US 2004 Financial Literacy Legislation Resource in United States
US 2004 Financial Literacy Legislation Resource
| State: | Bill Summary: |
| Arisona | S.C.R. 1048 Passed both houses 4/6/04 Designates April as Financial Literacy for Youth Month in Arizona to increase public and educator awareness of the need to improve financial literacy among the state’s youth. Encourages parents and educators to participate in the activities and exercises to increase financial literacy. |
| California | A.B. 707 Died pursuant to Art. IV, Sec. 10(c) of the Constitution 2/2/04 Requires the superintendent of Public Instruction to plan and develop a one-semester instructional program on economics and requires the Department of Consumer Affairs and the superintendent of Public Instruction to establish, by April 1, 2004, a Personal Financial Management Curriculum Task Force that would be required to develop curriculum and educational programs for grades 7 to 12, inclusive, in comprehensive personal financial management. |
| A.B. 1278 Died pursuant to Art. IV, Sec. 10(c) of the Constitution 2/2/04 Existing law requires the governing board of each school district maintaining a high school to prescribe certain courses of study designed to provide the skills and knowledge required for adult life for pupils attending the schools within its school district. Adds to these requirements a course of study relating to the economics of higher education and would state the intent of the Legislature that the course of study be taught in grade 12 in a consumer economics course. Additionally states the intent of the Legislature that the California Student Aid Commission absorb the costs and provide the materials needed for instruction in the economics of higher education. |
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| A.B. 2435 Vetoed by governor 9/28/04 Permits a school district to provide instruction on personal finance. |
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| A.C.R. 61 Filed with secretary of state 3/30/04, Resolution Chapter 19 Declares the month of April 2004 as Financial Literacy for Youth Month, in order to raise public awareness about the need for increased financial literacy; and encourages the State Department of Education to review existing financial literacy programs and materials that are available in both the private and public sectors, for consideration in adopting a financial literacy curriculum for grades 10 to 12, inclusive; and urges that a financial literacy curriculum be made available to school administrators and teachers as soon as available to ensure that pupils develop the basic knowledge they will need to succeed as members of the workforce and consumers in the complex 21st century economy; and requires the Chief Clerk of the Assembly to transmit copies of this resolution to the superintendent of Public Instruction, the State Department of Education, and the author for appropriate distribution. |
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| S.B. 939 Died pursuant to Art. IV, Sec. 10(c) of the Constitution 2/2/04 States the intent of the Legislature to enact legislation that would provide a tax credit to winners of the state lottery who donate a portion of the proceeds of their winnings to public school programs that fund school counselors or to community college districts for basic skills instruction. |
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| Colorado | H.B. 1360 Signed by governor 6/4/04, Chapter 372 Requires the Department of Education (“Department”) to create a resource bank of materials pertaining to financial literacy, and specifies the minimum content of the resource bank. Upon the request of a school district or a charter school, requires the Department to provide technical assistance to the school district or charter school in designing a financial literacy curriculum. Encourages each school district to adopt a financial literacy curriculum and to make successful completion of courses on financial literacy a graduation requirement. |
| Hawaii | H.B. 1898 Signed by governor 4/29/04, Act 37 Establishes April as Financial Literacy for Youth Month in Hawaii. |
| H.B. 2219 Authorizes the Board of Education to establish personal financial management education programs within the Department of Education for grades kindergarten through 12. |
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| S.B. 2657 Authorizes the Board of Education to establish personal financial management education programs within the Department of Education for grades kindergarten through 12. |
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| Illinois | H.B. 4010 Amends the Deposit of State Moneys Act. Provides that the state treasurer may accept a proposal from an eligible institution that provides a reduced rate of interest if the institution agrees to expend an amount equal to the reduction for the delivery of credit union products and services and financial literacy programs to low-income persons or economically disadvantaged areas of the state. |
| Iowa | H.R. 116 Urges all local boards of education to support and encourage the development, inclusion, and expansion of parenting and life management skills curricula in the family and consumer sciences programs of all high schoolsthroughout Iowa; acknowledges and commends the progressive local boards of education in Iowa that currently have a family and consumer sciences graduation requirement in parenting and life management skills; and urges all local boards of education without a family and consumer sciences requirement to give priority to the addition of a specific family and consumer sciences high school graduation requirement in parenting and life management skills for all students in their districts. |
