Bill Text: MN HF2730 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Ladder Out of Poverty Task Force renamed and extended, and its duties modified.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2012-03-07 - Introduction and first reading, referred to Commerce and Regulatory Reform [HF2730 Detail]
Download: Minnesota-2011-HF2730-Introduced.html
1.2relating to state government; renaming and extending the Ladder Out of Poverty
1.3Task Force; modifying its duties;amending Laws 2010, chapter 374, section 1.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Laws 2010, chapter 374, section 1, is amended to read:
1.6 Section 1.LADDER OUT OF POVERTY ASSET DEVELOPMENT AND
1.7FINANCIAL LITERACY TASK FORCE.
1.8 Subdivision 1. Creation. (a) The task force consists of the following members:
1.9(1) four senators, including two members of the majority party and two members of
1.10the minority party, appointed by the Subcommittee on Committees of the Committee on
1.11Rules and Administration of the senate;
1.12(2) four members of the house of representatives, including two members of the
1.13majority party, appointed by the speaker of the house, and two members of the minority
1.14party, appointed by the minority leader; and
1.15(3) the commissioner of the Minnesota Department of Commerce or the
1.16commissioner's designee; and.
1.17(4) the attorney general or the attorney general's designee.
1.18(b) The task force shall ensure that representatives of the following have the
1.19opportunity to meet with and present views to the task force: the attorney general; credit
1.20unions; independent community banks; state and federal financial institutions; community
1.21action agencies; faith-based financial counseling agencies; faith-based social justice
1.22organizations; legal services organizations representing low-income persons; nonprofit
1.23organizations providing free tax preparation services as part of the volunteer income tax
1.24assistance program; relevant state and local agencies; University of Minnesota faculty
2.1involved in personal and family financial education; philanthropic organizations that have
2.2as one of their missions combating predatory lending; organizations representing older
2.3Minnesotans; and organizations representing the interests of women, Latinos and Latinas,
2.4African-Americans, Asian-Americans, American Indians, and immigrants.
2.5 Subd. 2. Duties. (a) At a minimum, the task force must identify specific policies,
2.6strategies, and actions to: reduce asset poverty and increase household financial security
2.7by improving opportunities for households to earn, learn, save, invest, and protect
2.8assets through expansion of such asset building opportunities as the Family Assets for
2.9Independence in Minnesota (FAIM) program and Earned Income Tax Credit (EITC)
2.10program.
2.11(1) increase opportunities for poor and near-poor families and individuals to acquire
2.12assets and create and build wealth;
2.13(2) expand the utilization of Family Assets for Independence in Minnesota (FAIM)
2.14or other culturally specific individual development account programs;
2.15(3) reduce or eliminate predatory financial practices in Minnesota through regulatory
2.16actions, legislative enactments, and the development and deployment of alternative,
2.17nonpredatory financial products;
2.18(4) provide incentives or assistance to private sector financial institutions to
2.19offer additional programs and services that provide alternatives to and education about
2.20predatory financial products;
2.21(5) provide financial literacy information to low-income families and individuals at
2.22the time the recipient has the ability, opportunity, and motivation to receive, understand,
2.23and act on the information provided; and
2.24(6) identify incentives and mechanisms to increase community engagement in
2.25combating poverty and helping poor and near-poor families and individuals to acquire
2.26assets and create and build wealth.
2.27For purposes of this section, "asset poverty" means an individual's or family's
2.28inability to meet fixed financial obligations and other financial requirements of daily living
2.29with existing assets for a three-month period in the event of a disruption in income or
2.30extraordinary economic emergency.
2.31(b)By June 1, 2012 During the 2013 and 2014 legislative sessions, the task force
2.32mustprovide written recommendations and any draft develop legislation necessary
2.33toimplement the recommendations to the chairs and ranking minority members of the
2.34legislative committees and divisions with jurisdiction over commerce and consumer
2.35protection fulfill the duties enumerated in paragraph (a).
3.1 Subd. 3. Administrative provisions. (a) The director of the Legislative
3.2Coordinating Commission, or a designee of the director, must convene the initial meeting
3.3of the task force by September 15, 2010. The members of the task force must elect a chair
3.4or cochairs from the legislative members at the initial meeting.
3.5(b) Members of the task force serve without compensation or payment of expenses
3.6except as provided in this paragraph. To the extent possible, meetings of the task force
3.7shall be scheduled on dates when legislative members of the task force are able to
3.8attend legislative meetings that would make them eligible to receive legislative per diem
3.9payments.
