US 2008 Financial Literacy Legislation Resource in United States
US 2008 Financial Literacy Legislation Resource
| State: | Bill Summary: |
| California | A.B. 1122 Died pursuant to Art. IV, Sec. 10(c) of the Constitution 1/31/08 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.B. 2123 Passed Assembly 5/28/08 Establishes the California Financial Literacy Initiative for the purpose of providing resources and instruction to Californians. The initiative would be administered by the Controller who would be authorized to provide, among other things, an online library of financial literacy resources and materials to be made available for all Californians. The Controller would be authorized to convene a Financial Literacy Advisory Committee that may include representatives of the office of the Superintendent of Public Instruction, the office of the Treasurer, the Department of Corporations, the Department of Financial Institutions, the Department of Consumer Affairs, the Department of Finance, a representative from the financial services industry, a representative from the nonprofit sector associated with consumer advocacy, and others invited by the Controller. The bill requires the Controller, as resources are available, to establish and oversee the California Financial Services Corps, which would provide certain financial information to persons seeking personalized attention from individuals with financial literacy training. The bill establishes the California Financial Literacy Fund in the State Treasury and authorizes the Controller to deposit donations into the fund from entities with no direct financial interest in any financial products. The bill continuously appropriates moneys in the fund to the Controller and authorizes those moneys to be used for the purpose of establishing the services specified in the initiative. The bill requires the Controller, beginning in 2010, to report to the Legislature annually on or before August 30 on the implementation of the initiative, as specified. The bill requires specified state agencies to use existing resources for the initiative if those agencies elect to participate. |
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| A.B. 2771 States the intent of the Legislature to enact legislation that would encourage the availability of financial literacy information in community-based organizations, consumer counseling organizations, educational institutions, government, and financial institutions. |
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| A.C.R. 113 Adopted 5/5/08, Resolution Chapter 32 Declares the month of April 2008 as Financial Literacy Month, in order to raise public awareness about the need for increased financial literacy. |
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| Colorado | H.B. 1168 Signed by governor 6/5/08 Directs the state standards and assessments development and implementation council, the state board of education, and school districts to add financial literacy standards to the mathematics content standards and to recommend and adopt assessments that are aligned with the financial literacy standards. |
| Delaware | H.R. 52 Adopted 4/24/08 Proclaims April as financial education month for women in Delaware. |
| District of Columbia | B17-434 Establishes the District of Columbia Financial Literacy Council and to provide for the financial education of the students of the District of Columbia Public Schools. |
| Florida | H.B. 1501 Died in council 5/2/08 S.B. 2166 Died in committee 5/2/08 Establishes three-year pilot program to ensure high school students receive specified financial responsibility instruction; requires the commissioner of Education to develop program curriculum and select school districts for participation; requires a report to the governor and the Legislature. |
| Georgia | H.R. 825 Adopted 4/20/08 Urges state and national officials to support the goals and ideals of “Financial Literacy Month.” |
| Hawaii | H.B. 2041 Establishes the public financial education and asset building task force to develop standards for the financial education of state employees. Makes an appropriation for this purpose. |
| H.B. 2280 Establishes a public financial education and asset building task force; makes an appropriation. |
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| 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. |
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| S.B. 2839 Passed Senate 3/4/08 Establishes the Public Financial Education and Asset-Building Task Force. Appropriates funds. |
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| S.C.R. 19 S.R. 13 Requests the Board of Education to include questions in the Hawaii state assessment tests that require the demonstration of a mastery of financial literacy concepts. |
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| Illinois | S.B. 1996 Amends the State Treasurer Act. Authorizes the state treasurer to create the State Treasurer Financial Education and Savings Foundation as a not-for-profit foundation for the purposes of promoting financial literacy and savings among the residents of the state of Illinois. Sets forth requirements for the creation and operation of the Foundation. |
| S.B. 2387 Passed both houses 5/22/08 Amends the School Code. Adds homeownership, including the basic process of obtaining a mortgage and the concepts of fixed and adjustable rate mortgages, subprime loans, and predatory lending, as part of the financial literacy component of consumer education. |
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| Indiana | H.B. 1211 Beginning with the school year that begins in 2010, requires school corporations and accredited nonpublic schools to include in their curricula for grades 9 through 12 instruction designed to: (1) increase students’ awareness of consumer transactions, including mortgage transactions; and (2) foster personal financial responsibility. Provides that a school corporation or an accredited nonpublic school may provide the instruction by integrating it into its mathematics curriculum. Requires the department of education and the department of financial institutions to develop guidelines to assist teachers assigned to provide the instruction. |
| H.B. 1360 Passed House 1/30/08 Beginning with the school year that begins in 2010, requires school corporations and accredited nonpublic schools to include in their curricula for grades 9 through 12 instruction designed to: (1) increase students’ awareness of consumer transactions, including mortgage transactions; and (2) foster personal financial responsibility. Provides that a school corporation or an accredited nonpublic school may provide the instruction by integrating it into its mathematics curriculum. Requires the department of education and the department of financial institutions to develop guidelines to assist teachers assigned to provide the instruction. |
