83(R) - 2013
Investment & Financial Services
Relating to financial inclusion through financial coaching and removal of other barriers to saving for economically disadvantaged persons.
No significant fiscal implication to the State is anticipated. No fiscal implication to units of local government is anticipated.
The fiscal impact that may be generated in association with implementing the provisions of the bill for the Office of the Consumer Credit Commissioner and the Department of Banking are not considered in this analysis because any fiscal impact for the agencies would be realized outside of the Treasury due to the agencies being Self-Directed and Semi-Independent.
Summary: HB 3486 would create a new voluntary certification program for financial coaches who assist low-income individuals who receive services from non-profit organizations. The purpose of the program would be to have the coach advise individuals on how to enroll in a Higher Education Savings Plan or the Prepaid Tuition Unit Undergraduate Education Program.
Analysis: HB 3486 would expand the scope of government by creating a new program. We oppose this legislation.