Bill Text: CA AB1247 | 2023-2024 | Regular Session | Amended
Bill Title: Consumer savings accounts.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Failed) 2024-02-01 - From committee: Filed with the Chief Clerk pursuant to Joint Rule 56. [AB1247 Detail]
Download: California-2023-AB1247-Amended.html
Amended
IN
Assembly
March 23, 2023 |
Introduced by Assembly Member Alvarez |
February 16, 2023 |
LEGISLATIVE COUNSEL'S DIGEST
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 state’s role in those solutions.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee:Bill Text
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 Act
100200.
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: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 state’s 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This title shall remain in effect until January 1, 2032, and as of that date is repealed.It is the intent of the Legislature to enact legislation to establish the Emergency Savings Account Commission for the purpose of conducting, by contracting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 state’s role in those solutions.