MN SF1770

Establishes the Ladder Out of Poverty Task Force consisting 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 consult with representatives from credit unions, banks, financial institutions, community action agencies, faith-based organizations, legal services organizations, tax preparation nonprofits, state agencies, universities, philanthropic organizations, and groups representing older Minnesotans, women, Latinos and Latinas, African-Americans, Asian-Americans, American Indians, and immigrants.

Task force must identify policies and strategies to increase asset acquisition and wealth-building for low-income families, expand individual development account programs, reduce predatory lending practices, incentivize alternative financial products, provide financial literacy education, and increase community engagement in combating poverty.

Task force must submit written recommendations and draft legislation to relevant legislative committees by June 1, 2012.

Task force expires June 1, 2012, or upon submission of the final report, whichever is earlier; initial meeting must be convened by September 15, 2010; all appointments must be completed by August 15, 2010.