US 2007 Financial Literacy Legislation Resource in United States
US 2007 Financial Literacy Legislation Resource
| State: | Bill Summary: |
| California | A.B. 150 Vetoed by governor 10/14/07 Establishes the California Financial Literacy Initiative for the purpose of improving financial literacy by offering instructional materials for teachers and parents to provide high-quality financial literacy education for pupils in kindergarten and grades 1 to 12, inclusive. The initiative would be administered by the superintendent of Public Instruction. The superintendent would be authorized to provide, among other things, an online library of financial literacy resources and materials to be made available for schools, teachers, parents, and pupils. The superintendent also would be authorized to convene a Financial Literacy Advisory Committee that may include representatives of the office of the Superintendent, the office of the Treasurer, the Department of Corporations, the Department of Financial Institutions, and the office of the Controller. The superintendent, beginning in 2010, would be required to report biennially on or before January 1 to the Legislature on specified data to be collected about the materials included in the online library of financial literacy resources by the authors or publishers of those materials, at their option. The bill requires specified state agencies to use existing resources for the initiative if they elect to participate. |
| A.B. 1122 Requires the state Department of Education to develop and make available to school districts information regarding instruction on the consumer credit system, including the history of credit, the manner of obtaining credit, the proper use of credit, understanding credit reports, the correction of an erroneous credit report, and ways of improving a credit report. |
|
| A.C.R. 40 Adopted 5/7/07, Resolution Chapter 34 Declares the month of April 2007 as Financial Literacy Month, in order to raise public awareness about the need for increased financial literacy. |
|
| Connecticut | H.B. 5876 Failed Joint Favorable deadline 3/30/07 Requires the banking industry or credit union industry reinstate banking and financial education in middle school or high school in Hartford as a pilot project. |
| H.B. 6759 Failed Joint Favorable deadline 3/30/07 Concerns life skills studies in public schools; requires students to complete a course in life skills management prior to graduating from high school. |
|
| Georgia | H.R. 825 Adopted 4/20/07 Urges state and national officials to support the goals and ideals of “Financial Literacy Month.” |
| Hawaii | H.B. 99 Requires the Department of Human Services to offer financial education to applicants for and recipients of temporary assistance for needy families. |
| H.B. 430 Requires the Department of Commerce and Consumer Affairs to regulate the payday lending industry through licensing. Appropriates funds to establish a financial literacy education program. |
|
| S.B. 1660 Requires the Department of Commerce and Consumer Affairs to regulate the payday lending industry through licensing. Appropriates funds to establish a financial literacy education program. |
|
| S.C.R. 4 Requests the Department of Education to add a mandatory one semester course in economic and financial management literacy to the existing public high school curriculum. |
|
| S.R. 40 Requests the Department of Education to evaluate and study the possibility of implementing a financial literacy curriculum in public middle and high schools. |
|
| Idaho | H.C.R. 10 Adopted 3/7/07 States findings of the Legislature and urges the State Board of Education to integrate the principles of basic personal finance into the public school curricula in Idaho. |
| Illinois | S.B. 1673 Amends the Deposit of State Moneys Act. Provides that the 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 financial literacy programs for persons who reside in investment areas, as defined by federal law, and identified by the U.S. Department of the Treasury, in counties having a population of 3,000,000 or more. Provides that the proposal and acceptance shall be contained in an agreement between the state treasurer, the institution, and a third party, if applicable, and the agreement shall restrict the use of the funds to the prospective delivery of the foregoing products, services, and programs. |
| Indiana | H.B. 1519 Requires public schools (including charter schools) and accredited nonpublic schools to provide instruction in personal financial responsibility to students in grades nine through 12. |
| Iowa | H.F. 43 Adds a one-half unit course in personal finance literacy to the educational program each school district andaccredited nonpublic school is required to offer in grades nine through 12, and requires all students to take the course as a condition of graduation. The personal finance curriculum includes the use of common banking instruments such as checking accounts; credit; debit cards; compound interest; mortgage, auto, and personal loans; investment basics including stocks, bonds, and index funds; credit scores; budgeting; saving and debt management; retirement planning and savings; and insurance. The bill may include a state mandate as defined in Code section 25B.3. The bill requires that the state cost of any state mandate included in the bill be paid by a school district from state school foundation aid received by the school district under Code section 257.16. The specification is deemed to constitute state compliance with any state mandate funding-related requirements of Code section 25B.2. The inclusion of this specification is intended to reinstate the requirement of political subdivisions to comply with any state mandates included in the bill. |