3.10(c) The task force expires June 1,2012, or upon the submission of the report required
3.11under subdivision 3, whichever is earlier 2014.
3.12(d) The task force may accept gifts and grants, which are accepted on behalf of the
3.13state and constitute donations to the state. The funds must be deposited in an account in
3.14the special revenue fund and are appropriated to the Legislative Coordinating Commission
3.15for purposes of the task force.
3.16(e) The Legislative Coordinating Commission shall provide fiscal services to the
3.17task force as needed under this subdivision.
3.18 Subd. 4. Deadline for appointments and designations. The appointments and
3.19designations authorized under this section must be completed no later than August 15,
3.202010 2012.
3.21EFFECTIVE DATE.This section is effective the day following final enactment.
1.3Task Force; modifying its duties;amending Laws 2010, chapter 374, section 1.
1.4BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.5 Section 1. Laws 2010, chapter 374, section 1, is amended to read:
1.6 Section 1.
1.7FINANCIAL LITERACY TASK FORCE.
1.8 Subdivision 1. Creation. (a) The task force consists of the following members:
1.9(1) four senators, including two members of the majority party and two members of
1.10the minority party, appointed by the Subcommittee on Committees of the Committee on
1.11Rules and Administration of the senate;
1.12(2) four members of the house of representatives, including two members of the
1.13majority party, appointed by the speaker of the house, and two members of the minority
1.14party, appointed by the minority leader; and
1.15(3) the commissioner of the Minnesota Department of Commerce or the
1.16commissioner's designee
1.17
1.18(b) The task force shall ensure that representatives of the following have the
1.19opportunity to meet with and present views to the task force: the attorney general; credit
1.20unions; independent community banks; state and federal financial institutions; community
1.21action agencies; faith-based financial counseling agencies; faith-based social justice
1.22organizations; legal services organizations representing low-income persons; nonprofit
1.23organizations providing free tax preparation services as part of the volunteer income tax
1.24assistance program; relevant state and local agencies; University of Minnesota faculty
2.1involved in personal and family financial education; philanthropic organizations that have
2.2as one of their missions combating predatory lending; organizations representing older
2.3Minnesotans; and organizations representing the interests of women, Latinos and Latinas,
2.4African-Americans, Asian-Americans, American Indians, and immigrants.
2.5 Subd. 2. Duties. (a) At a minimum, the task force must identify specific policies,
2.6strategies, and actions to
2.7by improving opportunities for households to earn, learn, save, invest, and protect
2.8assets through expansion of such asset building opportunities as the Family Assets for
2.9Independence in Minnesota (FAIM) program and Earned Income Tax Credit (EITC)
2.10program.
2.11
2.12
2.13
2.14
2.15
2.16
2.17
2.18
2.19
2.20
2.21
2.22
2.23
2.24
2.25
2.26
2.27For purposes of this section, "asset poverty" means an individual's or family's
2.28inability to meet fixed financial obligations and other financial requirements of daily living
2.29with existing assets for a three-month period in the event of a disruption in income or
2.30extraordinary economic emergency.
2.31(b)
2.32must
2.33to
2.34
2.35
3.1 Subd. 3. Administrative provisions. (a) The director of the Legislative
3.2Coordinating Commission, or a designee of the director, must convene the initial meeting
3.3of the task force by September 15, 2010. The members of the task force must elect a chair
3.4or cochairs from the legislative members at the initial meeting.
3.5(b) Members of the task force serve without compensation or payment of expenses
3.6except as provided in this paragraph. To the extent possible, meetings of the task force
3.7shall be scheduled on dates when legislative members of the task force are able to
3.8attend legislative meetings that would make them eligible to receive legislative per diem
3.9payments.
3.10(c) The task force expires June 1,
3.11
3.12(d) The task force may accept gifts and grants, which are accepted on behalf of the
3.13state and constitute donations to the state. The funds must be deposited in an account in
3.14the special revenue fund and are appropriated to the Legislative Coordinating Commission
3.15for purposes of the task force.
3.16(e) The Legislative Coordinating Commission shall provide fiscal services to the
3.17task force as needed under this subdivision.
3.18 Subd. 4. Deadline for appointments and designations. The appointments and
3.19designations authorized under this section must be completed no later than August 15,
3.20
3.21EFFECTIVE DATE.This section is effective the day following final enactment.
