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Bills

SB 546: California Financial Literacy Fund.

  • Session Year: 2025-2026
  • House: Senate

Current Status:

In Progress

(2026-01-26: In Assembly. Read first time. Held at Desk.)

Introduced

First Committee Review

First Chamber

Second Committee Review

Second Chamber

Enacted

Version:

Existing law establishes the California Financial Literacy Fund in the State Treasury for the purpose of enabling partnerships with the financial services community and governmental and nongovernmental stakeholders to improve financial literacy within the state. Existing law requires the fund to be administered by the Controller, who is authorized, among other things, to deposit private donations into the fund, as specified. Existing law requires those moneys to be made available upon appropriation in the annual Budget Act, and requires the Controller to report annually to the Legislature on the use of those moneys appropriated from the fund, as specified.

This bill would repeal those provisions.

Existing law requires the board of directors of a nonprofit corporation or unincorporated association created for the purpose of managing a common interest development to, on a monthly basis, review specified documents, including account statements, reconciliations, and ledgers, unless the associations governing documents impose more stringent standards. Existing law authorizes those review requirements to be met when every individual member of the board, or a subcommittee of the board consisting of the treasurer and at least one other board member, reviews the documents and statements independent of a board meeting, so long as the review is ratified at the board meeting subsequent to the review and that ratification is reflected in the minutes of that meeting.This bill would repeal those provisions authorizing the review requirements to be met when individual members or a subcommittee of the board review the documents and statements independent of a board meeting as described above.

News Coverage:

SB 546: California Financial Literacy Fund. | Digital Democracy