| Kentucky | H.B. 130 Passed House 2/24/04 Prohibits the offer of a gift in exchange for a student credit card application; requires public postsecondary education institutions and encourage nonpublic postsecondary institutions to include credit card and debt education sessions as part of new student orientation; directs the Council on Postsecondary Education to promulgate administrative regulations to regulate credit card marketing practices on public postsecondary campuses; makes the adoption of a credit card marketing policy a requirement for licensure of a nonpublic postsecondary college or university. |
| Massachusetts | S.B. 277 Establishes a grant program for YouthBuild in the Department of Education to enable economically disadvantaged youth, especially youth who have not finished high school, to obtain the education, job skills training, personal counseling, leadership development skills training, job placement assistance, and long-term follow-up leading to economic self sufficiency. |
| Michigan | H.R. 216 Adopted 3/11/04 Recognizes the month of April 2004 as Financial Literacy for Youth Month in the state of Michigan. |
| S.B. 199 Requires a basic finance course through Michigan virtual university; establishes course as an elective and receive high school credit for passing course. |
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| S.R. 226 Adopted 3/16/04 Establishes April as Financial Literacy for Youth Month. |
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| Minnesota | H.F. 2690 S.F. 2408 Relates to education; includes personal and family financial management and investment education as an elective for high school graduation. |
| Mississippi | H.B. 243 Died in committee 3/9/04 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 2008 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. |
| H.B. 1552 Died in committee 4/6/04 Authorizes school boards to implement a financial literacy program for students in grades 10 and 11. |
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| S.B. 3016 Signed by governor 4/26/04, Chapter 408 Authorizes school boards to implement a financial literacy program for students in Grades 10 and 11. The board may review the national programs and obtain free literature from various nationally recognized programs. After review of the different programs, the board may certify a program that is most appropriate for the school districts’ needs. If a district implements a financial literacy program, then any student in Grade 10 or 11 may participate in the program. The financial literacy program shall include, but is not limited to, instruction in the same areas of personal business and finance as required under Section 37-1-3(2)(b). The school board may coordinate with volunteer teachers from local community organizations, including, but not limited to, the following: United States Department of Agriculture Rural Development, United States Department of Housing and Urban Development, Junior Achievement, bankers and other nonprofit organizations. Nothing in this paragraph shall be construed as to require school boards to implement a financial literacy program. |
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| New Jersey | S.B. 1403 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. |
| New York | A.B. 6011 Requires every institution of higher education in the state to interview students who withdraw to determine whether such withdrawal is the result of credit card debt incurred by the student; requires such institutions to annually report to the governor, temporary president of the senate and speaker of the assembly on the number of students who withdraw because of credit card debt; requires that course of instruction on the implications of establishing a bad credit rating be given to newly entering students; requires such institutions to regulate the conduct of issuers of credit cards while on campus. |
| A.B. 9654 Passed Assembly 6/16/04 Provides for the registration of cash-dispensing machine operated by entities other than banking organizations and for an improving financial literacy fund; requires disclosures of fees and other information to cash-dispensing machine users. |
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| A.B. 11869 Establishes that instruction in financial education be provided to pupils in grades 9 through 12; establishes what should be included in such curriculum including the basics of financial planning, budgeting, borrowing, interest rates, personal insurance policies, etc. |
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| S.B. 7069 Requires institutions of higher learning to provide new students a course of instruction on the implications of establishing a bad credit rating; authorizes such institutions to regulate on campus activities of credit card issuers. |
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| S.B. 7128 Provides for the registration of cash-dispensing machine operated by entities other than banking organizations and for an improving financial literacy fund; requires disclosures of fees and other information to cash-dispensing machine users. |
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| Ohio | H.B. 160 Requires that every high school include in the requirements for graduation instruction in personal economics. |
| H.B. 482 Prohibits registration of an applicant as a mortgage broker or loan officer, certification or licensure of an applicant as a real estate appraiser, or registration as a real estate appraiser assistant if a national criminal background check shows that the applicant has committed specified criminal offenses, prohibits the appraisal of real estate without state certification or licensure, prohibits a person knowingly affecting the independent judgment of an appraiser as to a dwelling’s value; and requires that every high school include in the requirements for graduation instruction in personal economics. |
