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NJ S483
NJ S483Provides grants to nonprofit organizations that provide financial literacy classes; appropriates $100,000.
summary
Introduced
01/13/2026
01/13/2026
In Committee
01/13/2026
01/13/2026
Crossed Over
Passed
Dead
Introduced Session
2026-2027 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 establishes a grant program managed by the Commissioner of Banking and Insurance to support nonprofit organizations that offer financial literacy classes, aiming to improve citizens' understanding of personal budgeting, investing, and debt management, which are crucial for financial stability and economic participation. The program defines "financial education courses" broadly to include online or in-person modules, videos, or self-guided tools covering personal finance topics, and "financial nonprofit organizations" as 501(c)(3) or similar entities focused on consumer financial counseling, debt management, or financial literacy. The Legislature recognizes a shortage of such educational opportunities and intends to address this by providing grants of up to $5,000 to these organizations to develop and deliver courses to high school, college, and adult education communities, with the ultimate goal of expanding financial education. To fund this initiative, $100,000 is appropriated from the General Fund, and the program will be implemented on the first day of the seventh month after enactment, expiring one year after all appropriated funds are spent.
Committee Categories
Business and Industry
Sponsors (2)
Last Action
Introduced in the Senate, Referred to Senate Commerce Committee (on 01/13/2026)
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/2026/S483 |
| BillText | https://pub.njleg.gov/Bills/2026/S0500/483_I1.HTM |
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