Bill Text: IA HF2377 | 2021-2022 | 89th General Assembly | Introduced
Bill Title: A bill for an act establishing the office of financial wellness within the department of commerce.(Formerly HSB 617.)
Spectrum: Committee Bill
Status: (Introduced - Dead) 2022-02-17 - Subcommittee: Mohr, G., Hall and Latham. H.J. 291. [HF2377 Detail]
Download: Iowa-2021-HF2377-Introduced.html
House
File
2377
-
Introduced
HOUSE
FILE
2377
BY
COMMITTEE
ON
COMMERCE
(SUCCESSOR
TO
HSB
617)
A
BILL
FOR
An
Act
establishing
the
office
of
financial
wellness
within
the
1
department
of
commerce.
2
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
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Section
1.
NEW
SECTION
.
533B.1
Office
of
financial
1
wellness.
2
The
office
of
financial
wellness
is
created
under
the
3
department
of
commerce
as
an
independent
office
to
promote
the
4
financial
well-being
and
education
of
Iowans.
5
Sec.
2.
NEW
SECTION
.
533B.2
Duties.
6
1.
The
office
of
financial
wellness
shall:
7
a.
Coordinate
the
state’s
efforts
and
convene
interested
8
parties
to
increase
the
financial
literacy
and
well-being
of
9
Iowans.
10
b.
Serve
as
a
liaison
for
the
state
with
public
entities,
11
government
agencies,
private
entities,
and
not-for-profit
12
organizations.
13
c.
Utilize
the
convening
power
of
the
state
to
encourage
14
Iowa
education
systems,
businesses,
community
organizations,
15
and
governmental
agencies
to
increase
financial
literacy
and
16
well-being
efforts.
17
d.
Coordinate
and
promote
financial
literacy
and
well-being
18
resources
to
Iowans.
19
e.
Facilitate
cooperation
and
strategic
planning
between
20
members
of
the
Iowa
interagency
financial
literacy
group.
21
f.
Provide
an
annual
report
of
the
office’s
activities,
22
including
statistical
measures,
engagement,
grant
funding
and
23
the
use
thereof,
initiatives
sponsored
by
the
office,
and
key
24
accomplishments
to
the
governor
and
the
general
assembly.
25
2.
The
office
shall
adopt
rules
pursuant
to
chapter
17A
to
26
accept
and
administer
grants
and
implement
this
chapter.
27
3.
The
office
shall
comply
with
the
requirements
of
chapter
28
8E.
29
Sec.
3.
NEW
SECTION
.
533B.3
Administration.
30
1.
The
office
shall
be
headed
by
the
administrator
of
the
31
office
of
financial
wellness,
who
shall
be
the
director
of
the
32
department
of
commerce
or
a
department
of
commerce
division
33
director
as
designated
by
the
director
of
the
department
of
34
commerce.
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2.
The
administrator
may
establish
committees
and
hire
1
staff
as
deemed
necessary
in
furtherance
of
the
objectives
of
2
the
office.
The
administrator
shall
have
all
powers
necessary
3
to
carry
out
and
effectuate
the
purposes,
objectives,
and
4
provisions
pertaining
to
the
office.
5
Sec.
4.
NEW
SECTION
.
533B.4
Funding.
6
1.
Funding
for
the
office
shall
consist
of
an
annual
7
assessment
remitted
by
the
banking
division,
credit
union
8
division,
utilities
division,
insurance
division,
and
9
alcoholic
beverages
division
of
the
department
of
commerce.
10
The
assessment
shall
be
divided
equally
among
the
divisions
11
listed
herein
and
transferred
by
each
division
annually
to
12
the
administrator
of
the
office
by
September
1
of
the
current
13
fiscal
year.
14
2.
Funds
obtained
through
grants
shall
not
offset
15
administration
costs
of
the
office,
unless
approved
for
such
16
use
in
the
grant.
17
Sec.
5.
Section
546.2,
subsection
3,
Code
2022,
is
amended
18
to
read
as
follows:
19
3.
The
department
is
administratively
organized
into
the
20
following
divisions
and
offices
:
21
a.
Banking.
22
b.
Credit
union.
23
c.
Utilities.
24
d.
Insurance.
25
e.
Alcoholic
beverages.
26
f.
Office
of
financial
wellness.
27
Sec.
6.
Section
546.2,
subsection
4,
Code
2022,
is
amended
28
by
adding
the
following
new
paragraph:
29
NEW
PARAGRAPH
.
g.
To
serve
as
the
administrator
for
30
the
office
of
financial
wellness
or
appoint
a
director
of
a
31
division
of
the
department
to
serve
in
such
capacity.
32
Sec.
7.
NEW
SECTION
.
546.5
Office
of
financial
wellness.
33
The
office
of
financial
wellness
shall
promote
activities
34
that
facilitate
financial
literacy
and
well-being
in
the
state.
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The
office
is
headed
by
an
administrator
who
shall
be
appointed
1
by
the
director.
The
office
shall
implement
the
provisions
of
2
chapter
533B.
3
Sec.
