An Act To Establish a Financial Literacy Program
Maine Legislature, Session 123, LD 0216
Committee Amendment CA_A_H554 (House)

COMMITTEE AMENDMENT "/+' to H.P. 187, L.D. 216, Bill, "An Act To 
Establish a Financial Literacy Program 
Amend the bill by striking out the title and substituting the following: 
'Resolve, To Establish the Council on Financial Literacy and Create a 
Financial Literacy Matching Grant Program' 
Amend the bill by striking out everything after the title and before the summary and 
inserting the following: 
'Sec. 1. Council established. Resolved: That there is created the Council on 
Financial Literacy, referred to in this resolve as "the council," whose purpose is to 
encourage and support projects and programs offered by public entities and private not-
for-profit entities that seek to inform and educate Maine residents, especially students, on 
the management of their personal finances; and be it further 
Sec. 2. Grant program. Resolved: That the purpose of the council must be 
carried out through administration of a financial literacy matching grant program for the 
benefit of Maine residents. The program grants must be awarded by the Treasurer of 
State, with advice from the Director of the Office of Consumer Credit Regulation within 
the Department of Professional and Financial Regulation, referred to in this resolve as 
"the director"; and be it further 
Sec. 3. Membership. Resolved: 
That the council must be chaired by the 
Treasurer of State. The director or a designee must be a member of the council. Other 
members must be selected by the Treasurer of State, and must include a Legislator, a 
business person, a Maine high school student, a Maine college student, a banker, a credit 
union officer, a Maine investment advisor, a Maine public school teacher and a member 
of the public; and be it further 
COMMITTEE AMENDMENT 
" 
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COMMITTEE AMENDMENT "A .. to H.P. 187, L.D. 216 
Sec. 4. Service without compensation. Resolved: 
That members of the 
council serve without compensation except that the Legislator is entitled to receive the 
legislative per diem for attendance at meetings of the council; and be it further 
Sec. 5. Additional authority. Resolved: That the council is authorized to apply 
for and raise private funds to supplement its grant program; and be it further 
Sec. 6. Report. Resolved: That the Treasurer of State shall issue a report to the 
Legislature no later than January 15, 2009 on the operations of the financial literacy 
matching grant program, including a description of the recipients of the matching grants, 
a description of how the funded programs have benefited Maine citizens and whether the 
council has been able to supplement its initial funding from other sources; and be it 
further 
Sec. 7. Transfer to the Financial Literacy Program. Resolved: 
That, 
notwithstanding any other provision of law, the State Controller shall transfer $50,000 in 
each of fiscal years 2007-08 and 2008-09 from the Office of Consumer Credit 
Regulation, Other Special Revenue Funds account in the Department of Professional and 
Financial Regulation to the Financial Literacy Program, Other Special Revenue Funds 
account in the Office of the Treasurer of State. The State Controller shall make these 
transfers at a time determined in consultation with the Director of the Office of Consumer 
Credit Regulation and the Treasurer of State; and be it further 
Sec. 8. 
Appropriations and allocations. 
Resolved: 
That the following 
appropriations and allocations are made. 
TREASURER OF STATE, OFFICE OF 
Financial Literacy Program N004 
Initiative: Allocates funds for the expenses of the financial literacy matching grant 
program. 
OTHER SPECIAL REVENUE FUNDS 
All Other 
OTHER SPECIAL REVENUE FUNDS TOTAL 
SUMMARY 
2007-08 
$50,000 
$50,000 
2008-09 
$50,000 
$50,000 
This amendment replaces the bill with a resolve and establishes the Council on 
Financial Literacy, and authorizes the council to award matching grants for financial 
literacy programs using one-time funds in fiscal years 2007-2008 and 2008-2009 from 
unallocated funds of the Department of Professional and Financial Regulation, Office of 
Consumer Credit Regulation. The amendment authorizes the council to apply for and 
raise additional funds to sustain its matching grants program. 
COMMITTEE AMENDMENT 
COMMITfEE AMENDMENT" A" t. H.P. 187, LD. m 
This amendment also adds an appropriations and allocations section. 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
Approved: 06/09/07 
?dOC':-
LD216 
LR 726(02) 
An Act To Establish a Financial Literacy Program 
Fiscal Note for Bill as Amended by Committee Amendment·4 .. 
Committee: Education and Cultural Affairs 
Fiscal Note Required: Yes 
Appropriations/Allocations 
Other Special Revenue Funds 
Revenue 
Other Special Revenue Funds 
Transfers 
Other Special Revenue Funds 
Legislative Cost/Study 
Fiscal Note 
Legislative Cost/Study 
2007-08 
$50,000 
$0 
$0 
2008-09 
$50,000 
$0 
$0 
Projections 
2009-10 
$500 
$500 
$0 
Projections 
2010-11 
$500 
$500 
$0 
The per diem and expenses for the legislative member who will serve as a member of the Council on Financial 
Literacy are projected to be $420 in fiscal year 2007-08 and fiscal year 2008-09. The Legislature'S proposed budget 
includes $30,000 in fiscal year 2007-08 and $20,000 in fiscal year 2008-09 for legislative costs/studies. Whether the 
amounts are sufficient to fund all legislative costs/studies will depend on the number authorized by the Legislative 
Council and the Legislature. 
Fiscal Detail and Notes 
This legislation establishes a Council on Financial Literacy and a matching grant program to be administered by the 
Treasurer of State. The Council is authorized to apply for and raise private funds to supplement the grant program. 
An allocation of $50,000 in fiscal years 2007-08 and 2008-09 is provided in the bill to establish an account and to 
allow it to receive one-time funds transferred from the unobligated balances of the Office of Consumer Credit 
Regulation to fund the expenses of the financial literacy matching grant program. 
LR0726(02) - Fiscal Note - Page 1 of 1