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| Oklahoma | S.B. 893 Failed to pass Senate 3/9/04 Requires instruction in financial literacy in schools; state minimum time period of instruction; establishes criteria; requires the state Board of Education to adopt rules. |
| Pennsylvania | H.R. 814 Establishes a task force for personal financial literacy initiatives for Pennsylvanians. |
| S.B. 843 Provides for a personal financial literacy program. |
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| Rhode Island | S.R. 3078 Passed Senate 4/29/04 Proclaims April as “Financial Literacy for Youth Month.” |
| South Carolina | H.B. 4819 S.B. 1106 Enacts the Financial Literacy Instruction Act of 2004, to provide for the development or adoption of a curriculum for local school boards to teach financial literacy, and to provide for the establishment of a fund to receive public and private contributions for financial literacy instruction. |
| South Dakota | H.C.R. 1015 Enrolled 2/21/04 Urges the South Dakota Board of Education to integrate the principles of basic personal finance into the public school curricula in South Dakota. |
| Virginia | S.B. 479 Signed by governor 4/15/04, Chapter 939 Requires the Board of Education to develop and approve objectives for mathematics, at the middle and high school levels, for personal living and finances, which shall focus on money-management skills for individuals and families. The personal living and finances objectives shall require instruction in those skills necessary to handle personal business and finances and shall include, but need not be limited to, the following: opening a bank account and judging the quality of a bank’s services; balancing a checkbook; completing a loan application; the implications of an inheritance; the basics of personal insurance policies; consumer rights and responsibilities; dealing with salesmen and merchants; debt management, including retail and credit card debt; state and federal tax computation; local tax assessments; computation of interest rates by various mechanisms; understanding simple contracts; and learning how to contest an incorrect bill. These personal living and finances objectives shall not be required to be included in the Board’s Standards of Learning, and shall be developed in a manner to ensure that instruction in the Standards of Learning shall not be de-emphasized. The Board shall not be required to evaluate student achievement concerning such objectives in the Standards of Learning assessments required by §22.1-253.13:3. |
| Washington | H.B. 2009 S.B. 5456 Directs the state board of education to develop or adopt, and to make available to schools, one or more model programs for youth financial education. A program under this act shall be designed to incorporate financial education throughout the curriculum for grades kindergarten through twelve and shall be based on the concept of achieving financial literacy through the teaching of personal financial management skills and the basic principles involved with earning, spending, saving, and investing. |
| H.B. 2455 Signed by governor 3/31/04, Chapter 247 Governor’s partial veto: http://www.leg.wa.gov/pub/billinfo/2003-04/House/2450-2474/2455-s_vto_04072004.txt S.B. 6212 Recognizes the damaging effects of not properly preparing youth for the financial realities of modern life, including bankruptcy, poor retirement planning, mounting debt, and a lower standard of living for Washington families. Finds that the purpose of the state’s system of public education is to help students acquire the skills and knowledge they will need to be productive and responsible 21st century citizens. Finds that responsible citizenship includes an ability to make wise financial decisions. Declares an intent to assist school districts in their efforts to ensure that students are financially literate through creating a set of financial literacy learning guidelines, providing information on instructional materials that help students meet the learning guidelines, data collection, and creating a public-private partnership to help provide instructional tools and professional development to school districts that wish to increase the financial literacy of their students. Provides that, by September 30, 2004, the financial literacy public-private partnership shall adopt a definition of financial literacy to be used in educational efforts. Provides that, by June 30, 2005, the financial literacy public-private partnership shall identify strategies to increase the financial literacy of public school students in our state. Declares that the task of the financial literacy public-private partnership is to seek out and determine the best methods of equipping students with the knowledge and skills they need, before they become self-supporting, in order for them to make critical decisions regarding their personal finances. The components of personal financial literacy examined shall include, at a minimum, consumer financial education, personal finance, and personal credit. |
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| West Virginia | H.B. 4574 Provides students a basic understanding of personal finance, requires the state board to prescribe instruction on personal finance that shall be integrated into the curriculum of an appropriate existing course or courses for all students in the secondary schools. |
| Wisconsin | A.B. 94 Failed to pass pursuant to Senate Joint Resolution 1 3/31/04 Beginning with pupils who graduate in May 2008, this bill requires 0.5 credit in personal finance to graduate high school. |
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