Provides that juniors and seniors at secondary schools must take a financial literacy and personal finances course.
TITLE OF BILL: An act to amend the education law, in relation to requiring secondary school students to complete a financial literacy and personal finances course
PURPOSE OR GENERAL IDEA OF BILL: Provides that juniors and seniors at secondary schools must take a financial literacy and personal finances course to better prepare themselves to prudently manage their finances in the future.
SUMMARY OF SPECIFIC PROVISIONS:
Section 1. Education Law Section 305 is amended by adding a new subdivision 43 to authorize the Commissioner of Education to develop a course or courses in financial literacy and personal finances. Such course in financial literacy shall be completed by juniors or seniors in secondary schools. The course shall include, but need not be limited to, instruction on obtaining and using checking, debit and savings accounts, understanding the use of credit and credit cards for both large and small purchases, investing, saving, and planning for retirement.
Section 2: Effective Date
JUSTIFICATION: In certain instances, the lack of financial literacy and a working knowledge about personal finances may lead many unsuspecting individuals to enter into home or condo purchases, auto loans, mortgages, other financial arrangements, or to select investments or retirement plans that they were later to regret. The purpose of this bill is to increase the financial literacy of our students and to give them a better base of information to prudently manage their financial affairs and to save for the future for themselves and their families.
PRIOR LEGISLATIVE HISTORY: 2010: S. 6345 Referred to Education - A.5506 Referred to Education 2012: S. 1525 Referred to Education - A.9802 (Heastie) Ref. to Education
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: None.
EFFECTIVE DATE: This act shall take effect on September 1st after it shall have become law.
STATE OF NEW YORK ________________________________________________________________________ 3040 2013-2014 Regular Sessions IN SENATE January 29, 2013 ___________Introduced by Sen. KLEIN -- read twice and ordered printed, and when printed to be committed to the Committee on Education AN ACT to amend the education law, in relation to requiring secondary school students to complete a financial literacy and personal finances course THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Section 305 of the education law is amended by adding a new subdivision 43 to read as follows: 43. THE COMMISSIONER IS AUTHORIZED AND DIRECTED TO DEVELOP A CONCISE COURSE OF INSTRUCTION IN FINANCIAL LITERACY AND PERSONAL FINANCES, AND REQUIRE THAT SUCH COURSE BE COMPLETED BY PUPILS IN GRADES ELEVEN AND TWELVE. SUCH COURSE OF INSTRUCTION MAY BE INCORPORATED INTO OTHER CLASS WORK OR COURSES OF INSTRUCTION PROVIDED TO SUCH PUPILS. THE FINANCIAL LITERACY COURSE MAY INCLUDE, BUT NEED NOT BE LIMITED TO INSTRUCTION ON USING CHECKING AND SAVINGS ACCOUNTS, OBTAINING SHORT OR LONG TERM CRED- IT, SECURING A LOAN FOR HIGH COST ITEMS SUCH AS A MOTOR VEHICLE OR A HOME, OBTAINING AND USING CREDIT AND DEBIT CARDS, INVESTING AND SAVING MONEY, AND PLANNING FOR RETIREMENT. S 2. This act shall take effect on the first of September in the calendar year commencing after the date it shall have become a law; and the commissioner of education is immediately authorized and directed to promulgate, amend and/or repeal any rules and regulations necessary to implement the provisions of this act on its effective date.EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD07708-01-3