Bill
Bill > S3727
NJ S3727
Provides grants to nonprofit organizations that provide financial literacy classes; appropriates $100,000.
summary
Introduced
10/07/2024
10/07/2024
In Committee
10/07/2024
10/07/2024
Crossed Over
Passed
Dead
Introduced Session
2024-2025 Regular Session
Bill Summary
This bill requires the Commissioner of Banking and Insurance to establish a program to provide grants to nonprofit organizations that provide financial literacy classes. Many citizens have limited knowledge in the concepts of personal budgeting, investing, and managing debt. This lack of knowledge can hinder their abilities to secure credit for major purchases and save for retirement. The bill addresses the lack of opportunities for education in personal finance by creating a grant program for financial nonprofits to develop and provide personal finance courses, with the goal of broadening the reach of financial education. Individual grants under the program are capped at $5,000. The bill appropriates $100,000 from the General Fund.
AI Summary
This bill requires the Commissioner of Banking and Insurance to establish a program that provides grants of up to $5,000 to nonprofit organizations that offer financial literacy classes. The goal is to broaden the reach of financial education and help citizens develop personal finance skills like budgeting, credit management, and investing. The bill appropriates $100,000 from the General Fund to fund the grant program, which will expire one year after the funds are fully spent.
Committee Categories
Business and Industry
Sponsors (1)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 10/07/2024)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.njleg.state.nj.us/bill-search/2024/S3727 |
| BillText | https://pub.njleg.gov/Bills/2024/S4000/3727_I1.HTM |
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