Bill Text: NY S07720 | 2015-2016 | General Assembly | Introduced
Bill Title: 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.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2016-05-12 - REFERRED TO CHILDREN AND FAMILIES [S07720 Detail]
Download: New_York-2015-S07720-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 7720 IN SENATE May 12, 2016 ___________ 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 25 participating in the program to open private savings accounts once the 26 participants are no longer eligible for foster care services; and EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD15452-01-6S. 7720 2 1 (e) establish procedures to transfer ownership and control of the 2 account to the participants exiting the program who are no longer eligi- 3 ble for foster care services. 4 3. The office of children and family services shall seek to partner 5 with other public and private entities to match the amounts of money 6 deposited into the foster children's independent development savings 7 accounts under the program. The matching funds must be deposited direct- 8 ly into the child's savings account. 9 4. (a) The office of children and family services and the public or 10 private entities selected as partners under subdivision three of this 11 section shall jointly establish incentives to provide financial rewards 12 to foster children for actions performed by the children, including, but 13 not limited to, college visits or attendance at financial literacy and 14 independent living classes. 15 (b) Foster children participating in the program shall be required to 16 attend financial literacy and independent living classes. Such classes 17 may include, but need not be limited to instruction on using checking 18 and savings accounts, securing a loan for high cost items such as a 19 motor vehicle or a home, obtaining and using credit and debit cards, 20 investing and saving money, applying to post-secondary education 21 programs, and securing housing and employment. Attendance and active 22 participation in such classes shall entitle foster children to the 23 financial incentives established under paragraph (a) of this subdivi- 24 sion. 25 5. Money that may be deposited in a foster child's savings account 26 established under this section includes: 27 (a) money earned by the child through employment or allowance; 28 (b) gift money; 29 (c) money deposited by the child's foster parent or by a parent or 30 other relative of the child; 31 (d) money received from public or private entities selected as part- 32 ners under subdivision three of this section as financial incentives or 33 matching funds; and 34 (e) other money authorized under the department's agreement with the 35 credit union. 36 6. The office of children and family services shall survey each foster 37 child who enters and exits the program. The survey must be designed to 38 assess any changes in the child's attitudes, perceptions, and knowledge 39 about financial matters and independent living from the time the child 40 entered the program until the child exited the program. 41 7. The office of children and family services shall complete no later 42 than December thirty-first, two thousand eighteen, and annually there- 43 after, an evaluation of the program. 44 8. The office of children and family services shall submit a report on 45 the evaluation of the program conducted under subdivision seven of this 46 section no later than April first, two thousand nineteen, and annually 47 thereafter, to the governor, temporary president of the senate and 48 speaker of the assembly. 49 § 2. This act shall take effect on the ninetieth day after it shall 50 have become a law; provided, however, that effective immediately, the 51 addition, amendment and/or repeal of any rule or regulation necessary 52 for the implementation of this act on its effective date are authorized 53 and directed to be made and completed on or before such effective date.
