Bill Text: MN SF1720 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Family assets for independence program modification and appropriation
Sponsorship: Slight Partisan Bill (Republican 2-1)
Status: (Introduced - Dead) 2012-03-20 - Author added Marty [SF1720 Detail]
Download: Minnesota-2011-SF1720-Introduced.html
1.2relating to human services; modifying the family assets for independence
1.3program; appropriating money;amending Minnesota Statutes 2011 Supplement,
1.4section 256E.35, subdivisions 5, 6.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2011 Supplement, section 256E.35, subdivision 5, is
1.7amended to read:
1.8 Subd. 5. Household eligibility; participation. (a) To be eligible for state or TANF
1.9matching funds in the family assets for independence initiative, a household must meet the
1.10eligibility requirements of the federal Assets for Independence Act, Public Law 105-285,
1.11in Title IV, section 408 of that act.
1.12(b) Each participating household must sign a family asset agreement that includes
1.13the amount of scheduled deposits into its savings account, the proposed use, and the
1.14proposed savings goal. A participating household must agree to complete an economic
1.15literacy training program.
1.16Participating households may only deposit money that is derived from household
1.17earned income or from state and federal income tax credits.
1.18 Sec. 2. Minnesota Statutes 2011 Supplement, section 256E.35, subdivision 6, is
1.19amended to read:
1.20 Subd. 6. Withdrawal; matching; permissible uses. (a) To receive a match, a
1.21participating household must transfer funds withdrawn from a family asset account to its
1.22matching fund custodial account held by the fiscal agent, according to the family asset
2.1agreement. The fiscal agent must determine if the match request is for a permissible use
2.2consistent with the household's family asset agreement.
2.3The fiscal agent must ensure the household's custodial account contains the
2.4applicable matching funds to match the balance in the household's account, including
2.5interest, on at least a quarterly basis and at the time of an approved withdrawal. Matches
2.6must be provided as follows:
2.7(1) from state grant and TANF funds, a matching contribution of $1.50 for every
2.8$1 of funds withdrawn from the family asset account equal to the lesser of $720 per
2.9year or a $3,000 lifetime limit; and
2.10(2) from nonstate funds, a matching contribution of no less than $1.50 for every $1
2.11of funds withdrawn from the family asset account equal to the lesser of $720 per year or
2.12a $3,000 lifetime limit.
2.13(b) Upon receipt of transferred custodial account funds, the fiscal agent must make a
2.14direct payment to the vendor of the goods or services for the permissible use.
2.15 Sec. 3. APPROPRIATION.
2.16$500,000 is appropriated in fiscal year 2013 from the general fund to the
2.17commissioner of human services for purposes of the family assets for independence
2.18program under Minnesota Statutes, section 256E.35.
1.3program; appropriating money;amending Minnesota Statutes 2011 Supplement,
1.4section 256E.35, subdivisions 5, 6.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2011 Supplement, section 256E.35, subdivision 5, is
1.7amended to read:
1.8 Subd. 5. Household eligibility; participation. (a) To be eligible for state or TANF
1.9matching funds in the family assets for independence initiative, a household must meet the
1.10eligibility requirements of the federal Assets for Independence Act, Public Law 105-285,
1.11in Title IV, section 408 of that act.
1.12(b) Each participating household must sign a family asset agreement that includes
1.13the amount of scheduled deposits into its savings account, the proposed use, and the
1.14proposed savings goal. A participating household must agree to complete an economic
1.15literacy training program.
1.16Participating households may only deposit money that is derived from household
1.17earned income or from state and federal income tax credits.
1.18 Sec. 2. Minnesota Statutes 2011 Supplement, section 256E.35, subdivision 6, is
1.19amended to read:
1.20 Subd. 6. Withdrawal; matching; permissible uses. (a) To receive a match, a
1.21participating household must transfer funds withdrawn from a family asset account to its
1.22matching fund custodial account held by the fiscal agent, according to the family asset
2.1agreement. The fiscal agent must determine if the match request is for a permissible use
2.2consistent with the household's family asset agreement.
2.3The fiscal agent must ensure the household's custodial account contains the
2.4applicable matching funds to match the balance in the household's account, including
2.5interest, on at least a quarterly basis and at the time of an approved withdrawal. Matches
2.6must be provided as follows:
2.7(1) from state grant and TANF funds, a matching contribution of $1.50 for every
2.8$1 of funds withdrawn from the family asset account equal to the lesser of $720 per
2.9year or a $3,000 lifetime limit; and
2.10(2) from nonstate funds, a matching contribution of no less than $1.50 for every $1
2.11of funds withdrawn from the family asset account equal to the lesser of $720 per year or
2.12a $3,000 lifetime limit.
2.13(b) Upon receipt of transferred custodial account funds, the fiscal agent must make a
2.14direct payment to the vendor of the goods or services for the permissible use.
2.15 Sec. 3. APPROPRIATION.
2.16$500,000 is appropriated in fiscal year 2013 from the general fund to the
2.17commissioner of human services for purposes of the family assets for independence
2.18program under Minnesota Statutes, section 256E.35.