| H.F. 427 Adds one-half unit of personal finance literacy to the education program school districts and accredited nonpublic schools must offer in grades nine through twelve; provides a future effective date. |
|
| H.B. 441 Adds one-half unit of personal finance literacy to the education program school districts and accredited nonpublic schools must offer in grades nine through twelve; makes an appropriation. |
|
| Kentucky | H.B. 311 Creates a new section of KRS Chapter 156 to require the Kentucky Department of Education, no later than September 1, 2008, to establish at least one teacher institute regarding financial literacy and economic education, to be conducted annually. |
| H.B. 346 Creates new sections of KRS Chapter 158 to require the Kentucky Department of Education to develop and implement the Kentucky Financial Literacy Program; permits school districts to utilize the program and program materials; requires the program to include curricula, materials, and guidelines for financial literacy instruction aligned with state standards and designed to be included in courses currently offered in public schools; requires the Kentucky Board of Education to adopt the curricula, materials, and guidelines for program; sets forth areas of financial literacy to be included in the program; establishes the Kentucky financial literacy trust fund within the State Treasury; permits the fund to receive state appropriations, gifts, grants, federal funds, and any other funds, both public and private; identifies permissible fund uses; requires the Kentucky Board of Education to promulgate administrative regulations; requires the Kentucky Department of Education to administer the trust fund; sets forth investment options for unallocated or unencumbered balances and requires that unused balances be carried forward; and establishes that the fund shall be a trust and agency account available solely for the purpose and benefits of the Kentucky Financial Literacy Trust Program. |
|
| H.B. 373 Passed House 2/23/07 Creates a new section of KRS Chapter 164 to require public postsecondary education institutions to provide new undergraduates with information regarding credit cards and debt management and encourage them to conduct informational sessions; encourages nonpublic postsecondary education institutions to provide new undergraduates with information regarding credit cards and debt management and to conduct informational sessions; permits institutions to utilize existing debt education materials from nonprofit entities; and requires the Council on Postsecondary Education to assist institutions in identifying appropriate materials and curricula. |
|
| Maine | L.D. 216 Signed by governor 6/27/07, Resolve Chapter 126 Establishes a financial literacy program using excess funds from the Unclaimed Property Fund. |
| L.D. 985 Includes family life skills, including but not limited to financial skills such as budgeting and personal finance, health care choices and family dynamics, in the system of learning results. |
|
| L.D. 1334 Creates a task force to study strategies for educating the state’s residents about personal finances, including but not limited to budgeting, savings, credit and identity theft, and to make recommendations to the Legislature on how to improve financial literacy throughout the state. |
|
| L.D. 1564 Signed by governor 6/27/07, Resolve Chapter 132 Requires the treasurer of state to organize a seminar in November 2007 for training in teaching financial literacy to students from kindergarten to grade 12, paid for from available funds in the Unclaimed Property Fund. This resolve also directs the Department of Education to allow the seminar to qualify for continuing education credits for teachers and education personnel. |
|
| Maryland | S.J.R. 7 Passed Senate 3/30/07 Urges county boards of education to integrate the principles of basic personal finance into the curriculum and instruction established for their local school systems; urges county boards of education to implement specified standards as part of a student’s eligibility to graduate from a public high school and receive a high school diploma. |
| Massachusetts | H.B. 410 Authorizes the Department of Education to establish a financial literacy grant program. |
| H.B. 411 Requires financial literacy courses in high schools. |
|
| H.B. 498 Relates to including personal financial literacy in the math curriculum for all school grade levels. |
|
| Michigan | H.R. 29 Adopted 2/28/07 Recognizes April 2007 as Junior Achievement Financial Literacy Month in the state of Michigan. |
| H.R. 68 Adopted 4/18/07 Recognizes the month of April 2007 as Financial Literacy for Youth Month in the state of Michigan. |
|
