SB-546 • 2026

California Financial Literacy Fund.

Budget

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Grayson
Last action: 2026-01-26
Official status: In Assembly. Read first time. Held at Desk.
Effective date: Not listed

Plain English Breakdown

The official source material does not provide information on how existing partnerships with the financial services community will be affected by the repeal of the fund.

California Financial Literacy Fund Repeal

This bill removes existing laws about the California Financial Literacy Fund in the State Treasury and changes how boards managing common interest developments review financial documents.

What This Bill Does

Removes the law that created the California Financial Literacy Fund in the State Treasury.
Stops the Controller from depositing private donations into the fund and reporting on its use each year.
Requires board members of nonprofit corporations or unincorporated associations managing common interest developments to review financial documents together during monthly meetings.

Who It Names or Affects

People who manage nonprofit corporations or unincorporated associations for common interest developments.
The Controller and the State Treasury in California.

Terms To Know

Common Interest Development: A type of property management where multiple people own a part of a larger community, like an apartment complex or condominium building.
Controller: The person in charge of managing the state's money and financial records.

Limits and Unknowns

It is unclear how the repeal will affect existing partnerships with the financial services community.
This bill has passed both chambers of the California Legislature but has not yet been signed by the governor.

Bill History

2026-01-26 California Legislative Information
In Assembly. Read first time. Held at Desk.
2026-01-26 California Legislative Information
Read third time. Passed. (Ayes 39. Noes 0. Page 3286.) Ordered to the Assembly.
2026-01-21 California Legislative Information
Read second time. Ordered to consent calendar.
2026-01-20 California Legislative Information
From committee: Be ordered to second reading pursuant to Senate Rule 28.8 and ordered to consent calendar.
2026-01-09 California Legislative Information
Set for hearing January 20.
2026-01-07 California Legislative Information
From committee: Do pass and re-refer to Com. on APPR. with recommendation: To consent calendar. (Ayes 5. Noes 0. Page 3187.) (January 7). Re-referred to Com. on APPR.
2026-01-05 California Legislative Information
Re-referred to Com. on B. & F.I.
2026-01-05 California Legislative Information
Re-referred to Com. on RLS.
2026-01-05 California Legislative Information
Withdrawn from committee.
2026-01-05 California Legislative Information
From committee with author's amendments. Read second time and amended. Re-referred to Com. on HOUSING.
2025-12-18 California Legislative Information
Set for hearing January 7 in B. & F.I. pending receipt.
2025-03-05 California Legislative Information
Referred to Coms. on HOUSING and JUD.
2025-02-21 California Legislative Information
From printer. May be acted upon on or after March 23.
2025-02-20 California Legislative Information
Introduced. Read first time. To Com. on RLS. for assignment. To print.

Official Summary Text

SB 546, as amended, Grayson.
Common interest developments: accounting.
California Financial Literacy Fund.
Existing law establishes the California Financial Literacy Fund in the State Treasury for the purpose of enabling partnerships with the financial services community and governmental and nongovernmental stakeholders to improve financial literacy within the state. Existing law requires the fund to be administered by the Controller, who is authorized, among other things, to deposit private donations into the fund, as specified. Existing law requires those moneys to be made available upon appropriation in the annual Budget Act, and requires the Controller to report annually to the Legislature on the use of those moneys appropriated from the fund, as specified.
This bill would repeal those provisions.
Existing law requires the board of directors of a nonprofit corporation or unincorporated association created for the purpose of managing a common interest development to, on a monthly basis, review specified documents, including account statements, reconciliations, and ledgers, unless the association’s governing documents impose more stringent standards. Existing law authorizes those review requirements to be met when every individual member of the board, or a subcommittee of the board consisting of the treasurer and at least one other board member, reviews the documents and statements independent of a board meeting, so long as the review is ratified at the board meeting subsequent to the review and that ratification is reflected in the minutes of that meeting.
This bill would repeal those provisions authorizing the review requirements to be met
when individual members or a subcommittee of the board review the documents and statements independent of a board meeting as described above.

Current Bill Text

Read the full stored bill text

Download Bill PDF