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AB-2232 Financial institutions.(2017-2018)

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Date Published: 02/13/2018 09:00 PM
AB2232:v99#DOCUMENT


CALIFORNIA LEGISLATURE— 2017–2018 REGULAR SESSION

Assembly Bill
No. 2232


Introduced by Assembly Member Chiu

February 13, 2018


An act to amend Section 70004 of the Financial Code, relating to financial institutions.


LEGISLATIVE COUNSEL'S DIGEST


AB 2232, as introduced, Chiu. Financial institutions.
Existing law establishes the California Financial Literacy Fund in the State Treasury for the purpose of enabling partnerships with the financial services community and governmental and nongovernmental stakeholders to improve Californians’ financial literacy. Existing law requires the fund to be administered by the Controller and authorizes the Controller to deposit private donations into the fund. Existing law requires those moneys to be made available upon appropriation in the annual Budget Act and requires donations to be returned to contributors if not appropriated within 18 months. Existing law requires the Controller, beginning in 2013, to provide an annual summary to specified committees of the Legislature on the use of those moneys appropriated from the fund.
This bill would make a nonsubstantive change to the provision that describes the annual summary requirement.
Vote: MAJORITY   Appropriation: NO   Fiscal Committee: NO   Local Program: NO  

The people of the State of California do enact as follows:


SECTION 1.

 Section 70004 of the Financial Code is amended to read:

70004.
 Beginning in 2013, the Controller shall provide to the respective chairpersons of the Assembly Committee on Banking and Finance and the Senate Committee on Banking and Financial Institutions a brief annual summary on the use of the funds, when appropriated. This The summary shall be submitted no later than August 30 of each year.