| S.B. 101 Establishes a basic finance course through the Michigan virtual university as an elective and requires that pupils receive high school credit for passing course. |
|
| S.B. 834 Provides for a financial literacy course as a permissible mathematics course under Michigan merit standard for high school graduation. |
|
| S.R. 42 Adopted 4/18/07 Declares April 2007 as Financial Literacy for Youth Month in the state of Michigan. |
|
| Minnesota | H.F. 411 S.F. 418 Incorporates a financial literacy curriculum into the economics course required for high school graduation; authorizes rulemaking; appropriates money. |
| H.F. 1484 S.F. 1264 Relates to higher education; requires information and skills training in personal financial management. |
|
| H.F. 1559 S.B. 1503 Relates to education; provides for master teacher trainees in economics and personal finance; appropriates money. |
|
| Mississippi | S.B. 2041 Died in committee 1/30/07 Authorizes school boards to implement a financial literacy curriculum for students in high school. |
| New Hampshire | H.B. 167 Signed by governor 4/20/07, Chapter 3 Adds civics and economics to the required areas of assessment in the statewide improvement and assessment program, and specifies that the assessment shall be conducted in grades 3 through 8 and one grade in high school. |
| New Jersey | A.B. 3024 Passed Assembly 1/8/07 S.B. 2101 Establishes a three-year pilot program to provide high school seniors in selected districts with a personal financial literacy course. The commissioner of Education will select six districts for participation, two in each of the southern, central, and northern regions of the state. The goal of the pilot program will be to ensure that high school graduates in the pilot districts receive instruction on budgeting, savings and investment, credit card debt, and other issues associated with personal financial responsibility. At the conclusion of the pilot program, the commissioner will report to the governor and the Legislature on the feasibility of implementing the program on a statewide basis. |
| S.B. 2532 Establishes the “Youth Investor Club Pilot Program.” The purpose of the program will be to provide elementary school students in selected school districts with instruction on personal financial literacy. The program will introduce students to basic financial concepts including savings, debt, investments, mortgages, and taxes. Students in the program will receive assistance in opening their own personal savings accounts and will be encouraged to make monthly deposits and to develop long-term savings goals. The program will also provide students with unique instructional opportunities, such as field trips to financial institutions and guest speakers on financial topics, that build knowledge of, and promote interest in, the wise use and planning of personal finances. The commissioner of Education will select six districts for participation, two in each of the southern, central, and northern regions of the state. At the conclusion of the pilot program, the commissioner will report to the governor and the Legislature on the feasibility of implementing the program on a statewide basis. |
|
| New Mexico | H.B. 1205 Signed by governor 4/2/07, Chapter 305 Relates to public schools; requires that financial literacy be offered as an elective. |
| H.B. 1224 Requires short-term lenders to provide information on financial literacy courses to consumers. |
|
| S.B. 926 Makes an appropriation for the center for economics and personal finance education. |
|
| New York | A.B. 1641 S.B. 851 Establishes that instruction in financial education be provided to pupils in grades nine through twelve; establishes what should be included in such curriculum including the basics of financial planning, budgeting, borrowing, interest rates, personal insurance policies, etc. |
| A.B. 3034 S.B. 3783 Provides that there shall be no solicitation for credit card holders through state or city university of NY unless credit education courses are provided. |
|
| North Carolina | S.B. 1113 Appropriates funds for instruction in personal financial literacy. |
| Ohio | H.B. 337 Enacts §121.085 of the Revised Code to modify terms and permissible charges under the Check-Cashing Lender Law, establishes the Financial Literacy Education Fund, authorizes the director of Commerce to administer the fund and establish adult financial literacy education programs, and creates the Small Emergency Loan Task Force. |
| Oklahoma | H.B. 1476 Signed by governor 5/31/07, Chapter 173 Requires personal financial literacy education to be taught in public schools in the state. |
| S.B. 828 Requires one-half unit of personal economics to graduate from high school. |
|
| Oregon | H.B. 2045 Requires a student who receives a high school diploma to complete one-half credit of civics and one-half credit of economics. Allows a student who does not meet either requirement to receive a diploma if the student has met or exceeded academic content standards for the subject or if the student displays proficiency in the subject. |
| H.B. 2584 Signed by governor 7/16/07, Chapter 773 Creates the Task Force on Civics and Financial Education to study and make recommendations about how to increase and improve civics and financial education in kindergarten through grade 12 public schools. |
