Pandemic Darlings The pandemic economy, in original documents
Home Source documents Senate Commerce Committee Statement - Senate Bill No. 1196 (State of New Jersey, February 13, 2020)

Senate Commerce Committee Statement - Senate Bill No. 1196 (State of New Jersey, February 13, 2020)

Summary

A Senate Commerce Committee Statement to Senate, No. 1196, State of New Jersey, dated February 13, 2020, reporting Senate Bill No. 1196 favorably. The statement says the bill establishes in the Department of Community Affairs a three year Financial Empowerment Pilot Program, with the municipalities of Camden, Newark, and Paterson to participate. It says the pilot program is to contract with a non-profit provider to establish a financial empowerment center in each participating municipality. It also says monies received by the State from the settlement of the Federal Trade Commission complaint against Equifax, Inc. are to be transferred to the Department of Community Affairs.

Summary drafted by a model from the document's text below and checked by script against that text before publication. It is a navigation aid, not a reading of what the document proves. Where AI is used

Cite this document

“Senate Commerce Committee Statement - Senate Bill No. 1196 (State of New Jersey, February 13, 2020).” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2020-02-13-scm-s1196-s1-d7603e0596/, SHA-256 cad1536775131c640c82153adf4db0694c70871d4bd3367b1f718448e95b728f.

Full text

     SENATE COMMERCE COMMITTEE

                    STATEMENT TO

                  SENATE, No. 1196

 STATE OF NEW JERSEY
                  DATED: FEBRUARY 13, 2020

   The Senate Commerce Committee reports favorably Senate Bill
No. 1196.
   This bill establishes in the Department of Community Affairs a
three year Financial Empowerment Pilot Program. The purpose of
the pilot program is to address financial literacy and empowerment
issues for economically vulnerable individuals in the State through
municipal financial empowerment centers. The bill provides that
the municipalities of Camden, Newark, and Paterson are to
participate in the pilot program with the department.
   The bill requires the pilot program, in consultation with the
participating municipality, to contract with a non-profit provider to
establish a financial empowerment center in each of the
participating municipalities in a location that is easily accessible to
the residents of that municipality. The financial empowerment
centers are to facilitate appropriate forums, programs, or initiatives
designed to educate the public regarding financial literacy and
empowerment and provide personal financial coaching to
economically vulnerable individuals.
   The bill requires the pilot program to establish metrics and
standards to track counseling efforts and results for economically
vulnerable individuals, and provide methods for implementing those
standards at the financial empowerment centers, in the following
areas:
   (1) the opening or transitioning to a safe and affordable bank
account;
   (2) the establishment of a credit score, or the increase in an
existing credit score;
   (3) the decrease of non-mortgage debt; and
   (4) the increase in the rate of savings.
   The program is required to provide the centers with support
services, including materials for publication and dissemination to
the public on financial literacy and empowerment and to coordinate
the activities of the program with other entities that focus on
financial literacy and empowerment, including other State agencies.
   Under the bill, pilot program is required to submit a report to the
commissioner no later than two months after the conclusion of the
pilot program. The report must include, at a minimum, information
                                2

on the counseling efforts and results established and tracked
pursuant to the bill for each financial empowerment center.
   The bill requires the commissioner to submit a report to the
Governor and to the Legislature on the implementation and
effectiveness of the pilot program. The report must include the
commissioner’s recommendation on the advisability of the pilot
program’s continuation and expansion to additional municipalities
in the State.
   The bill provides that all monies received by the State from the
settlement of the complaint of the Federal Trade Commission
against Equifax, Inc., after accounting for any costs incurred by the
Attorney General in participating in the complaint, are to be
transferred to the Department of Community Affairs for the
purposes of effectuating the provisions of the bill. The moneys may
also be expended for appropriate and reasonable administrative
expenses incurred in the administration of the pilot program by the
department.
   The bill takes effect immediately and expires upon submission of
the final report required to be prepared under the bill.

File and source

File
2020-02-13_SCM_S1196_S1.pdf
Size
115,119 bytes
SHA-256
cad1536775131c640c82153adf4db0694c70871d4bd3367b1f718448e95b728f
Our copy
2020-02-13_SCM_S1196_S1.pdf
Original
No public link identified.
Back to top