| 1 | | - | Amended IN Assembly March 23, 2023 CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 1247Introduced by Assembly Member AlvarezFebruary 16, 2023 An act to add and repeal Title 21.2 (commencing with Section 100200) of the Government Code, relating to savings accounts. LEGISLATIVE COUNSEL'S DIGESTAB 1247, as amended, Alvarez. Consumer savings accounts.Existing law establishes various agencies and programs for the purpose of protecting consumers. safeguarding consumer financial protections. Existing law establishes the Department of Financial Protection and Innovation within the Business, Consumer Services, and Housing Agency and places the department under the direction of the Commissioner of Financial Protection and Innovation. Under existing law, the department has charge of the execution of specified laws relating to various financial institutions and financial products and services. Existing law, the California Public Banking Option Act, requires the Treasurer to convene the CalAccount Blue Ribbon Commission, as specified, and requires the commission to conduct, by contracting with one or more entities with appropriate expertise, and deliver, as prescribed, a market analysis to determine if it is feasible to implement a CalAccount Program, which, if implemented, would have certain characteristics, including that it would be a program established by the state for the purpose of protecting consumers who lack access to traditional banking services from predatory, discriminatory, and costly alternatives.This bill would state the intent of the Legislature to enact legislation that would establish the Emergency Savings Account Commission for the purpose of conducting, by contracting with one or more entities with appropriate expertise, and delivering an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, and the states role in those solutions.This bill would enact The California Emergency Savings Account Option Act. The bill would require the Treasurer to convene, on or before September 1, 2024, the Emergency Savings Account Commission to be composed of certain members, including the Commissioner of Financial Protection and Innovation and the Treasurer or their respective designees. The bill would require the commission to conduct, on or before July 1, 2026, by contracting with one or more entities with appropriate expertise, and deliver, an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, as specified. The bill would condition the implementation of these provisions on an appropriation by the Legislature for this express purpose and would repeal the bills provisions on January 1, 2032.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NOYES Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. Title 21.2 (commencing with Section 100200) is added to the Government Code, to read:TITLE 21.2. The California Emergency Savings Account Option Act100200. This title shall be known, and may be cited, as the California Emergency Savings Account Option Act.100201. On or before September 1, 2024, the Treasurer shall convene the Emergency Savings Account Commission. The commission shall be composed of all of the following members:(a) The Treasurer or Treasurers designee.(b) The Commissioner of Financial Protection and Innovation or that persons designee.(c) An individual with expertise in emergency savings accounts, appointed by the Senate Committee on Rules.(d) An advocate for emergency savings accounts, appointed by the Senate Committee on Rules.(e) An individual with expertise in the widespread state of unpreparedness for a financial emergency that the vast majority of Californians find themselves in, appointed by the Speaker of the Assembly.(f) A consumer representative or advocate with expertise in banking access and financial empowerment, appointed by the Speaker of the Assembly.(g) An employer representative appointed by the Governor.(h) An individual with expertise in financial insurance or consumer financial services affiliated with an academic institution appointed by the Governor.(i) An individual, appointed by the Governor, with banking expertise.100202. On or before July 1, 2026, the Emergency Savings Account Commission shall conduct, by contracting with one or more entities with appropriate expertise, and deliver an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, including whether requiring an emergency savings account is a viable solution, and the states role in those solutions.100203. This title shall become operative only upon an appropriation by the Legislature in the Budget Act or another statute for the express purpose of implementing this title.100204. This title shall remain in effect until January 1, 2032, and as of that date is repealed.SECTION 1.It is the intent of the Legislature to enact legislation to establish the Emergency Savings Account Commission for the purpose of conducting, by contracting with one or more entities with appropriate expertise, and delivering an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, and the states role in those solutions. |
