AR SB599

Establishes the Arkansas Financial Education Commission as a state agency to provide financial literacy education programs to all geographic areas and socioeconomic backgrounds and promote saving for education.

Creates a 9-member board of directors including the State Treasurer (chair), Commissioner of Elementary and Secondary Education, Securities Commissioner, Bank Commissioner, one Arkansas Bankers Association designee, one federally-chartered credit union member, and three members with various financial backgrounds appointed by the Treasurer; members serve two-year terms without compensation.

Authorizes the board to incorporate as a nonprofit corporation, request information from state agencies, enter into agreements with public and private entities, contract for services, and coordinate financial literacy education efforts statewide.

Assigns the commission duties including managing financial literacy programs for elementary and secondary students, creating a website with financial resources, awarding individuals and organizations improving financial literacy, and providing education on topics including income, banking, credit, debt management, education savings, retirement planning, and investing.

Allows the commission to raise funds through sponsorships and other approved means to support financial literacy promotion, materials, and travel expenses, with any year-end balance carried forward; requires the Treasurer of State to adopt implementing rules by January 1, 2022.