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CHAPTER 374--S.F.No. 1770
An act
relating to poverty; establishing the Ladder Out of Poverty Task Force;
providing for its membership and duties; providing legislative appointments.

    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;
(3) the commissioner of the Minnesota Department of Commerce or the
commissioner's designee; and
(4) the attorney general or the attorney general's designee.
(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.
    Subd. 2. Duties. (a) At a minimum, the task force must identify specific policies,
strategies, and actions to:
(1) increase opportunities for poor and near-poor families and individuals to acquire
assets and create and build wealth;
(2) expand the utilization of Family Assets for Independence in Minnesota (FAIM)
or other culturally specific individual development account programs;
(3) reduce or eliminate predatory financial practices in Minnesota through regulatory
actions, legislative enactments, and the development and deployment of alternative,
nonpredatory financial products;
(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;
(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
(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.
(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.
    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
(c) The task force expires June 1, 2012, or upon the submission of the report required
under subdivision 3, whichever is earlier.
(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,
EFFECTIVE DATE.This section is effective the day following final enactment.
Presented to the governor May 15, 2010
Signed by the governor May 19, 2010, 10:04 a.m.

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