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| 1 | + | CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 1247Introduced by Assembly Member AlvarezFebruary 16, 2023 An act relating to savings accounts. LEGISLATIVE COUNSEL'S DIGESTAB 1247, as introduced, Alvarez. Consumer savings accounts.Existing law establishes various agencies and programs for the purpose of protecting consumers.This bill would state the intent of the Legislature to enact legislation that would establish the Emergency Savings Account Commission for the purpose of conducting, by contracting with one or more entities with appropriate expertise, and delivering an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, and the states role in those solutions.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO Bill TextThe people of the State of California do enact as follows:SECTION 1. It is the intent of the Legislature to enact legislation to establish the Emergency Savings Account Commission for the purpose of conducting, by contracting with one or more entities with appropriate expertise, and delivering an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, and the states role in those solutions. |
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| 3 | | - | Amended IN Assembly March 23, 2023 CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 1247Introduced by Assembly Member AlvarezFebruary 16, 2023 An act to add and repeal Title 21.2 (commencing with Section 100200) of the Government Code, relating to savings accounts. LEGISLATIVE COUNSEL'S DIGESTAB 1247, as amended, Alvarez. Consumer savings accounts.Existing law establishes various agencies and programs for the purpose of protecting consumers. safeguarding consumer financial protections. Existing law establishes the Department of Financial Protection and Innovation within the Business, Consumer Services, and Housing Agency and places the department under the direction of the Commissioner of Financial Protection and Innovation. Under existing law, the department has charge of the execution of specified laws relating to various financial institutions and financial products and services. Existing law, the California Public Banking Option Act, requires the Treasurer to convene the CalAccount Blue Ribbon Commission, as specified, and requires the commission to conduct, by contracting with one or more entities with appropriate expertise, and deliver, as prescribed, a market analysis to determine if it is feasible to implement a CalAccount Program, which, if implemented, would have certain characteristics, including that it would be a program established by the state for the purpose of protecting consumers who lack access to traditional banking services from predatory, discriminatory, and costly alternatives.This bill would state the intent of the Legislature to enact legislation that would establish the Emergency Savings Account Commission for the purpose of conducting, by contracting with one or more entities with appropriate expertise, and delivering an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, and the states role in those solutions.This bill would enact The California Emergency Savings Account Option Act. The bill would require the Treasurer to convene, on or before September 1, 2024, the Emergency Savings Account Commission to be composed of certain members, including the Commissioner of Financial Protection and Innovation and the Treasurer or their respective designees. The bill would require the commission to conduct, on or before July 1, 2026, by contracting with one or more entities with appropriate expertise, and deliver, an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, as specified. The bill would condition the implementation of these provisions on an appropriation by the Legislature for this express purpose and would repeal the bills provisions on January 1, 2032.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NOYES Local Program: NO |
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| 3 | + | CALIFORNIA LEGISLATURE 20232024 REGULAR SESSION Assembly Bill No. 1247Introduced by Assembly Member AlvarezFebruary 16, 2023 An act relating to savings accounts. LEGISLATIVE COUNSEL'S DIGESTAB 1247, as introduced, Alvarez. Consumer savings accounts.Existing law establishes various agencies and programs for the purpose of protecting consumers.This bill would state the intent of the Legislature to enact legislation that would establish the Emergency Savings Account Commission for the purpose of conducting, by contracting with one or more entities with appropriate expertise, and delivering an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, and the states role in those solutions.Digest Key Vote: MAJORITY Appropriation: NO Fiscal Committee: NO Local Program: NO |
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| 28 | | - | Existing law establishes various agencies and programs for the purpose of protecting consumers. safeguarding consumer financial protections. Existing law establishes the Department of Financial Protection and Innovation within the Business, Consumer Services, and Housing Agency and places the department under the direction of the Commissioner of Financial Protection and Innovation. Under existing law, the department has charge of the execution of specified laws relating to various financial institutions and financial products and services. Existing law, the California Public Banking Option Act, requires the Treasurer to convene the CalAccount Blue Ribbon Commission, as specified, and requires the commission to conduct, by contracting with one or more entities with appropriate expertise, and deliver, as prescribed, a market analysis to determine if it is feasible to implement a CalAccount Program, which, if implemented, would have certain characteristics, including that it would be a program established by the state for the purpose of protecting consumers who lack access to traditional banking services from predatory, discriminatory, and costly alternatives.This bill would state the intent of the