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S.F. No. 137 - Modifying the Family Assets for Independence
Author: Senator Gregory D. Clausen
Prepared By: Joan White, Senate Counsel (651/296-3814)
Date: February 26, 2015


          S.F. No. 137 modifies the family assets for independence in Minnesota (FAIM) program, which provides matching funds to low-income families to use towards postsecondary educational expenses, buying or building a house, or starting or maintaining a business.  This bill adds another component to the program, which is financial coaching for program participants.

          Section 1 (256E.35, subd. 2) adds a definition for financial coach, and puts definitions in alphabetical order. 

          Section 2 (256E.35, subd. 4a) specifies the duties of the financial coach. 

          Section 3 appropriates $250,000 per year for the financial coaching. 

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