day following final enactment. new text end