Legislature to enact legislation that would establish the Emergency Savings Account Commission for the purpose of conducting, by contracting with one or more entities with appropriate expertise, and delivering an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, and the states role in those solutions.This bill would enact The California Emergency Savings Account Option Act. The bill would require the Treasurer to convene, on or before September 1, 2024, the Emergency Savings Account Commission to be composed of certain members, including the Commissioner of Financial Protection and Innovation and the Treasurer or their respective designees. The bill would require the commission to conduct, on or before July 1, 2026, by contracting with one or more entities with appropriate expertise, and deliver, an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, as specified. The bill would condition the implementation of these provisions on an appropriation by the Legislature for this express purpose and would repeal the bills provisions on January 1, 2032. |
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| 28 | + | Existing law establishes various agencies and programs for the purpose of protecting consumers.This bill would state the intent of the Legislature to enact legislation that would establish the Emergency Savings Account Commission for the purpose of conducting, by contracting with one or more entities with appropriate expertise, and delivering an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, and the states role in those solutions. |
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| 42 | | - | The people of the State of California do enact as follows:SECTION 1. Title 21.2 (commencing with Section 100200) is added to the Government Code, to read:TITLE 21.2. The California Emergency Savings Account Option Act100200. This title shall be known, and may be cited, as the California Emergency Savings Account Option Act.100201. On or before September 1, 2024, the Treasurer shall convene the Emergency Savings Account Commission. The commission shall be composed of all of the following members:(a) The Treasurer or Treasurers designee.(b) The Commissioner of Financial Protection and Innovation or that persons designee.(c) An individual with expertise in emergency savings accounts, appointed by the Senate Committee on Rules.(d) An advocate for emergency savings accounts, appointed by the Senate Committee on Rules.(e) An individual with expertise in the widespread state of unpreparedness for a financial emergency that the vast majority of Californians find themselves in, appointed by the Speaker of the Assembly.(f) A consumer representative or advocate with expertise in banking access and financial empowerment, appointed by the Speaker of the Assembly.(g) An employer representative appointed by the Governor.(h) An individual with expertise in financial insurance or consumer financial services affiliated with an academic institution appointed by the Governor.(i) An individual, appointed by the Governor, with banking expertise.100202. On or before July 1, 2026, the Emergency Savings Account Commission shall conduct, by contracting with one or more entities with appropriate expertise, and deliver an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, including whether requiring an emergency savings account is a viable solution, and the states role in those solutions.100203. This title shall become operative only upon an appropriation by the Legislature in the Budget Act or another statute for the express purpose of implementing this title.100204. This title shall remain in effect until January 1, 2032, and as of that date is repealed.SECTION 1.It is the intent of the Legislature to enact legislation to establish the Emergency Savings Account Commission for the purpose of conducting, by contracting with one or more entities with appropriate expertise, and delivering an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, and the states role in those solutions. |
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| 38 | + | The people of the State of California do enact as follows:SECTION 1. It is the intent of the Legislature to enact legislation to establish the Emergency Savings Account Commission for the purpose of conducting, by contracting with one or more entities with appropriate expertise, and delivering an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, and the states role in those solutions. |
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| 48 | | - | SECTION 1. Title 21.2 (commencing with Section 100200) is added to the Government Code, to read:TITLE 21.2. The California Emergency Savings Account Option Act100200. This title shall be known, and may be cited, as the California Emergency Savings Account Option Act.100201. On or before September 1, 2024, the Treasurer shall convene the Emergency Savings Account Commission. The commission shall be composed of all of the following members:(a) The Treasurer or Treasurers designee.(b) The Commissioner of Financial Protection and Innovation or that persons designee.(c) An individual with expertise in emergency savings accounts, appointed by the Senate Committee on Rules.(d) An advocate for emergency savings accounts, appointed by the Senate Committee on Rules.(e) An individual with expertise in the widespread state of unpreparedness for a financial emergency that the vast majority of Californians find themselves in, appointed by the Speaker of the Assembly.