HB 1462-FN – AS INTRODUCED
2008 SESSION
05/09
HOUSE BILL 1462-FN
AN ACT establishing the office of personal financial education in the treasury.
SPONSORS: Rep. Harding, Graf 11; Rep. Hager, Merr 12; Rep. P. McMahon, Merr 3; Rep. Reardon, Merr 11; Rep. Moran, Hills 18; Sen. Janeway, Dist 7; Sen. Roberge, Dist 9; Sen. Kelly, Dist 10
COMMITTEE: Executive Departments and Administration
This bill establishes the office of personal financial education in the treasury to promote and support personal financial education initiatives.
This bill is a request of the state treasurer.
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Explanation: Matter added to current law appears in bold italics.
Matter removed from current law appears [in brackets and struckthrough.]
Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.
08-2339
05/09
STATE OF NEW HAMPSHIRE
In the Year of Our Lord Two Thousand Eight
AN ACT establishing the office of personal financial education in the treasury.
Be it Enacted by the Senate and House of Representatives in General Court convened:
1 New Chapter; Office of Personal Financial Education Established in Treasury. Amend RSA by inserting after chapter 6-C the following new chapter:
CHAPTER 6-D
OFFICE OF PERSONAL FINANCIAL EDUCATION
6-D:1 Office of Personal Financial Education. There is established, within the state treasury, the office of personal financial education under the executive direction of the treasurer or the treasurer’s designee. The treasurer’s designee shall be known as the director of the office of personal financial education and shall be qualified by training and experience, as determined by the treasurer. The office of personal financial education shall assist the treasurer in undertaking the state’s leadership role in promoting the improvement of personal financial literacy and related personal financial decision-making of all citizens of the state.
6-D:2 Duties of Office. The office of personal financial education shall assist the treasurer to:
I. Provide citizens of the state with appropriate educational information relative to personal finances, regardless of gender, ethnicity, age, life stage, or economic state. In providing such information, all efforts shall be made to:
(a) Minimize any duplication and overlap in personal financial educational information provided by other state government units.
(b) Utilize personal financial educational information provided by other public and private organizations, both nonprofit and for-profit, if such information:
(1) Meets policies and standards approved by the treasurer.
(2) Is of a nature that does not directly promote or market the products or services of a single entity for profit.
II. Encourage and assist other state and local government units to include personal financial education in their respective public outreach programs and assist them in planning and preparing programs designed to improve the personal financial literacy of the state’s citizens.
III. Support community-based programs that provide personal financial education to citizens of the state.
IV. Recommend and support state and local policy and practices, as the state’s advocate, related to personal financial education and personal financial literacy improvements.
V. Provide encouragement and support to employers, including state and local government units, within the state to provide personal financial education to employees.
VI. Perform such other duties as assigned by the treasurer.
6-D:3 Authority to Accept Gifts and Grants. The treasurer is authorized to accept gifts, donations, federal, state, and local funds, or grants from any source, including voluntary services from organizations external to state government, if they are used for development, program marketing, delivery of program products and services, or other programs and duties of the office of personal financial education. Such gifts and grants shall be non-lapsing and continually appropriated to the office of personal financial education.
6-D:4 Reports. The office of personal financial education shall report on its activities at least annually to the governor, the president of the senate, and the speaker of the house of representatives.
6-D:5 Cooperation of Other State Government Organizations. All state agencies and departments shall provide the office of personal financial education with cooperation, information, and assistance as required by the office to fulfill its responsibilities under RSA 6-D:2.
6-D:6 Confidentiality of Information. The office of personal financial education shall maintain the confidentiality of any information which is protected by law.
2 Effective Date. This act shall take effect 60 days after its passage.
LBAO
08-2339
10/19/07
HB 1462-FN – FISCAL NOTE
AN ACT establishing the office of personal financial education in the treasury.
FISCAL IMPACT:
The Treasury Department states this bill will increase state general fund expenditures by an indeterminable amount in FY 2010 and each year thereafter. There will be no fiscal impact on county and local expenditures or state, county and local revenues.
METHODOLOGY:
The Treasury Department indicates this bill will establish an office of personal financial education within the Department. The Department is in the process of defining the personal financial education program requirements and staffing requirements to include in the 2010-2011 biennial budget. The Department, based upon initial research that includes a review of other states, estimates salaries, benefits, office space and equipment, travel and other necessary expenditures for the office of personal financial education may be $165,000 in FY 2010, $200,000 in FY 2011 and $250,000 in FY 2012.