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| S.B. 89 Passed Senate 1/24/08 Beginning with the school year that begins in 2010, requires school corporations and accredited nonpublic schools to include in their curricula for grades 9 through 12 instruction designed to: (1) increase students’ awareness of consumer transactions, including mortgage transactions; and (2) foster personal financial responsibility. Provides that a school corporation or an accredited nonpublic school may provide the instruction by integrating it into its mathematics curriculum. Requires the department of education and the department of financial institutions to develop guidelines to assist teachers assigned to provide the instruction. |
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| Iowa | H.F. 2012 Requires that personal finance become a required course in the high school curriculum. The bill requires that a one-half unit of personal finance be required as part of the two additional units of mathematics credits that a high school offers in order for a public or nonpublic school to be accredited by the department of education. The bill may include a state mandate as defined in Code §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 §257.16. The specification is deemed to constitute state compliance with any state mandate funding-related requirements of Code §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. 2146 Requires school districts and accredited nonpublic schools to offer personal finance skills and literacy in their kindergarten through grade 12 education programs. The kindergarten program must include personal finance skills; the grade 1-8 programs must include personal finance literacy; and the grade 9-12 program must provideone-half unit of personal finance literacy. The bill may include a state mandate as defined in Code §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 §257.16. The specification is deemed to constitute state compliance with any state mandate funding-related requirements of Code §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. |
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| H.F. 2218 The department of administrative services is currently charged with the responsibility of developing and operatingprograms, including training, safety, health, welfare, counseling, recreation, and employee relations for all stateemployees in the executive branch. This bill requires the department to offer a specific financial literacy training program to provide general training on personal financial management to all state employees in all branches of government. |
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| S.F. 2079 Requires school districts and accredited nonpublic schools to offer one-half unit of personal finance literacy in their grade nine-12 education program. The Code provides that a unit of credit consists of a course or equivalent related components or partial units taught throughout the academic year. The bill may include a state mandate as defined in Code §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 §257.16. The specification is deemed to constitute state compliance with any state mandate funding-related requirements of Code §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. |
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| S.F. 2150 Establishes that “financial literacy,” for purposes of the model core curriculum adopted by the state board of education, shall include but not be limited to financial responsibility and planning skills; money management skills, including but not limited to setting financial goals; creating spending plans and using financial instruments; applying decision-making skills to analyze debt incurrence and debt management; understanding risk management, including the features and functions of insurance; and understanding saving and investing as applied to long-term financial security and asset building. |
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| Kansas | H.B. 2746 Signed by governor 5/14/08 Provides that at any time that the balance remaining in the real estate recovery revolving fund is greater than $250,000, any amount over $250,000 may be used by the commission for the following purposes: (1) Production and distribution of an agency newsletter; (2) monitoring education courses; (3) expansion of materials available for consumers; and (4) education grants to high schools and universities for course materials on money management and home ownership. |
| Kentucky | H.B. 51 Passed House 1/17/08 Creates a new section of KRS Chapter 164 to require public postsecondary institutions to provide new undergraduates with information regarding credit cards and debt management and encourage them to conduct informational sessions; encourages nonpublic postsecondary 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 require the Council on Postsecondary Education to assist institutions in identifying appropriate materials and curricula. |
| H.B. 189 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 the 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. |
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| Louisiana | S.B. 405 Passed Senate 5/14/08 Establishes the Financial Literacy and Education Commission. |
| S.R. 27 Adopted 4/23/08 Designates April 2008, as Youth Financial Literacy Month. |
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| Maryland | H.B. 1242 Signed by governor 4/24/08, Chapter 187 S.B. 533 Signed by governor 4/24/08, Chapter 186 Creates a Task Force to Study How to Improve Financial Literacy in the state; requires the Task Force to study the ability of consumers to understand basic financial concepts and the problems created by a lack of financial literacy or knowledge; requires the Task Force to make recommendations regarding how to overcome specified problems and the utility of requiring financial literacy education as part of primary and secondary education. |
| H.B. 1271 S.B. 714 Requires the State Board of Education to develop curriculum content for a semester-long course in financial literacy; requires the curriculum content to include instruction in choosing a career, earning an income, saving and investing money, credit, and budgeting; requires each county board of education to implement the curriculum content in every high school in the county; requires students to complete a course in financial literacy in order to graduate. |
