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A05490 Summary:

BILL NOA05490A
 
SAME ASNo Same As
 
SPONSORWalker
 
COSPNSRWilliams, Cook, Davila
 
MLTSPNSRSolages
 
Add 394, 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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A05490 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                         5490--A
 
                               2021-2022 Regular Sessions
 
                   IN ASSEMBLY
 
                                    February 19, 2021
                                       ___________
 
        Introduced by M. of A. WALKER, WILLIAMS, COOK, DAVILA -- Multi-Sponsored
          by  --  M. of A. SOLAGES -- read once and referred to the Committee on
          Children and Families -- recommitted to the Committee on Children  and
          Families  in  accordance  with Assembly Rule 3, sec. 2 -- reported and
          referred to the Committee on Ways and Means --  committee  discharged,
          bill  amended,  ordered  reprinted  as amended and recommitted to said
          committee
 
        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  394 to read as follows:
     3    §  394.  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;
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD07877-02-2

        A. 5490--A                          2
 
     1    (d) require the office of children and family services and the  finan-
     2  cial  institution  to  work  together  to  encourage the foster children
     3  participating in the program to open private savings accounts  once  the
     4  participants are no longer eligible for foster care services; and
     5    (e)  establish  procedures  to  transfer  ownership and control of the
     6  account to the participants exiting the program who are no longer eligi-
     7  ble for foster care services.
     8    3. The office of children and family services shall  seek  to  partner
     9  with  other  public  and  private entities to match the amounts of money
    10  deposited into the foster  children's  independent  development  savings
    11  accounts under the program. The matching funds must be deposited direct-
    12  ly into the child's savings account.
    13    4.  (a)  The  office of children and family services and the public or
    14  private entities selected as partners under subdivision  three  of  this
    15  section  shall jointly establish incentives to provide financial rewards
    16  to foster children for actions performed by the children, including, but
    17  not limited to, college visits or attendance at financial  literacy  and
    18  independent living classes.
    19    (b)  Foster children participating in the program shall be required to
    20  attend financial literacy and independent living classes.  Such  classes
    21  may  include,  but  need not be limited to instruction on using checking
    22  and savings accounts, securing a loan for high  cost  items  such  as  a
    23  motor  vehicle  or  a  home, obtaining and using credit and debit cards,
    24  investing  and  saving  money,  applying  to  post-secondary   education
    25  programs,  and  securing  housing and employment.  Attendance and active
    26  participation in such classes  shall  entitle  foster  children  to  the
    27  financial  incentives  established  under paragraph (a) of this subdivi-
    28  sion.
    29    5. Money that may be deposited in a  foster  child's  savings  account
    30  established under this section includes:
    31    (a) money earned by the child through employment or allowance;
    32    (b) gift money;
    33    (c)  money  deposited  by  the child's foster parent or by a parent or
    34  other relative of the child;
    35    (d) money received from public or private entities selected  as  part-
    36  ners  under subdivision three of this section as financial incentives or
    37  matching funds; and
    38    (e) other money authorized under the department's agreement  with  the
    39  credit union.
    40    6. The office of children and family services shall survey each foster
    41  child  who  enters and exits the program. The survey must be designed to
    42  assess any changes in the child's attitudes, perceptions, and  knowledge
    43  about  financial  matters and independent living from the time the child
    44  entered the program until the child exited the program.
    45    7. The office of children and family services shall complete no  later
    46  than  December  thirty-first,  two  thousand  twenty-three, and annually
    47  thereafter, an evaluation of the program.
    48    8. The office of children and family services shall submit a report on
    49  the evaluation of the program conducted under subdivision seven of  this
    50  section no later than April first, two thousand twenty-four, and annual-
    51  ly  thereafter,  to  the governor, temporary president of the senate and
    52  speaker of the assembly.
    53    § 2. This act shall take effect on the ninetieth day  after  it  shall
    54  have become a law. Effective immediately, the addition, amendment and/or
    55  repeal  of  any  rule  or regulation necessary for the implementation of

        A. 5490--A                          3
 
     1  this act on its effective date are authorized to be made  and  completed
     2  on or before such effective date.
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