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HF 522

as introduced - 89th Legislature (2015 - 2016) Posted on 02/19/2015 03:42pm

KEY: stricken = removed, old language.
underscored = added, new language.

Current Version - as introduced

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A bill for an act
relating to human services; modifying the family assets for independence
program; appropriating money; amending Minnesota Statutes 2014, section
256E.35, subdivision 2, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2014, section 256E.35, subdivision 2, is amended to read:


Subd. 2.

Definitions.

(a) The definitions in this subdivision apply to this section.

new text begin (b) "Eligible educational institution" means the following:
new text end

new text begin (1) an institution of higher education described in section 101 or 102 of the Higher
Education Act of 1965; or
new text end

new text begin (2) an area vocational education school, as defined in subparagraph (C) or (D) of
United States Code, title 20, chapter 44, section 2302 (3) (the Carl D. Perkins Vocational
and Applied Technology Education Act), which is located within any state, as defined in
United States Code, title 20, chapter 44, section 2302 (30). This clause is applicable only
to the extent section 2302 is in effect on August 1, 2008.
new text end

deleted text begin (b)deleted text endnew text begin (c)new text end "Family asset account" means a savings account opened by a household
participating in the Minnesota family assets for independence initiative.

deleted text begin (c)deleted text endnew text begin (d)new text end "Fiduciary organization" means:

(1) a community action agency that has obtained recognition under section 256E.31;

(2) a federal community development credit union serving the seven-county
metropolitan area; or

(3) a women-oriented economic development agency serving the seven-county
metropolitan area.

new text begin (e) new text end new text begin "Financial coach" means a person who:
new text end

new text begin (1) has completed an intensive financial literacy training workshop that includes
curriculum on budgeting to increase savings, debt reduction and asset building, building a
good credit rating, and consumer protection;
new text end

new text begin (2) participates in ongoing statewide family assets for independence in Minnesota
(FAIM) network training meetings under FAIM program supervision; and
new text end

new text begin (3) provides financial coaching to program participants under subdivision 4a.
new text end

deleted text begin (d)deleted text endnew text begin (f)new text end "Financial institution" means a bank, bank and trust, savings bank, savings
association, or credit union, the deposits of which are insured by the Federal Deposit
Insurance Corporation or the National Credit Union Administration.

new text begin (g) "Household" means all individuals who share use of a dwelling unit as primary
quarters for living and eating separate from other individuals.
new text end

deleted text begin (e)deleted text endnew text begin (h)new text end "Permissible use" means:

(1) postsecondary educational expenses at an eligible educational institution as
defined in paragraph deleted text begin(g)deleted text endnew text begin (b)new text end, including books, supplies, and equipment required for
courses of instruction;

(2) acquisition costs of acquiring, constructing, or reconstructing a residence,
including any usual or reasonable settlement, financing, or other closing costs;

(3) business capitalization expenses for expenditures on capital, plant, equipment,
working capital, and inventory expenses of a legitimate business pursuant to a business
plan approved by the fiduciary organization; and

(4) acquisition costs of a principal residence within the meaning of section 1034 of
the Internal Revenue Code of 1986 which do not exceed 100 percent of the average area
purchase price applicable to the residence determined according to section 143(e)(2) and
(3) of the Internal Revenue Code of 1986.

deleted text begin (f) "Household" means all individuals who share use of a dwelling unit as primary
quarters for living and eating separate from other individuals.
deleted text end

deleted text begin (g) "Eligible educational institution" means the following:
deleted text end

deleted text begin (1) an institution of higher education described in section 101 or 102 of the Higher
Education Act of 1965; or
deleted text end

deleted text begin (2) an area vocational education school, as defined in subparagraph (C) or (D) of
United States Code, title 20, chapter 44, section 2302 (3) (the Carl D. Perkins Vocational
and Applied Technology Education Act), which is located within any state, as defined in
United States Code, title 20, chapter 44, section 2302 (30). This clause is applicable only
to the extent section 2302 is in effect on August 1, 2008.
deleted text end

Sec. 2.

Minnesota Statutes 2014, section 256E.35, is amended by adding a subdivision
to read:


new text begin Subd. 4a. new text end

new text begin Financial coaching. new text end

new text begin A financial coach shall provide the following
to program participants:
new text end

new text begin (1) financial education relating to budgeting, debt reduction, asset-specific training,
and financial stability activities;
new text end

new text begin (2) asset-specific training related to buying a home, acquiring postsecondary
education, or starting or expanding a small business; and
new text end

new text begin (3) financial stability education and training to improve and sustain financial security.
new text end

Sec. 3. new text beginAPPROPRIATION.
new text end

new text begin $250,000 in fiscal year 2016 and $250,000 in fiscal year 2017 are appropriated from
the general fund to the commissioner of human services for purposes of funding financial
coaching under Minnesota Statutes, section 256E.35, subdivision 4a.
new text end