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| 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. |
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| H.B. 498 Relates to including personal financial literacy in the math curriculum for all school grade levels. |
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| Michigan | H.B. 5376 Creates the Michigan homeownership preservation fund in the state treasury. Fines assessed under subsection (1)(c) shall be deposited in the fund and used by the commissioner to do any of the following: (a) Award grants to finance financial literacy programs, homeownership training, and homeownership protection training. (b) Provide down payment assistance to individuals seeking home loans. (c) Provide loans and grants to low income individuals seeking to avoid foreclosure. |
| 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. |
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| S.B. 834 Passed Senate 5/13/08 Provides for a financial literacy course as a permissible mathematics course under Michigan merit standard for high school graduation. |
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| Mississippi | H.B. 1150 Died in committee 2/19/08 Authorizes school boards to implement a financial 1 literacy curriculum for students in high school. |
| S.B. 2319 Died in committee 2/19/08 Authorizes school boards to implement a financial 1 literacy curriculum for students in high school. |
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| Missouri | H.B. 1874 Allows the State Board of Education to award a teaching certificate for banking and personal finance to certain individuals with a relevant bachelor’s or higher degree who pass the designated exit examination. These teachers will be exempt from the Teacher Tenure Act. |
| S.B. 1232 Current law requires high school students to complete a personal finance course in order to graduate. This act requires them to fulfill that requirement by completing a course offered by their school district or the virtual public school. Students will not be able to test out of the requirement. |
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| New Hampshire | H.B. 1462 Establishes the office of personal financial education in the treasury to promote and support personal financial education initiatives. |
| New Jersey | A.B. 278 Withdrawn from consideration 1/24/08 Establishes a three-year pilot program to provide high school seniors in selected districts with personal financial literacy instruction. 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 have received 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. |
| A.B. 1237 Requires school districts to provide instruction in credit and personal money management as part of the implementation of the Core Curriculum Content Standards in Career Education and Consumer, Family and Life Skills. The goal of the instruction would be to instill skills and values that will enable young adults to manage personal bank accounts, credit cards, and credit card debt, save and invest money, and spend wisely. |
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| A.B. 1943 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. |
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| S.B. 541 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. |
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| New Mexico | H.B. 408 Makes an appropriation for culturally appropriate financial literacy training. |
| H.B. 420 Makes an appropriation for financial literacy education. |
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| H.B. 622 Makes an appropriation to the public education department to promote financial literacy education and develop a curriculum for use in New Mexico’s schools. |
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| S.B. 84 Makes an appropriation for culturally appropriate financial literacy training. |
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| S.B. 460 Signed by governor 2/22/08, Chapter 21 Allows financial literacy to be an elective course that can count toward graduation requirements. |
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| New York | A.B. 1641 A.B. 9972 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. |
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| A.B. 6858 Establishes the financial literacy for military families program which is managed by the department of banking and provides information regarding mortgage and rental protections and obligations, credit card payments and fees and guidance with parental and other family obligations to persons serving in the armed forces of the United States and members of the family of such person. |
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| A.B. 8967 Enacts the “financially literate borrowers act”; provides a one-time, $250 tax credit shall be granted to borrowers who participate in a banking department approved home loan borrower counseling session provided by a not-for-profit counseling organization prior to closing on such borrower’s loan. |
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| A.B. 9585 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. |
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| A.B. 10173 Enacting clause stricken 3/11/08 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. |
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| North Carolina | H.B. 2473 S.B. 1728 Appropriates funds to the North Carolina Minority Support Center, Inc., to expand economic development lending and financial literacy. |
| S.B. 1113 Appropriates funds for instruction in personal financial literacy. |
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| 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. |
| H.B. 530 Authorizes the treasurer of state to administer a linked deposit program designed to encourage personal savings and promote personal financial education. |
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| S.B. 314 Passed Senate 5/7/08 Authorizes the treasurer of state to administer a linked deposit program designed to encourage personal savings and promote personal financial education and to revise the determination of interest rates under the Small Business Linked Deposit Program. |
