US 2002 Financial Literacy Legislation Resource in United States
US 2002 Financial Literacy Legislation Resource
| State: | Bill Summary: |
| California | S.B. 953 Chaptered by secretary of state 9/15/02, Chapter 541 Requires the superintendent of Public Instruction to make available to teachers a curriculum, as specified, on human growth, human development, and financial preparedness. Requires the state Board of Education to integrate with specified academic areas components on human growth, human development, and contribution to society, across the life course, and financial preparedness. |
| Iowa | H.F. 2221 Directs the director of the Department of Education to develop model money management curricula for the elementary and secondary grades, along with a statewide model for staff development for teaching money management, and to make the models available to school districts, accredited nonpublic schools, and area education agencies for implementation by the school year beginning July 1, 2004. The materials developed must include developmentally appropriate information and activities, must be designed for integration into other elementary and secondary school subject areas, and must provide opportunities for developing partnerships with private financial institutions in order to provide students with applied money management knowledge and skills. |
| S.F. 2072 Directs the director of the Department of Education to develop model money management curricula for grades three to 12, along with a statewide model for staff development for teaching money management, and to make the models available to school districts, accredited nonpublic schools, and area education agencies. The materials developed must include developmentally appropriate information and activities, must be designed for integration into other elementary and secondary school subject areas, and must provide opportunities for developing partnerships with private financial institutions in order to provide students with applied money management knowledge and skills. |
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| Kentucky | H.J.R. 25 Signed by governor 4/11/02, Chapter 310 Directs the Department of Education to implement the recommendations of the Interim Joint Committee on Education related to economic education. |
| Michigan | H.B. 5327 Signed by governor 4/1/02, Public Act 111 Directs the Department of Education to develop a model financial literacy program not later than July 1, 2002. The program must be designed to incorporate financial education throughout the curriculum for grades K to 12. Further, it shall be based on the concept of achieving financial literacy through the teaching of personal financial management skills, founded on the principles of earning, spending, saving, and investing. Encourages each school district, local act district, and public school academy to adopt and implement the model programs, or similar financial management programs. Specifies that if federal funds were available for these purposes, then the department shall be required to use those funds for grants to public schools, and for other measures to encourage the implementation of financial management programs. |
| H.B. 6121 Signed by governor 1230/02, Public Act 660 Creates the Consumer Mortgage Protection Act, which prohibits certain acts in offering to make or making some kinds of mortgage loans (e.g., refinancing loans and home equity loans) and provide for enforcement against violations; requires a lender at the time a person applied for a mortgage loan to provide the borrower with a “bill of rights” and with a written notice about the value of receiving credit counseling before taking out a mortgage loan and a list of the nearest available HUD-approved credit counseling agencies; specifies that the business of brokering, making, servicing, and collecting mortgage loans are to be solely regulated by federal and state governments and prohibits and preempts such regulation by municipal corporations or other political subdivisions of the state; and requires that, no later than December 1, 2003, the Office of Financial and Insurance Services develop and make available to local units of government, financial institutions, and other interested persons one or more model programs for financial education. The program must be designed to teach personal financial management skills and the basic principles involved with saving, borrowing, investing, and protection against predatory and other fraudulent lending practices. |
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| S.R. 163 Urges Michigan’s public colleges and universities to provide financial responsibility and debt education seminars to all incoming freshmen. |
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| Mississippi | H.B. 185 Died in committee 2/5/02 Requires the state Board of Education to develop a course on personal finance and entrepreneurship to be required of all public high school students graduating in 2007 and thereafter; specifies certain skills to be taught through the course; authorizes the state Department of Education to utilize available funding to train teachers in entrepreneurship education. |
| Missouri | H.B. 1200 Requires that every public school secondary student take at least one course in personal finance. The State Board of Education will set minimum standards for the courses, and school districts may exceed the minimum. |
| H.B. 1973 Signed by governor 7/2/02 Directs the Department of Elementary and Secondary Education to conduct a study of economics and personal finance education and submit it to the General Assembly by January 1, 2003. The study must contain recommendations on several topics, among which are in-service training methods for teachers on economics and personal finance, integration of the subjects into the statewide assessments, and requirements for a capstone high school course in economics and personal finance. No state moneys are to be used in funding the study. |
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| New Jersey | S.B. 647 Requires a public institution of higher education to establish a financial management program for its students if the institution enters into an agreement for the direct solicitation of credit cards to its students. The financial management program is to be funded by the credit card issuers and conform to the guidelines for the program established by the Department of Banking and Insurance. If a student has not successfully completed the financial management program prior to entering a credit card agreement pursuant to a direct solicitation, the student would not be liable for any interest on the debt pursuant thereto. |
| Ohio | H.B. 542 Requires every high school to include in the requirements for graduation from any curriculum one-half unit in economics emphasizing personal finance and consumer credit. |
| Utah | H.J.R. 15 Passed Senate 2/27/02 Urges Utah public school districts to ensure that school curriculums promote financial literacy among students. |
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