S.F. No. 1497 Summary

• Appropriates $400,000 in fiscal year 2022 and $400,000 in fiscal year 2023 from the general fund to the commissioner of commerce for a grant to Prepare and Prosper.

• Requires the grant recipient to develop, market, evaluate, and distribute a financial services inclusion program.

• Program must assist low-income and financially underserved populations to build savings and strengthen credit.

• Program must provide services to help low-income and financially underserved populations become more financially stable and secure.

• Unspent funds from fiscal year 2022 may be carried forward and used in fiscal year 2023.