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| S.C.R. 21 Encourages the State Board of Education to adopt a comprehensive life skills curriculum and that the life skills curriculum include instruction on all of the following areas: (1) interpersonal communication skills and conflict resolution; (2) financial literacy, including budgeting, saving, using credit, and investing; (3) career planning, including identification of career aptitudes and interests and the educational requirements of various professions; (4) the job application process, including resume writing and interviewing skills; (5) employability skills and positive work habits; (6) personal and professional ethics; (7) stress management; (8) nutrition and wellness; and (9) personal safety and first aid. |
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| Pennsylvania | H.B. 111 Passed House 4/25/07 Provides for development of economic education and personal financial literacy programs. |
| H.B. 2146 Provides that in grades nine through twelve, instruction in conflict, media and financial literacy shall be integrated into the curriculum as a core subject. The secretary of Education shall establish sample curricula to assist school districts in offering such instruction. |
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| H.R. 691 Adopted 4/8/08 Designates the month of April 2008 as “Financial Literacy Month” in Pennsylvania. |
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| S.R. 273 Adopted 4/1/08 Designates the month of April 2008 as “Financial Literacy Month” in Pennsylvania. |
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| Rhode Island | H.B. 8084 Extends the reporting date of the special legislative commission to study youth financial education from April 1, 2008 to May 29, 2008. |
| H.B. 8098 Adopted 3/27/08, Resolution 129 Designates April, 2008 as “financial literacy month” in the state of Rhode Island. |
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| H.B. 8332 Passed House 5/29/08 Requests the Rhode Island department of education to create a task force on youth financial literacy in order to develop a statewide strategy, action plan, and marketing plan for increasing middle and high school students’ knowledge of personal financial literacy. |
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| S.B. 2900 Adopted 3/27/08, Resolution 124 Designates April, 2008 as “financial literacy month” in the state of Rhode Island. |
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| S.B. 3056 Requests the Rhode Island department of education to create a task force on youth financial literacy in order to develop a statewide strategy, action plan, and marketing plan for increasing middle and high school students’ knowledge of personal financial literacy. |
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| Tennessee | H.B. 3982 S.B. 3923 Requires students to pass a course in personal finance to receive a high school diploma. |
| Utah | S.B. 61 Enacting clause struck 3/5/08 Creates a financial literacy passport that tracks mastery of financial literacy concepts and is optional for students; requires the State Board of Education to: (i) work with private and non-profit entities to create the financial literacy passport; (ii) coordinate financial literacy instruction with existing instruction; (iii) create staff development programs and assessments; and (iv) make rules related to financial literacy education; requires an annual report to the Education Interim Committee for five years. |
| Virginia | H.B. 704 Directs the Department of Corrections, where appropriate and resources are available, to give nonviolent prisoners who have not been convicted of specific offenses or sentenced to one or more life terms the opportunity to participate in a residential community program, work release, or a community-based program. Current law requires that the prisoner not be convicted of any violent crime and be sentenced to at least three years. The bill restricts the cost of keep to no more than 30 percent of the prisoner’s gross earnings, and directs the Department to prescribe guidelines for the program that emphasize training and education related to job skills, literacy, money management, and other life skills. |
| H.B. 1272 Postponed indefinitely 1/16/08 Provides that local school boards must require the completion of 12 class hours of instruction in financial literacy as a condition for graduation from the public schools in the Commonwealth. |
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| Washington | H.B. 2829 Passed House 2/15/08 Creates the homeownership security account in the custody of the state treasurer. Expenditures from the account may be used solely for the purposes of preventing predatory lending and providing homeownership education, information, and counseling. Authorizes expenditure of funds from the account for the establishment, administration, and implementation of financial literacy and education programs that assist Washington citizens of all ages in understanding saving, investing, budgeting, and other skills necessary to obtain individual financial independence, fiscal responsibility, and financial management skills. Declares more than 50 percent of the funds from this account must be used to assist low and moderate-income persons defined to be at or below 80 percent of county median income. |
| S.B. 6272 Signed by governor 2/11/08, Chapter 3 Requires the director of financial institutions or the director’s designee to disseminate information to the public concerning the laws regulating financial institutions of this state and provide assistance to members of the public in obtaining information about financial products. Authorizes the director of financial institutions or the director’s designee to establish, administer, and implement financial literacy and education programs. Requires the director of financial institutions or his or her designee to convene an interagency work group to identify current state funded efforts to support financial literacy, assess whether there are opportunities to create a centralized location of information regarding these existing state efforts, and to identify whether there are opportunities for expanding partnerships with other community entities also providing financial literacy services. Makes two appropriations in subsequent fiscal years for homeownership prepurchase outreach and education and postpurchase counseling and support. |
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| West Virginia | H.B. 4686 Specifies the types of topics that are to be covered in school programs on personal finance. |
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