8.
Section
546.12,
subsections
1
and
2,
Code
2022,
are
4
amended
to
read
as
follows:
5
1.
A
department
of
commerce
revolving
fund
is
created
in
6
the
state
treasury.
The
fund
shall
consist
of
moneys
collected
7
by
the
banking
division;
credit
union
division;
utilities
8
division,
including
moneys
collected
on
behalf
of
the
office
9
of
consumer
advocate
established
in
section
475A.3
;
and
the
10
insurance
division
of
the
department;
and
deposited
into
an
11
account
for
that
division
or
office
within
the
fund
on
a
12
monthly
basis.
Except
as
otherwise
provided
by
statute,
all
13
costs
for
operating
the
office
of
consumer
advocate
and
the
14
banking
division,
the
credit
union
division,
the
utilities
15
division,
the
office
of
financial
wellness,
and
the
insurance
16
division
of
the
department
shall
be
paid
from
the
division’s
17
accounts
within
the
fund,
subject
to
appropriation
by
the
18
general
assembly.
The
insurance
division
shall
administer
the
19
fund
and
all
other
divisions
shall
work
with
the
insurance
20
division
to
make
sure
the
fund
is
properly
accounted
and
21
reported
to
the
department
of
management
and
the
department
22
of
administrative
services.
The
divisions
shall
provide
23
quarterly
reports
to
the
department
of
management
and
the
24
legislative
services
agency
on
revenues
billed
and
collected
25
and
expenditures
from
the
fund
in
a
format
as
determined
by
the
26
department
of
management
in
consultation
with
the
legislative
27
services
agency.
28
2.
To
meet
cash
flow
needs
for
the
office
of
consumer
29
advocate
and
the
banking
division,
credit
union
division,
30
office
of
financial
wellness,
utilities
division,
or
the
31
insurance
division
of
the
department,
the
administrative
head
32
of
that
division
or
office
may
temporarily
use
funds
from
the
33
general
fund
of
the
state
to
pay
expenses
in
excess
of
moneys
34
available
in
the
revolving
fund
for
that
division
or
office
if
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those
additional
expenditures
are
fully
reimbursable
and
the
1
division
or
office
reimburses
the
general
fund
of
the
state
2
and
ensures
all
moneys
are
repaid
in
full
by
the
close
of
the
3
fiscal
year.
Notwithstanding
any
provision
to
the
contrary,
4
the
divisions
shall,
to
the
fullest
extent
possible,
make
5
an
estimate
of
billings
and
make
such
billings
as
early
as
6
possible
in
each
fiscal
year,
so
that
the
need
for
the
use
of
7
general
fund
moneys
is
minimized
to
the
lowest
extent
possible.
8
Periodic
billings
shall
be
deemed
sufficient
to
satisfy
this
9
requirement.
Because
any
general
fund
moneys
used
shall
be
10
fully
reimbursed,
such
temporary
use
of
funds
from
the
general
11
fund
of
the
state
shall
not
constitute
an
appropriation
for
12
purposes
of
calculating
the
state
general
fund
expenditure
13
limitation
pursuant
to
section
8.54
.
14
EXPLANATION
15
The
inclusion
of
this
explanation
does
not
constitute
agreement
with
16
the
explanation’s
substance
by
the
members
of
the
general
assembly.
17
This
bill
establishes
an
office
of
financial
wellness
within
18
the
department
of
commerce.
19
The
primary
purpose
of
the
office
shall
be
to
focus
on
20
strategic
action
to
maximize
the
financial
wellness
efforts
21
of
the
state.
The
office
shall
serve
as
a
liaison
to
other
22
government
agencies,
public
organizations,
private
entities,
23
and
not-for-profit
organizations.
24
The
administrator
of
the
office
shall
be
the
director
of
25
the
department
of
commerce
or
the
director’s
designee.
The
26
director
may
establish
committees
and
hire
staff
as
necessary
27
in
furtherance
of
the
objectives
of
the
office.
28
The
primary
objective
of
the
office
shall
be
to
increase
29
the
financial
literacy
and
well-being
of
Iowans
by
supporting
30
education
efforts,
businesses,
community
organizations,
31
and
governmental
agencies.
The
office
shall
collect
and
32
communicate
financial
wellness
resources
for
Iowans
and
33
coordinate
other
efforts
to
promote
financial
wellness.
The
34
office
shall
provide
an
annual
report
regarding
the
office’s
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activities,
including
statistical
measures,
engagement,
1
grant
funding
and
the
use
thereof,
initiatives
sponsored
by
2
the
office,
and
key
accomplishments
to
the
governor
and
the
3
general
assembly.
The
office
shall
adopt
rules
to
implement
4
its
responsibilities
and
comply
with
the
state
government
5
accountability
requirements
of
Code
chapter
8E.
6
The
bill
provides
that
the
office
shall
be
funded
from
an
7
annual
assessment
remitted
by
the
banking
division,
credit
8
union
division,
utilities
division,
insurance
division,
and
9
alcoholic
beverages
division
of
the
department
of
commerce.
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