NY A01047

Establishes the "state financial literacy fund" in joint custody of the state comptroller, attorney general, and commissioner of taxation and finance, funded by court collections under insurance law article twenty-four and other appropriated moneys.

Attorney general transfers up to $1 million annually beginning April 1, 2022 from the fund to provide grants to state agencies and 501(c)(3) nonprofits for financial literacy and capability programs serving unbanked and underbanked populations.

Eligible grant programs include free classroom or web-based financial education, individualized financial coaching, free financial products and services, and classroom-based programs for youth in the education system.

Requires grant recipients to evaluate program outcomes, document impact on consumer financial well-being, and submit annual reports to the attorney general; failure to report renders organizations ineligible for subsequent year funding.

Mandates school districts incorporate financial literacy instruction into social studies curriculum for kindergarten through grade 8 and requires high school students to complete a financial literacy course before graduation.