Today's Law As Amended


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AB-1247 Consumer savings accounts.(2023-2024)



As Amends the Law Today


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:
(a) The Treasurer or Treasurer’s designee.
(b) The Commissioner of Financial Protection and Innovation or that person’s designee.
(c) An individual with expertise in emergency savings accounts, appointed by the Senate Committee on Rules.
(d) An advocate for emergency savings accounts, appointed by the Senate Committee on Rules.
(e) An individual with expertise in the widespread state of unpreparedness for a financial emergency that the vast majority of Californians find themselves in, appointed by the Speaker of the Assembly.
(f) A consumer representative or advocate with expertise in banking access and financial empowerment, appointed by the Speaker of the Assembly.
(g) An employer representative appointed by the Governor.
(h) An individual with expertise in financial insurance or consumer financial services affiliated with an academic institution appointed by the Governor.
(i) An individual, appointed by the Governor, with banking expertise.
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 This title shall remain in effect until January 1, 2032, and as of that date is repealed.