This bill establishes a program under the Commissioner of Banking and Insurance to provide grants to nonprofit organizations focused on financial literacy education. It aims to address the shortage of personal finance classes available in public schools, post-secondary education, and adult education by offering financial nonprofit organizations grants of up to $5,000. These organizations will develop and provide classes covering essential topics such as budgeting, credit management, loans, personal taxes, and investing. The bill emphasizes the importance of financial education in enabling citizens to make informed financial decisions and participate more fully in the economy.

To support this initiative, the bill appropriates $100,000 from the General Fund to fund the grant program. The Commissioner will establish an application process and evaluation criteria to select successful applicants. The act is set to take effect on the first day of the seventh month following its enactment and will expire one year after all appropriated funds have been expended.