For purposes of this division, “fund” means the California Financial Literacy Fund.
California Financial Literacy Fund
Section § 70000
This law defines the term "fund" as referring specifically to the California Financial Literacy Fund.
California Financial Literacy Fund financial literacy initiative fund definition
Section § 70001
This law creates the California Financial Literacy Fund, managed by the State Controller. The fund's goal is to encourage partnerships with banks, government, and other organizations to help Californians better understand financial matters. If the money in the fund isn't allocated within 18 months, it must be given back to whoever contributed it.
(a)CA Financial Code § 70001(a) The California Financial Literacy Fund is hereby established in the State Treasury. The fund shall be administered by the Controller.
(b)CA Financial Code § 70001(b) The purpose of the fund is to enable partnerships with the financial services community and governmental and nongovernmental stakeholders to improve Californians’ financial literacy.
(c)CA Financial Code § 70001(c) Funds not appropriated within 18 months of being contributed to the fund shall be returned in full to the contributor.
California Financial Literacy Fund State Treasury financial literacy
Section § 70002
This law allows the Controller to accept private donations and put them into a special fund. The donations can only be used once the annual state budget approves it. However, these donations cannot be used to promote the financial products of those who donate.
The Controller may accept private donations and deposit those donations into the fund, which shall be made available upon appropriation in the annual Budget Act. Donations shall not be used to promote or market the financial products of any contributor.
private donations fund appropriation annual Budget Act
Section § 70003
This law allows the Controller to form a financial literacy advisory committee. The purpose of this committee is to provide oversight of a specific fund and to create strategies to improve financial literacy. If a committee is formed, it must follow open meeting rules as outlined by the Bagley-Keene Open Meeting Act.
The Controller may convene a financial literacy advisory committee to provide additional oversight of the fund and develop strategies to improve financial literacy. If convened, the committee shall comply with the Bagley-Keene Open Meeting Act (Article 9 (commencing with Section 11120) of Chapter 1 of Part 1 of Division 3 of Title 2 of the Government Code).
financial literacy advisory committee fund oversight strategy development
Section § 70004
Starting in 2013, the Controller must submit a yearly summary by August 30th to key leaders in both the Assembly and Senate Banking Committees. This summary covers how funds are used when they are allocated.
Beginning in 2013, the Controller shall provide to the respective chairpersons of the Assembly Committee on Banking and Finance and the Senate Committee on Banking and Financial Institutions a brief annual summary on the use of the funds, when appropriated. This summary shall be submitted no later than August 30 of each year.
Controller annual summary funds use report Assembly Banking Committee
