US 2003 Financial Literacy Legislation Resource in United States
US 2003 Financial Literacy Legislation Resource
| State: | Bill Summary: |
| Arkansas | S.B. 41, Second Extraordinary Session Signed by governor 1/21/04, Act 42 Assists public school districts in offering a personal finance course to students in grades nine through 12. |
| S.B. 972 Requires students to take a course in basic home finances before graduation. |
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| Colorado | H.J.R. 1069 Passed both houses 5/23/03 Encourages educators throughout Colorado to integrate the principles of basic personal finance into their teaching curricula. |
| Florida | H.B. 851 Died in committee 5/2/03 Deletes the requirement that the high school life management skills course, which includes consumer education, be taken at in the ninth or tenth grade levels. |
| H.B. 1739 Signed by governor 4/24/03, Chapter 8 S.B. 2576 Deletes the requirement that the high school life management skills course, which includes consumer education, be taken at in the ninth or tenth grade levels. |
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| Hawaii | H.C.R. 160 Transmitted to public 5/9/03 H.R. 125 Passed House 4/2/03 Designates April as “Financial Literacy For Youth In Hawaii Month.” |
| Idaho | H.B.419 Appropriates $9,864,300 to the State Board of Education and the Board of Regents of the University of Idaho for Special Programs, including Forest Utilization Research Program, Idaho Geological Survey Program, Scholarships and Grants Program, Idaho Museum of Natural History, Idaho Small Business Development Centers, and the Idaho Council on Economic Education for fiscal year 2004; limits the number of full-time equivalent positions to 24.80; and provides legislative intent regarding moneys appropriated for Category B of the Idaho Robert R. Lee Promise Scholarship Program. |
| Illinois | H.B. 2177 Appropriates $1,000,000 to the state Board of Education to expand economics education programs to include cooperative education. |
| Kansas | S.B. 74 Signed by governor 4/14/03 Requires the state Board of Education to develop curriculum, materials, and guidelines for local boards of education to use in implementing a program on personal financial literacy. Requires the state Board of Education to make all information and materials available to all accredited schools. The curriculum is not limited to, but is required to include, consumer financial education, personal finance, and personal credit. |
| Louisiana | H.B. 102 Requires all public high schools to provide instruction in a course in personal financial management as a prerequisite for graduation in accordance with the course of study and materials prescribed by Board of Elementary and Secondary Education for at least one semester, equal to one-half unit of credit. Removes provision that the instruction be integrated into an existing course of study. |
| H.C.R. 37 Filed with secretary of state 5/29/03 Urges and requests each public postsecondary education management board, in consultation with the Board of Regents, to develop and implement policies to require each institution under its respective jurisdiction to provide information to first-time entering freshmen relative to the dangers of credit card debt as part of a freshman orientation program or other admissions process. |
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| S.B. 38 Signed by governor 6/13/03, Act 296 Requires the free enterprise curriculum to include instruction in personal finance beginning with the 2004-2005 school year. |
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| Minnesota | H.F. 1049 S.F. 489 Provides student instruction in personal financial management and investment. |
| Mississippi | H.B. 148 Died in committee 2/4/03 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. |
| Montana | H.J.R. 10 Filed with secretary of state 3/28/03 Urges the Board of Public Education to integrate the principles of basic personal finance into the content and performance standards established for Montana’s public schools and urging the boards of trustees of Montana’s school districts to implement the standards into the curricula. |
| New York | A.B. 5171 Substituted by S.B. 4113 6/19/03 S.B. 4113 Signed by governor 10/7/03, Chapter 656 Enacts the Student Financial Education Act to create within children the skills, knowledge and experience necessary to manage personal finances and obtain general financial literacy; allows a credit union organized to open and maintain a student branch upon agreement with a school; defines student branch; authorizes the superintendent to promulgate regulations appropriate to the formation and operation of student branches. |
| North Carolina | H.B. 17 Encourages the public schools to provide consumer education in grades nine through 12. |
| Oregon | S.B. 56 Passed Senate 4/24/03 Creates planning and advisory committee on promotion of financial education and financial self-sufficiency. |
| S.B. 827 Requires state institution of higher education to provide debt and credit card education program as part of orientation activities required for new students. Prohibits state institution of higher education from selling personal information about individual who is or has been enrolled in institution. |