|
| H.B. 2728 Establishes Oregon Center for Business and Economic Education. Appropriates moneys from General Fund to center for administration. |
|
| H.B. 2748 Directs Department of Education to prepare financial education program. Allows school districts to implement financial education program. |
|
| H.B. 2749 Requires school districts to provide instruction in financial education in secondary schools. Directs Department of Education to prepare financial education program. |
|
| S.B. 740 Directs Department of Education to prepare financial education program. Allows school districts to implement financial education program. |
|
| Pennsylvania | H.B. 111 Passed House 4/25/07 Provides for development of economic education and personal financial literacy programs. |
| H.R. 206 Adopted 4/17/07 Designates the month of April 2007 as “Financial Literacy Month” in Pennsylvania. |
|
| Rhode Island | H.B. 6197 Adopted 3/27/07, Resolution 145 Designates April, 2007 as “Financial Literacy Month” in the state of Rhode Island. |
| H.B. 6235 Effective without governor’s signature 7/6/07, Resolution 398 Creates a 15-member special legislative commission whose purpose it would be to study the status and future of youth personal financial education in Rhode Island’s middle and high schools. |
|
| S.B. 804 Effective without governor’s signature 6/30/07, Resolution 391 Creates a 15-member special legislative commission whose purpose it would be to study the status and future of youth personal financial education in Rhode Island’s middle and high schools, and who would report back to the General Assembly no later than April 1, 2008 and whose life would expire June 30, 2008. |
|
| S.B. 912 Adopted 4/3/07, Resolution 161 Designates April, 2007 as “Financial Literacy Month” in the state of Rhode Island. |
|
| Tennessee | H.B. 1944 Signed by governor 5/30/07, Public Chapter 303 S.B. 2051 Removes provision that permits a course on personal finance to satisfy instruction requirement on the free enterprise system. |
| Texas | H.B. 2007 Signed by governor 5/17/07, Chapter 110 Requires the Texas Department of Banking (department) to seek to improve the financial literacy and education of persons in this state and to encourage access to mainstream financial products and services by persons who have not previously participated in the conventional finance system by performing certain functions and duties. |
| H.B. 2176 Filed without governor’s signature 5/26/07, Chapter 254 S.B. 1381 Amends the Education Code to require the State Board of Education, in conjunction with the office of the attorney general, to develop a parenting and paternity awareness program for mandatory use by a school district in its high school health curriculum, and it establishes content requirements regarding issues that must be addressed by the program, such as parenting skills and responsibilities, including child support and other legal rights and obligations; relationship skills, including money management, communication, and marriage preparation; and, in schools that do not have a family violence prevention program, skills relating to the prevention of family violence. |
|
| Virginia | H.B. 2513 Signed by governor 3/13/07, Chapter 47 Expands the subjects that may be covered in student life skills programs to include savings and investments, predatory lending practices and interest rates, consumer fraud, and identity theft and protection. |
| Washington | H.B. 1980 Signed by governor 5/14/07, Chapter 459 S.B. 5965 Provides that, to the extent funds are appropriated or are available for this purpose, the superintendent of public instruction and other members of the partnership created in RCW 28A.300.455 shall make available to school districts the list of identified financial literacy skills and knowledge, instructional materials, assessments, and other relevant information. Encourages each school district to provide its students with an opportunity to master the financial literacy skills and knowledge developed under RCW 28A.300.460. Provides that for the purposes of RCW 28A.300.455, 28A.300.460, and this act, it is not necessary to evaluate and apply the office of the superintendent of public instruction essential academic learning requirements or to develop grade level expectations. Appropriates the sum of $50,000, or as much thereof as may be necessary, for the fiscal year ending June 30, 2008, from the general fund to the Washington financial literacy public-private partnership account for the purposes of RCW 28A.300.465. Appropriates the sum of $50,000, or as much thereof as may be necessary, for the fiscal year ending June 30, 2009, from the general fund to the Washington financial literacy public-private partnership account for the purposes of RCW 28A.300.465. Declares that the amounts in this act are provided solely for the purposes of RCW 28A.300.465. The superintendent of public instruction or the superintendent’s designee may authorize expenditure of the amounts provided in this act as equal matching amounts from nonstate sources are received in the Washington financial literacy public-private partnership account. |
Leave a Reply