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SF 2318

as introduced - 87th Legislature (2011 - 2012) Posted on 03/13/2012 11:16am

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
relating to state government; renaming and extending the Ladder Out of Poverty
Task Force; modifying its duties; amending Laws 2010, chapter 374, section 1.

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

Section 1.

Laws 2010, chapter 374, section 1, is amended to read:


Section 1. deleted text beginLADDER OUT OF POVERTYdeleted text endnew text begin ASSET DEVELOPMENT AND
FINANCIAL LITERACY
new text end TASK FORCE.

Subdivision 1.

Creation.

(a) The task force consists of the following members:

(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;

(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;new text begin and
new text end

(3) the commissioner of the Minnesota Department of Commerce or the
commissioner's designeedeleted text begin; anddeleted text endnew text begin.
new text end

deleted text begin (4) the attorney general or the attorney general's designee.
deleted text end

(b) The task force shall ensure that representatives of the following have the
opportunity to meet with and present views to the task force: new text beginthe attorney general; new text endcredit
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.

Subd. 2.

Duties.

(a) At a minimum, the task force must identify specific policies,
strategies, and actions todeleted text begin:deleted text endnew text begin reduce asset poverty and increase household financial security
by improving opportunities for households to earn, learn, save, invest, and protect
assets through expansion of such asset building opportunities as the Family Assets for
Independence in Minnesota (FAIM) program and Earned Income Tax Credit (EITC)
program.
new text end

deleted text begin (1) increase opportunities for poor and near-poor families and individuals to acquire
assets and create and build wealth;
deleted text end

deleted text begin (2) expand the utilization of Family Assets for Independence in Minnesota (FAIM)
or other culturally specific individual development account programs;
deleted text end

deleted 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;
deleted text end

deleted 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;
deleted text end

deleted 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
deleted text end

deleted 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.
deleted text end

new text begin For purposes of this section, "asset poverty" means an individual's or family's
inability to meet fixed financial obligations and other financial requirements of daily living
with existing assets for a three-month period in the event of a disruption in income or
extraordinary economic emergency.
new text end

(b) deleted text beginBy June 1, 2012deleted text endnew text begin During the 2013 and 2014 legislative sessionsnew text end, the task force
must deleted text beginprovide written recommendations and any draftdeleted text endnew text begin developnew text end legislation necessary
to deleted text beginimplement the recommendations to the chairs and ranking minority members of the
legislative committees and divisions with jurisdiction over commerce and consumer
protection
deleted text endnew text begin fulfill the duties enumerated in paragraph (a)new text end.

Subd. 3.

Administrative provisions.

(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.

(b) Members of the task force serve without compensation or payment of expenses
except as provided in this paragraph. To the extent possible, meetings of the task force
shall be scheduled on dates when legislative members of the task force are able to
attend legislative meetings that would make them eligible to receive legislative per diem
payments.

(c) The task force expires June 1, deleted text begin2012, or upon the submission of the report required
under subdivision 3, whichever is earlier
deleted text endnew text begin 2014new text end.

(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 Commission
for purposes of the task force.

(e) The Legislative Coordinating Commission shall provide fiscal services to the
task force as needed under this subdivision.

Subd. 4.

Deadline for appointments and designations.

The appointments and
designations authorized under this section must be completed no later than August 15,
deleted text begin 2010deleted text endnew text begin 2012new text end.

new text begin EFFECTIVE DATE. new text end

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