This bill establishes a grant program administered by the Commissioner of Banking and Insurance to support nonprofit organizations that offer financial literacy education. The program aims to address the shortage of personal finance classes available in public schools, post-secondary education, and adult education by providing grants of up to $5,000 to eligible 501(c)(3) organizations. These grants will enable nonprofits to develop and deliver courses covering essential topics such as budgeting, credit management, loans, personal taxes, and investing.

To fund this initiative, the bill appropriates $100,000 from the General Fund. The Commissioner is tasked with creating an application process and evaluation criteria to select grant recipients. The act is set to take effect seven months after its enactment and will remain in effect for one year following the expenditure of all allocated funds. This legislation aims to enhance financial literacy among citizens, thereby improving their ability to make informed financial decisions and participate more fully in the economy.