MN HF2062

Establishes the Ladder Out of Poverty Task Force to implement strategies for helping poor and near-poor Minnesotans build and maintain wealth and assets, with focus on older women and those vulnerable to predatory lending.

Task force consists of four senators (two majority, two minority), four house members (two majority, two minority), the Minnesota Department of Commerce commissioner or designee, and the attorney general or designee.

Task force must identify policies and strategies to increase asset-building opportunities, expand Family Assets for Independence (FAIM) programs, reduce predatory financial practices, incentivize alternative financial products, and provide financial literacy education to low-income families.

Director of Legislative Coordinating Commission must convene initial meeting by September 15, 2010, with task force members electing a chair or cochairs; task force expires June 1, 2012 or upon submission of written recommendations, whichever occurs first.

By June 1, 2012, task force must submit written recommendations and draft legislation to legislative committees with jurisdiction over commerce and consumer protection.