AB 597 (Eng) – California Financial Literacy Fund
Establishes the California Financial Literacy Fund in the State Treasury and authorizes the Controller to administer the fund and program. States that the purpose of the fund is to enable partnerships with the financial services community and governmental and nongovernmental stakeholders to improve Californians’ financial literacy. Allows the Controller to accept private donations and deposit those donations into the fund, which shall be made available upon appropriation in the annual Budget Act. Requires that funds not appropriated within 18 months of being contributed to the fund be returned in full to the contributor. Prohibits the use of donations to promote or market the financial products of any contributor.
- Version: Chaptered (Chapter 612, Statutes of 2011)
- Sponsor: State Controller, New America Foundation
- Location: Signed by Governor
- Board Position: Support