| 1 | A bill to be entitled |
| 2 | An act relating to the Financial Literacy Council; |
| 3 | creating s. 624.35, F.S.; providing legislative findings; |
| 4 | creating the council; providing purposes; providing for |
| 5 | membership; providing for meetings, procedures, records, |
| 6 | and reimbursement for travel and per diem expenses; |
| 7 | providing powers and duties of the council; providing for |
| 8 | resources of the council; requiring annual reports to the |
| 9 | Governor and Legislature; providing an effective date. |
| 10 |
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| 11 | Be It Enacted by the Legislature of the State of Florida: |
| 12 |
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| 13 | Section 1. Section 624.35, Florida Statutes, is created to |
| 14 | read: |
| 15 | 624.35 Financial Literacy Council.-- |
| 16 | (1) CREATION.--The Legislature finds that financial issues |
| 17 | can be complex and confusing to many consumers and small |
| 18 | businesses. As a result, the number of bankruptcies have almost |
| 19 | doubled over the past 10 years, seniors are frequently the |
| 20 | targets of investment scams, more students drop out of college |
| 21 | due to credit card debt than due to failing grades, and many |
| 22 | consumers and small businesses are hurt by delaying or avoiding |
| 23 | important money issues due to fear of making the wrong financial |
| 24 | decisions. There is a dire need of user-friendly information and |
| 25 | education that will increase the financial literacy of small |
| 26 | businesses and consumers. Therefore, the Financial Literacy |
| 27 | Council is created. |
| 28 | (2) PURPOSES.--The purposes of the council are to: |
| 29 | (a) Provide a single state resource for consumers and |
| 30 | small businesses to contact for assistance regarding basic |
| 31 | financial information. |
| 32 | (b) Equip small businesses, young people, working adults, |
| 33 | and seniors with the tools and resources they need to make |
| 34 | informed financial decisions. |
| 35 | (c) Help residents of this state learn more about personal |
| 36 | finance issues, including, but not limited to, applying for |
| 37 | loans, making sound investment choices, and saving for |
| 38 | retirement. |
| 39 | (d) Facilitate the sharing of best practices that are |
| 40 | characteristic of highly successful small businesses. |
| 41 | (e) Serve as an educational forum for resource planning, |
| 42 | financial planning, and management issues for small businesses. |
| 43 | (3) COMPOSITION.-- |
| 44 | (a) Members of the council shall include the Chief |
| 45 | Financial Officer, or her or his designee, and not more than 14 |
| 46 | other members to be appointed by the Chief Financial Officer, |
| 47 | selected from various areas of the financial industry, such as |
| 48 | banking, finance, insurance, real estate, and securities, who |
| 49 | are, when possible, leading members of statewide organizations |
| 50 | representing all segments of the financial industry so as to |
| 51 | establish a broadly based and representative council. Appointed |
| 52 | members shall include persons who represent rural and urban |
| 53 | interests and the ethnic and cultural diversity of the state's |
| 54 | population. At least one member must be chosen from a list of |
| 55 | three persons submitted to the Chief Financial Officer by a |
| 56 | senior advocacy group. At least one member must be chosen from a |
| 57 | list of three persons submitted to the Chief Financial Officer |
| 58 | by the Florida Council on Economic Education. |
| 59 | (b) Members of the council shall serve at the pleasure of |
| 60 | the Chief Financial Officer. The board shall designate one |
| 61 | member as chair. The board shall meet at the call of the chair |
| 62 | or the Chief Financial Officer. All members shall be appointed |
| 63 | for a term of 4 years and shall serve until their successors are |
| 64 | appointed. A vacancy shall be filled for the remainder of the |
| 65 | unexpired term. |
| 66 | (4) MEETINGS; PROCEDURES; RECORDS; COMPENSATION.-- |
| 67 | (a) The business of the council shall be presented to the |
| 68 | council in the form of an agenda. The agenda shall be set by the |
| 69 | Chief Financial Officer and shall include items of business |
| 70 | requested by the council members. |
| 71 | (b) A majority of the members shall constitute a quorum, |
| 72 | and action by a majority of a quorum shall be official. |
| 73 | (c) The council shall make a report of each meeting to the |
| 74 | Chief Financial Officer, which report shall show the names of |
| 75 | the members present and shall include a record of the council's |
| 76 | discussions, recommendations, and actions taken. The Chief |
| 77 | Financial Officer shall keep the records of the proceedings of |
| 78 | each meeting on file and shall make the records available to any |
| 79 | interested person or group. |
| 80 | (d) Each council member shall be entitled to reimbursement |
| 81 | for per diem and travel expenses pursuant to s. 112.061. |
| 82 | (5) POWERS AND DUTIES.-- |
| 83 | (a) The council shall continually study financial problems |
| 84 | that plague consumers, particularly young persons, seniors, |
| 85 | working adults, and small businesses due to a lack of basic |
| 86 | knowledge of financial issues. |
| 87 | (b) The council shall develop written materials which |
| 88 | shall be available to educate consumers and small businesses |
| 89 | about basic financial issues. |
| 90 | (c) The council shall establish an outreach program by |
| 91 | which the council will provide education at meetings of affected |
| 92 | persons or by seminars provided through the council to groups of |
| 93 | affected persons. |
| 94 | (6) RESOURCES.-- |
| 95 | (a) The council may apply for and accept funds, grants, |
| 96 | gifts, and services from the state, the government of the United |
| 97 | States or any of its agencies, or any other public or private |
| 98 | source for the purpose of defraying clerical and administrative |
| 99 | costs as may be necessary in carrying out its duties under this |
| 100 | section. |
| 101 | (b) The council shall secure staff assistance and use |
| 102 | clerical resources, materials, and other support services of the |
| 103 | Department of Financial Services and other state agencies and |
| 104 | coordinate and consult with existing legislative staff, in order |
| 105 | that minimum costs and maximum expertise be achieved. |
| 106 | (c) The council shall use the talents, expertise, and |
| 107 | resources within the state, and especially those of the |
| 108 | university system, to whatever extent practicable. |
| 109 | (d) The council may procure information and assistance |
| 110 | from the state or any subdivision, municipal corporation, public |
| 111 | officer, governmental department, or agency thereof. All |
| 112 | agencies, officers, and political subdivisions of the state or |
| 113 | municipal corporations shall give the commission all relevant |
| 114 | information and reasonable assistance on any matters of research |
| 115 | within their knowledge or control. |
| 116 | (7) REPORTS.--Beginning January 1, 2007, the council shall |
| 117 | report annually on January 1 to the Governor, the Speaker of the |
| 118 | House of Representatives, and the President of the Senate on the |
| 119 | activities carried out under the provisions of this section. |
| 120 | Section 2. This act shall take effect July 1, 2005. |