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| South Carolina | H.B. 3428 Provides that political subdivisions may not regulate or otherwise limit the financial activities of a lender subject to state or federal jurisdiction; requires the administrator of the Department of Consumer Affairs to provide education programs to promote consumer financial and credit responsibility; prohibits certain lending activities and requires certain disclosures in connection with a covered consumer home loan; regulates the payment of a home improvement contractor from the proceeds of a home loan; provides that South Carolina law applies in a consumer loan transaction secured by the dwelling place of a legal resident of this state; relates to the change of dollar amounts in the consumer protection code, so as to include the amount of a loan limit for prepayment without penalty; relates to the filing and posting of a maximum interest rate schedule by a consumer lender, so as to increase the filing fee to $45 and to earmark the increase for expenditure for consumer credit education programs; relates to authority to make a supervised loan, so as to prohibit the unlicensed taking of an assignment of or the direct collection of a supervised loan; and relates to prepayment without penalty of certain loans, so as to increase the loan limit from $100,000 to $150,000. |
| S.B. 258 Signed by governor 6/25/03, Act 68 Requires high school students to receive instruction in the area of personal finance and provides for the use of federal funds made available to this state pursuant to the Jobs and Growth Reconciliation Act of 2003. |
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| Texas | H.B. 154 Relates to personal finance education as a requirement for graduation from public high school. |
| H.B. 2972 Requires the Higher Education Coordinating Board (HECB), in collaboration with the Office of Consumer Credit Commissioner, the State Securities Board, and the Texas Education Agency to develop financial literacy material concerning financial aid for higher education and provide these materials to financial aid officers at institutions of higher education. Requires the agencies to submit a written report to the Legislature regarding the results of the financial literacy education program no later than December 1, 2005. |
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| H.C.R. 15 Signed by governor 6/22/03 Directs the state Board of Education to implement the inclusion of elements relating to personal finance among the essential knowledge and skills in the required public school curriculum, and to adopt and promote a personal finance education program that provides public school districts with textbook selections to assist in the program’s implementation. |
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| H.R. 523 Adopted 4/14/03 Recognizes all the participants in the 2003 Facts on Saving and Investing Campaign for their efforts to help Texans plan for a prosperous future and encourage Texans of all ages and income levels to increase their financial savvy and save and invest wisely. |
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| S.B. 627 Passed Senate 5/23/03 Requires the Office of the Consumer Credit Commissioner, the State Securities Board, the Texas Education Agency and the Higher Education Coordinating Board to collaborate to develop financial literacy education programs for adults and children. Materials related to higher education financial aid must be provided to financial aid officers at institutions of higher education. |
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| S.B. 1004 Relates to a list of free resources for the instruction of personal finance and consumer education in public schools. |
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| Utah | H.B. 77 Enacting clause struck 3/5/03 Modifies the state System of Public Education by requiring the state Board of Education to include 0.5 units of financial literacy credit in its graduation requirements. |
| S.B. 154 Signed by governor 3/24/03, Chapter 315 Includes instruction that stresses general financial literacy from basic budgeting to financial investments, including bankruptcy education as a graduation requirement. |
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| Virginia | H.B. 2151 Signed by governor 3/24/03, Chapter 948 Codifies and broadens existing budget language to direct the Department of Education to collect annually necessary data to make calculations at the beginning and end of each school year to ensure that each school division has appropriated sufficient funds to support its estimated required local expenditure for providing an educational program meeting the prescribed Standards of Quality (SOQ). The end-of-year calculations shall be designed to verify whether the locality has provided the required expenditure, based on average daily membership as of March 31 of the relevant school year. |
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