(a) (1) On or before July 1, 2024, the commission shall conduct, pursuant to subdivision (b), and deliver, pursuant to subdivision (f), a market analysis to determine if it is feasible to implement a âCalAccount Program,â which, if implemented, would have all of the following characteristics: (A) Would be a program established by the state for the purpose of protecting consumers who lack access to traditional banking services from predatory, discriminatory, and costly alternatives, which offers Californians access to a voluntary, zero-fee, zero-penalty, federally insured transaction account, known as a CalAccount, and related payment services at no cost to accountholders, including robust and geographically diverse mechanisms for accessing account funds and account management tools that facilitate the automation of basic financial transactions designed to serve the needs of individuals with low or fluctuating income. (B) Would be administered by a board consisting of all of the following members: (i) The Treasurer or the Treasurerâs designee. (ii) The Commissioner of the Department of Financial Protection and Innovation or that personâs designee. (iii) An individual with banking expertise, particularly expertise in transaction accounts and debit cards, appointed by the Senate Committee on Rules. (iv) An individual with expertise in economic and racial justice and cultural competence appointed by the Speaker of the Assembly. (v) An employee representative appointed by the Governor. (vi) An individual with expertise in banking or consumer financial services affiliated with an academic institution appointed by the Governor. (vii) An individual with banking expertise appointed by the Governor. (viii) A public banking advocate appointed by the Senate Committee on Rules. (ix) A consumer representative or advocate with expertise in banking access and financial empowerment, including within historically unbanked and underbanked communities, appointed by the Speaker of the Assembly. (C) Would require the board to establish a process by which an individual may open a CalAccount, which process shall be designed to maximize program participation. (D) Would require the board to establish the mechanisms by which an accountholder may deposit funds into a CalAccount for no fee, which mechanisms shall include, but not be limited to, electronic fund transfers arranged through an employerâs or hiring entityâs payroll direct deposit arrangement and cash loading through in-network partners. (E) Would require the board to establish the process through which an accountholder may elect to have a portion, up to the entirety, of the accountholderâs paycheck or earnings due for labor or services performed directly deposited by electronic fund transfer into the accountholderâs CalAccount. (F) Would require the board to establish the process through which employers and hiring entities shall be required to remit through a payroll direct deposit arrangement each workerâs elected payroll contribution to the workerâs CalAccount in accordance with the workerâs election. (G) Would require the board to establish mechanisms by which an accountholder can withdraw funds from a CalAccount using a CalAccount debit card for no fee, which mechanisms shall include, but not be limited to, withdrawals through point-of-sale purchases using a CalAccount debit card and through cash withdrawals at a robust and geographically expansive network of participating ATMs, bank or credit union branches, and other in-network partners of designated financial institution partners. (H) Would require the board to establish a process, available to all accountholders for no fee, through which an accountholder may arrange for payment to a registered payee using a preauthorized electronic fund transfer from a CalAccount. (I) Would require the board to establish the process and terms and conditions for becoming a registered payee, which shall at a minimum require the paye
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