SB12-021 Summary

• Creates a financial literacy pilot program administered by the Department of Local Affairs to distribute grants to up to 4 counties for teaching financial literacy classes to county residents, with one county having a population under 25,000, one between 25,000-100,000, and two over 100,000.

• Colorado State University Cooperative Extension Service designs the curriculum and tests two teaching methods: CSU staff teaching directly to participants, or CSU training county staff and volunteers to teach the classes.

• Counties apply by November 1, 2012, determining their own administering agency or nonprofit partner, with program operation from January 1, 2013 through December 31, 2015.

• Establishes a Financial Literacy Pilot Program Fund supported by participant fees on a sliding scale, county fees for training, and gifts/grants/donations; moneys in the fund are subject to annual General Assembly appropriation.

• Requires an outside evaluation specialist to report findings to legislature by February 1, 2015, measuring participant financial knowledge, credit score improvements, and program effectiveness; authorizes repeal of the program effective July 1, 2016.