Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. SB 1368
Barcode 820204
CHAMBER ACTION
Senate House
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11 The Committee on Banking and Insurance (Atwater) recommended
12 the following amendment:
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14 Senate Amendment
15 Delete everything after the enacting clause
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17 and insert:
18 Section 1. Financial Literacy Council.--
19 (1) CREATION.--A council, as defined in s. 20.03,
20 Florida Statutes, named the Financial Literacy Council, is
21 created as an adjunct to the Department of Financial Services.
22 The council shall be subject to the provisions of s. 20.052,
23 Florida Statutes.
24 (2) PURPOSE.--The purpose of the council is to study
25 financial problems that affect consumers, particularly young
26 persons, seniors, and working adults, and small businesses
27 which arise from a lack of basic knowledge of financial issues
28 and to provide recommendations to the Department of Financial
29 Services which will assist the department in developing
30 financial literacy programs and resources and providing a
31 single state resource for financial literacy for the general
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Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. SB 1368
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1 public in order to empower individuals and businesses to
2 manage their financial matters in order to reduce debt,
3 increase savings, and avoid bankruptcy. All recommendations
4 are subject to approval by the Chief Financial Officer.
5 (3) COMPOSITION.--
6 (a) The council shall consist of nine members who
7 shall be appointed by and serve at the pleasure of the Chief
8 Financial Officer. Six members must be persons having
9 experience in various areas of the financial industry, such as
10 financial institutions, as defined in s. 655.005, Florida
11 Statutes, finance, insurance, real estate, and securities. At
12 least one member must be a person who is not employed by and
13 is not a representative of the financial industry. At least
14 one member must be chosen from a list of three persons
15 submitted to the Chief Financial Officer by a senior advocacy
16 group. At least one member must be chosen from a list of three
17 persons submitted to the Chief Financial Officer by the
18 Florida Council on Economic Education. Appointed members shall
19 include persons who represent rural and urban interests and
20 the ethnic and cultural diversity of the state's population.
21 (b) Members of the council shall serve at the pleasure
22 of the Chief Financial Officer. The council shall meet at the
23 call of the chair. Five of the initial members appointed to
24 the council shall be appointed for terms of 3 years. All other
25 members shall be appointed for terms of 4 years. Members shall
26 serve until their successors are appointed. A vacancy shall be
27 filled for the remainder of the unexpired term.
28 (c) The Department of Financial Services shall provide
29 administrative and staff support to the council.
30 (4) MEETINGS; PROCEDURES; RECORDS.--
31 (a) The business of the council shall be presented to
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Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. SB 1368
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1 the council in the form of an agenda. The agenda shall be set
2 by the Chief Financial Officer and shall include items of
3 business requested by the council members.
4 (b) A majority of the members constitutes a quorum,
5 and action by a majority of a quorum shall be official.
6 (c) The minutes for each meeting shall be submitted to
7 the Chief Financial Officer within 14 days after the date of
8 each meeting.
9 (5) POWERS AND DUTIES.--The council shall:
10 (a) Study financial problems that affect consumers,
11 particularly young persons, seniors, and working adults, and
12 small businesses which arise from a lack of basic knowledge of
13 financial issues.
14 (b) Study and make recommendations to the department
15 regarding the creation of a single state resource for
16 consumers and small businesses to contact for financial
17 assistance.
18 (c) Study and make recommendations as to how the
19 department may help equip small businesses, young people,
20 working adults, and seniors with the tools and resources they
21 need to make informed financial decisions.
22 (d) Study and make recommendations as to how the
23 department may help residents of this state learn more about
24 personal finance issues, including, but not limited to,
25 personal savings, applying for loans, managing debt, making
26 sound investment choices, and saving for retirement.
27 (e) Study and make recommendations to the department
28 regarding the development of best practices for financial
29 management which are characteristic of highly successful small
30 businesses.
31 (f) Study and make recommendations as to how the
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Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. SB 1368
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1 department can serve as an educational forum for resource
2 planning, financial planning, and management issues for small
3 businesses.
4 (g) Assist the department in developing written
5 materials that shall be available to educate consumers and
6 small businesses about basic financial issues.
7 (h) Study and make recommendations to the department
8 regarding the establishment of an outreach program to help
9 educate affected persons through public meetings or seminars
10 or through web-based media.
11 (6) RESOURCES.--
12 (a) The council may apply for and accept funds,
13 grants, gifts, and services from the state, the government of
14 the United States or any of its agencies, or any other public
15 or private source for the purpose of defraying clerical and
16 administrative costs as necessary to carry out its duties
17 under this section. All sums received by the council shall be
18 deposited into the Department of Financial Services
19 Administrative Trust Fund. The moneys received and deposited
20 into the trust fund are appropriated for use by the council in
21 carrying out its duties as prescribed by this section.
22 (b) The council shall seek out and, wherever possible,
23 use the talents, expertise, and resources within the state,
24 and especially those of the public school, community college,
25 and state university systems, in furtherance of its mission.
26 (c) The council may procure information and assistance
27 from any state agency, political subdivision, municipal
28 corporation, or public officer.
29 (d) The council may coordinate with any state agency,
30 any political subdivision, or any school district of the state
31 in the furtherance of its mission.
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Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. SB 1368
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1 (7) EXPIRATION.--The council shall cease to exist on
2 December 31, 2011. Upon expiration, any funds remaining in the
3 Financial Literacy Council account of the Department of
4 Financial Services Administrative Trust Fund shall be
5 appropriated to the department to fund the activities that the
6 department has implemented pursuant to the recommendations of
7 the council.
8 (8) REPORTS.--Beginning January 1, 2008, the council
9 shall report annually on January 1 to the Governor, the
10 President of the Senate, and the Speaker of the House of
11 Representatives on the activities carried out under this
12 section, including expenditures and funding.
13 Section 2. For the 2006-2007 fiscal year, the sum of
14 $50,000 in nonrecurring funds is appropriated from the
15 Department of Financial Services Administrative Trust Fund in
16 the specific appropriation category "Financial Literacy
17 Council" to the Financial Literacy Council created by this
18 act. The appropriation is contingent upon prior receipt of
19 grant funds or private contributions by the council for the
20 purposes of this act. This section does not entitle the
21 Financial Literacy Council to expend funds from the
22 Administrative Trust Fund in an amount greater than the amount
23 of grant funds or private contributions received by the
24 council and deposited into the Administrative Trust Fund
25 pursuant to this act.
26 Section 3. This act shall take effect July 1, 2006.
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29 ================ T I T L E A M E N D M E N T ===============
30 And the title is amended as follows:
31 Delete everything before the enacting clause
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Florida Senate - 2006 COMMITTEE AMENDMENT
Bill No. SB 1368
Barcode 820204
1 and insert:
2 A bill to be entitled
3 An act relating to the Financial Literacy
4 Council; creating the council; providing
5 purposes; providing for membership; providing
6 for meetings, procedures, and records;
7 providing powers and duties of the council;
8 providing for resources of the council;
9 requiring that any funds received by the
10 council be deposited in the Administrative
11 Trust Fund; providing for expiration of the
12 council; requiring annual reports to the
13 Governor and Legislature; providing a
14 contingent appropriation; providing for
15 construction; providing a limitation on
16 expenditures of certain grant funds; providing
17 an effective date.
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