Division 22. California Financial Literacy Fund of California Financial Code >> Division 22.
For purposes of this division, "fund" means the California
Financial Literacy Fund.
(a) The California Financial Literacy Fund is hereby
established in the State Treasury. The fund shall be administered by
(b) The purpose of the fund is to enable partnerships with the
financial services community and governmental and nongovernmental
stakeholders to improve Californians' financial literacy.
(c) Funds not appropriated within 18 months of being contributed
to the fund shall be returned in full to the contributor.
The Controller may accept private donations and deposit
those donations into the fund, which shall be made available upon
appropriation in the annual Budget Act. Donations shall not be used
to promote or market the financial products of any contributor.
The Controller may convene a financial literacy advisory
committee to provide additional oversight of the fund and develop
strategies to improve financial literacy. If convened, the committee
shall comply with the Bagley-Keene Open Meeting Act (Article 9
(commencing with Section 11120) of Chapter 1 of Part 1 of Division 3
of Title 2 of the Government Code).
Beginning in 2013, the Controller shall provide to the
respective chairpersons of the Assembly Committee on Banking and
Finance and the Senate Committee on Banking and Financial
Institutions a brief annual summary on the use of the funds, when
appropriated. This summary shall be submitted no later than August 30
of each year.