1.1A bill for an act1.2relating 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. LADDER OUT OF POVERTY TASK FORCE.1.6    Subdivision 1.Purpose.The final report of the Commission to End Poverty by 1.72020 set forth the following strategies regarding the building and maintaining of  wealth 1.8and assets:1.9(1) establish public policies to encourage Minnesotans to accumulate and maintain 1.10assets;1.11(2) ban predatory financial practices that erode or deplete existing assets; and1.12(3) increase financial literacy to reduce vulnerability to predatory practices and 1.13enhance the ability to acquire assets and build wealth, and achieve and maintain 1.14self-sufficiency.1.15The purpose of the Ladder Out of Poverty Task Force ("the task force") created 1.16in this section is to implement and build on the strategies set forth by the Legislative 1.17Commission to End Poverty by 2020 to help poor and near-poor Minnesotans, including 1.18older women, who are among the poorest of Minnesotans, have accounted for a larger 1.19share of subprime loans, and are particularly vulnerable to predatory lending and financial 1.20hardship, to avert or escape poverty.1.21Achieving this purpose will require strong collaboration and coordination among the 1.22public, private, nonprofit, academic, and philanthropic sectors.1.23    Subd. 2.Creation.(a) The task force consists of the following members:2.1(1) four senators, including two members of the majority party and two members of 2.2the minority party, appointed by the Subcommittee on Committees of the Committee on 2.3Rules and Administration of the senate;2.4(2) four members of the house of representatives, including two members of the 2.5majority party, appointed by the speaker of the house, and two members of the minority 2.6party, appointed by the minority leader;2.7(3) the commissioner of the Minnesota Department of Commerce or the 2.8commissioner's designee; and2.9(4) the attorney general or the attorney general's designee.2.10(b) The task force shall ensure that representatives of the following have the 2.11opportunity to meet with and present views to the task force: credit unions; independent 2.12community banks; state and federal financial institutions; community action agencies; 2.13faith-based financial counseling agencies; faith-based social justice organizations; 2.14legal services organizations representing low-income persons; nonprofit organizations 2.15providing free tax preparation services as part of the volunteer income tax assistance 2.16program; relevant state and local agencies; University of Minnesota faculty involved 2.17in personal and family financial education; philanthropic organizations that have as 2.18one of their missions  combating predatory lending; organizations representing older 2.19Minnesotans; and organizations representing the interests of women, Latinos and Latinas, 2.20African-Americans, Asian-Americans, American Indians, and immigrants.2.21    Subd. 3.Duties.(a) At a minimum, the task force must identify specific policies, 2.22strategies, and actions to:2.23(1) increase opportunities for poor and near-poor families and individuals to acquire 2.24assets and create and build wealth;2.25(2) expand the utilization of Family Assets for Independence in Minnesota (FAIM) 2.26or other culturally specific individual development account programs;2.27(3) reduce or eliminate predatory financial practices in Minnesota through regulatory 2.28actions, legislative enactments, and the development and deployment of alternative, 2.29nonpredatory financial products;2.30(4) provide incentives or assistance to private sector financial institutions to 2.31offer additional programs and services that provide alternatives to and education about 2.32predatory financial products;2.33(5) provide financial literacy information to low-income families and individuals at 2.34the time the recipient has the ability, opportunity, and motivation to receive, understand, 2.35and act on the information provided; and3.1(6) identify incentives and mechanisms to increase community engagement in 3.2combating poverty and helping poor and near-poor families and individuals to acquire 3.3assets and create and build wealth.3.4(b) By June 1, 2012, the task force must provide written recommendations and 3.5any draft legislation necessary to implement the recommendations to the chairs and 3.6ranking minority members of the legislative committees and divisions with jurisdiction 3.7over commerce and consumer protection.3.8    Subd. 4. Administrative provisions.(a) The director of the Legislative 3.9Coordinating Commission, or a designee of the director, must convene the initial meeting 3.10of the task force by September 15, 2010. The members of the task force must elect a chair 3.11or cochairs from the legislative members at the initial meeting.3.12(b) Members of the task force serve without compensation or payment of expenses 3.13from the task force.3.14(c) The task force expires June 1, 2012, or upon the submission of the report required 3.15under subdivision 3, whichever is earlier.3.16(d) The task force may accept gifts and grants, which are accepted on behalf of the 3.17state and constitute donations to the state. The funds must be deposited in an account in 3.18the special revenue fund and are appropriated to the Legislative Coordinating Committee 3.19for purposes of the task force.3.20(e) The Legislative Coordinating Commission shall provide fiscal services to the 3.21task force as needed under this subdivision.3.22    Subd. 5.Deadline for appointments and designations.The appointments and 3.23designations authorized under this section must be completed no later than August 15, 3.242010.3.25EFFECTIVE DATE.This section is effective the day following final enactment.