Financial institutions.

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 Californians' financial literacy. Existing law requires the fund to be administered by the Controller and authorizes the Controller to deposit private donations into the fund. Existing law requires those moneys to be made available upon appropriation in the annual Budget Act and requires donations to be returned to contributors if not appropriated within 18 months. Existing law requires the Controller, beginning in 2013, to provide an annual summary to specified committees of the Legislature on the use of those moneys appropriated from the fund. This bill would make a nonsubstantive change to the provision that describes the annual summary requirement.