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S01701 Summary:

BILL NOS01701
 
SAME ASSAME AS A08096
 
SPONSORPARKER
 
COSPNSRBAILEY, MONTGOMERY
 
MLTSPNSR
 
Add 393, Soc Serv L
 
Relates to establishing a program for financial transitional living services for foster children; establishes independent development savings accounts for foster children over the age of 16; requires foster children to attend financial literacy and independent living classes.
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S01701 Actions:

BILL NOS01701
 
01/10/2017REFERRED TO CHILDREN AND FAMILIES
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S01701 Memo:

Memo not available
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S01701 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          1701
 
                               2017-2018 Regular Sessions
 
                    IN SENATE
 
                                    January 10, 2017
                                       ___________
 
        Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
          printed to be committed to the Committee on Children and Families
 
        AN ACT to amend the social services law, in relation to  establishing  a
          program for financial transitional living services for foster children

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The social services law is amended by adding a new  section
     2  393 to read as follows:
     3    §  393.  Program for financial transitional living services for foster
     4  children. 1. The office of children and family services shall  establish
     5  a program to assist foster children in the care, custody or guardianship
     6  of  an  authorized agency to achieve financial security and independence
     7  as the children transition to independent living.
     8    2. The office of children and family  services  shall  enter  into  an
     9  agreement  with financial institutions to establish independent develop-
    10  ment savings accounts for foster children over the age of sixteen in the
    11  state. The agreement must:
    12    (a) prohibit a foster child from withdrawing money  from  the  savings
    13  account until the earlier of:
    14    (i)  the  first anniversary of the date the first deposit is made into
    15  the savings account; or
    16    (ii) the date the balance in  the  savings  account  first  equals  or
    17  exceeds two thousand dollars;
    18    (b)  authorize  a  foster  child  to  withdraw  money from the savings
    19  account only in person at the financial institution;
    20    (c) provide that the balance in the savings account may not exceed two
    21  thousand dollars and establish procedures for the transfer or withdrawal
    22  of the amount of money that exceeds two thousand dollars when necessary;
    23    (d) require the office of children and family services and the  finan-
    24  cial  institution  to  work  together  to  encourage the foster children
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07347-01-7

        S. 1701                             2
 
     1  participating in the program to open private savings accounts  once  the
     2  participants are no longer eligible for foster care services; and
     3    (e)  establish  procedures  to  transfer  ownership and control of the
     4  account to the participants exiting the program who are no longer eligi-
     5  ble for foster care services.
     6    3. The office of children and family services shall  seek  to  partner
     7  with  other  public  and  private entities to match the amounts of money
     8  deposited into the foster  children's  independent  development  savings
     9  accounts under the program. The matching funds must be deposited direct-
    10  ly into the child's savings account.
    11    4.  (a)  The  office of children and family services and the public or
    12  private entities selected as partners under subdivision  three  of  this
    13  section  shall jointly establish incentives to provide financial rewards
    14  to foster children for actions performed by the children, including, but
    15  not limited to, college visits or attendance at financial  literacy  and
    16  independent living classes.
    17    (b)  Foster children participating in the program shall be required to
    18  attend financial literacy and independent living classes.  Such  classes
    19  may  include,  but  need not be limited to instruction on using checking
    20  and savings accounts, securing a loan for high  cost  items  such  as  a
    21  motor  vehicle  or  a  home, obtaining and using credit and debit cards,
    22  investing  and  saving  money,  applying  to  post-secondary   education
    23  programs,  and  securing  housing and employment.  Attendance and active
    24  participation in such classes  shall  entitle  foster  children  to  the
    25  financial  incentives  established  under paragraph (a) of this subdivi-
    26  sion.
    27    5. Money that may be deposited in a  foster  child's  savings  account
    28  established under this section includes:
    29    (a) money earned by the child through employment or allowance;
    30    (b) gift money;
    31    (c)  money  deposited  by  the child's foster parent or by a parent or
    32  other relative of the child;
    33    (d) money received from public or private entities selected  as  part-
    34  ners  under subdivision three of this section as financial incentives or
    35  matching funds; and
    36    (e) other money authorized under the department's agreement  with  the
    37  credit union.
    38    6. The office of children and family services shall survey each foster
    39  child  who  enters and exits the program. The survey must be designed to
    40  assess any changes in the child's attitudes, perceptions, and  knowledge
    41  about  financial  matters and independent living from the time the child
    42  entered the program until the child exited the program.
    43    7. The office of children and family services shall complete no  later
    44  than  December  thirty-first, two thousand nineteen, and annually there-
    45  after, an evaluation of the program.
    46    8. The office of children and family services shall submit a report on
    47  the evaluation of the program conducted under subdivision seven of  this
    48  section  no  later  than  April first, two thousand twenty, and annually
    49  thereafter, to the governor,  temporary  president  of  the  senate  and
    50  speaker of the assembly.
    51    §  2.  This  act shall take effect on the ninetieth day after it shall
    52  have become a law; provided, however, that  effective  immediately,  the
    53  addition,  amendment  and/or  repeal of any rule or regulation necessary
    54  for the implementation of this act on its effective date are  authorized
    55  and directed to be made and completed on or before such effective date.
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