(f) A consumer representative or advocate with expertise in banking access and financial empowerment, appointed by the Speaker of the Assembly.(g) An employer representative appointed by the Governor.(h) An individual with expertise in financial insurance or consumer financial services affiliated with an academic institution appointed by the Governor.(i) An individual, appointed by the Governor, with banking expertise.100202. On or before July 1, 2026, the Emergency Savings Account Commission shall conduct, by contracting with one or more entities with appropriate expertise, and deliver an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, including whether requiring an emergency savings account is a viable solution, and the states role in those solutions.100203. This title shall become operative only upon an appropriation by the Legislature in the Budget Act or another statute for the express purpose of implementing this title.100204. This title shall remain in effect until January 1, 2032, and as of that date is repealed. |
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| 44 | + | SECTION 1. It is the intent of the Legislature to enact legislation to establish the Emergency Savings Account Commission for the purpose of conducting, by contracting with one or more entities with appropriate expertise, and delivering an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, and the states role in those solutions. |
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| 54 | | - | TITLE 21.2. The California Emergency Savings Account Option Act100200. This title shall be known, and may be cited, as the California Emergency Savings Account Option Act.100201. On or before September 1, 2024, the Treasurer shall convene the Emergency Savings Account Commission. The commission shall be composed of all of the following members:(a) The Treasurer or Treasurers designee.(b) The Commissioner of Financial Protection and Innovation or that persons designee.(c) An individual with expertise in emergency savings accounts, appointed by the Senate Committee on Rules.(d) An advocate for emergency savings accounts, appointed by the Senate Committee on Rules.(e) An individual with expertise in the widespread state of unpreparedness for a financial emergency that the vast majority of Californians find themselves in, appointed by the Speaker of the Assembly.(f) A consumer representative or advocate with expertise in banking access and financial empowerment, appointed by the Speaker of the Assembly.(g) An employer representative appointed by the Governor.(h) An individual with expertise in financial insurance or consumer financial services affiliated with an academic institution appointed by the Governor.(i) An individual, appointed by the Governor, with banking expertise.100202. On or before July 1, 2026, the Emergency Savings Account Commission shall conduct, by contracting with one or more entities with appropriate expertise, and deliver an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, including whether requiring an emergency savings account is a viable solution, and the states role in those solutions.100203. This title shall become operative only upon an appropriation by the Legislature in the Budget Act or another statute for the express purpose of implementing this title.100204. This title shall remain in effect until January 1, 2032, and as of that date is repealed. |
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| 56 | | - | TITLE 21.2. The California Emergency Savings Account Option Act100200. This title shall be known, and may be cited, as the California Emergency Savings Account Option Act.100201. On or before September 1, 2024, the Treasurer shall convene the Emergency Savings Account Commission. The commission shall be composed of all of the following members:(a) The Treasurer or Treasurers designee.(b) The Commissioner of Financial Protection and Innovation or that persons designee.(c) An individual with expertise in emergency savings accounts, appointed by the Senate Committee on Rules.(d) An advocate for emergency savings accounts, appointed by the Senate Committee on Rules.(e) An individual with expertise in the widespread state of unpreparedness for a financial emergency that the vast majority of Californians find themselves in, appointed by the Speaker of the Assembly.(f) A consumer representative or advocate with expertise in banking access and financial empowerment, appointed by the Speaker of the Assembly.(g) An employer representative appointed by the Governor.(h) An individual with expertise in financial insurance or consumer financial services affiliated with an academic institution appointed by the Governor.(i) An individual, appointed by the Governor, with banking expertise.100202. On or before July 1, 2026, the Emergency Savings Account Commission shall conduct, by contracting with one or more entities with appropriate expertise, and deliver an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, including whether requiring an emergency savings account is a viable solution, and the states role in those solutions.100203. This title shall become operative only upon an appropriation by the Legislature in the Budget Act or another statute for the express purpose of implementing this title.100204. This title shall remain in effect until January 1, 2032, and as of that date is repealed. |
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| 58 | | - | TITLE 21.2. The California Emergency Savings Account Option Act |
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| 60 | | - | TITLE 21.2. The California Emergency Savings Account Option Act |
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| 62 | | - | 100200. This title shall be known, and may be cited, as the California Emergency Savings Account Option Act. |
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| 66 | | - | 100200. This title shall be known, and may be cited, as the California Emergency Savings Account Option Act. |
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| 68 | | - | 100201. On or before September 1, 2024, the Treasurer shall convene the Emergency Savings Account Commission. The commission shall be composed of all of the following members:(a) The Treasurer or Treasurers designee.(b) The Commissioner of Financial Protection and Innovation or that persons designee.(c) An individual with expertise in emergency savings accounts, appointed by the Senate Committee on Rules.(d) An advocate for emergency savings accounts, appointed by the Senate Committee on Rules.(e) An individual with expertise in the widespread state of unpreparedness for a financial emergency that the vast majority of Californians find themselves in, appointed by the Speaker of the Assembly.(f) A consumer representative or advocate with expertise in banking access and financial empowerment, appointed by the Speaker of the Assembly.(g) An employer representative appointed by the Governor.(h) An individual with expertise in financial insurance or consumer financial services affiliated with an academic institution appointed by the Governor.(i) An individual, appointed by the Governor, with banking expertise. |
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| 72 | | - | 100201. On or before September 1, 2024, the Treasurer shall convene the Emergency Savings Account Commission. The commission shall be composed of all of the following members: |
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| 74 | | - | (a) The Treasurer or Treasurers designee. |
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| 76 | | - | (b) The Commissioner of Financial Protection and Innovation or that persons designee. |
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| 78 | | - | (c) An individual with expertise in emergency savings accounts, appointed by the Senate Committee on Rules. |
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| 80 | | - | (d) An advocate for emergency savings accounts, appointed by the Senate Committee on Rules. |
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| 82 | | - | (e) An individual with expertise in the widespread state of unpreparedness for a financial emergency that the vast majority of Californians find themselves in, appointed by the Speaker of the Assembly. |
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| 84 | | - | (f) A consumer representative or advocate with expertise in banking access and financial empowerment, appointed by the Speaker of the Assembly. |
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| 86 | | - | (g) An employer representative appointed by the Governor. |
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| 88 | | - | (h) An individual with expertise in financial insurance or consumer financial services affiliated with an academic institution appointed by the Governor. |
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| 90 | | - | (i) An individual, appointed by the Governor, with banking expertise. |
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| 92 | | - | 100202. On or before July 1, 2026, the Emergency Savings Account Commission shall conduct, by contracting with one or more entities with appropriate expertise, and deliver an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, including whether requiring an emergency savings account is a viable solution, and the states role in those solutions. |
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| 96 | | - | 100202. On or before July 1, 2026, the Emergency Savings Account Commission shall conduct, by contracting with one or more entities with appropriate expertise, and deliver an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, including whether requiring an emergency savings account is a viable solution, and the states role in those solutions. |
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| 98 | | - | 100203. This title shall become operative only upon an appropriation by the Legislature in the Budget Act or another statute for the express purpose of implementing this title. |
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| 102 | | - | 100203. This title shall become operative only upon an appropriation by the Legislature in the Budget Act or another statute for the express purpose of implementing this title. |
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| 104 | | - | 100204. This title shall remain in effect until January 1, 2032, and as of that date is repealed. |
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| 108 | | - | 100204. This title shall remain in effect until January 1, 2032, and as of that date is repealed. |
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| 112 | | - | It is the intent of the Legislature to enact legislation to establish the Emergency Savings Account Commission for the purpose of conducting, by contracting with one or more entities with appropriate expertise, and delivering an analysis on the extent of the problem of Californians who do not have access to sufficient funds when faced with financial emergencies, causes of the problem, solutions for fixing it, and the states role in those solutions. |
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