Source: https://www.ncsl.org/research/financial-services-and-commerce/financial-literacy-2016-legislation.aspx
Timestamp: 2020-01-24 05:52:10
Document Index: 115684333

Matched Legal Cases: ['§2', '§3301', '§3333', '§123', '§369', '§369', '§39']

Financial Literacy 2016 Legislation
Heather Morton 3/21/2017
The chart below lists state legislation introduced or pending during the 2016 legislative session relating to financial literacy or financial education. Twenty-five states and Puerto Rico had pending financial literacy legislation in 2016. Thirteen states enacted legislation or adopted resolutions regarding financial literacy and financial education issues.
California enacted two bills. The first authorizes a bank to participate in a financial education program that involves receiving deposits or paying withdrawals on the premises of a school or school facility. The second requires the Instructional Quality Commission, when the history-social science curriculum framework is revised after Jan. 1, 2017, to consider including age-appropriate information for kindergarten and grades 1 to 12, inclusive, on financial literacy, as specified.
Delaware enacted legislation that will establish a task force to study and make findings concerning financial literacy education in Delaware public schools and make policy recommendations to increase the financial literacy of Delaware students. Florida passed a bill establishing the Financial Literacy Program for Individuals with Developmental Disabilities within the Department of Financial Services. Louisiana enacted legislation to require public elementary or secondary schools to offer instruction in personal financial management. Maryland altered the composition of the Financial Education and Capability Commission to include one representative of a nonprofit organization in the state that provides financial assistance and free financial education to state residents for postsecondary education.
Michigan enacted two bills. The first enacts the "Michigan Junior Achievement Fund Act" to do the following: (i) Create the "Michigan Junior Achievement Fund" in the Department of Treasury to provide funds for donation to any Junior Achievement organization in the state. (ii) Require money from a proposed tax check-off to be credited to the Fund. (iii) Require the Department to distribute the funds to the Junior Achievement of Michigan Great Lakes organization for distribution to other Junior Achievement organizations in the state. (iv) Allow money in the Fund to be used as matching funds for a federal grant if the funds were to be used for certain purposes. The second requires the Department of Insurance and Financial Services to develop and make available to local units of government, financial institutions, and other interested persons one or more model programs for financial education.
The New Mexico House of Representatives adopted a resolution requesting the public education department and the workforce solutions department to study and develop recommendations to increase the number of high school students who take financial literacy education classes. New York added financial literacy and elder abuse education and outreach to the list of congregate services provided by a public or a government agency or non-profit agency which are provided in community settings at which elderly people come together for services and activities. Ohio required the chancellor of Higher Education to create the SmartOhio Financial Literacy Pilot Program at the University of Cincinnati to operate for the 2016-2017 school year. Virginia enacted a bill requiring the Department of Corrections to offer prisoners prior to release the opportunity to participate in a transition program to include advice for job training opportunities, recommendations for living a law-abiding life, and financial literacy information. And, Wisconsin will require institutions of higher education to provide information to students relating to educational costs and financial literacy.
California, Florida, Pennsylvania and Rhode Island adopted resolutions recognizing April as Financial Literacy Month.
A.B. 1784
Signed by governor 8/25/16, Chapter 180
This bill authorizes a bank to participate in a financial education program that involves receiving deposits or paying withdrawals on the premises of a school or school facility. The bill provides that the school premises or facility will not be considered a branch office of the bank if certain conditions are met. The bill specifies that banks participating in these programs are still liable for deposits, as specified.
A.B. 2546
Signed by governor 9/25/16, Chapter 616
Existing law requires the adopted course of study for grades 1 to 6, inclusive, and for grades 7 to 12, inclusive, to offer courses in specified areas of study, including social sciences. Existing law establishes the Instructional Quality Commission and requires the commission to, among other things, recommend curriculum frameworks to the State Board of Education. Existing law requires the state board, concurrently with, but not prior to, the next revision of textbooks or curriculum frameworks in the social sciences, health, and mathematics curricula, to ensure that these academic areas integrate components of, among other things, financial literacy. Notwithstanding that requirement on the state board, this bill requires the commission, when the history-social science curriculum framework is revised after Jan. 1, 2017, to consider including age-appropriate information for kindergarten and grades 1 to 12, inclusive, on financial literacy, as specified.
Existing law establishes California Financial Literacy Fund, to be administered by the controller, for the purpose of enabling partnerships with the financial services community and governmental and nongovernmental stakeholders to improve Californians’ financial literacy. Existing law authorizes the controller to convene a financial literacy advisory committee to provide oversight of the fund and develop strategies to improve financial literacy. This bill makes a nonsubstantive, technical change regarding the financial literacy advisory committee.
A.C.R. 162
Adopted 5/20/16
This measure declares the month of April 2016 as Financial Aid and Literacy Month, with the theme of “Prosperity Through Education,” to raise public awareness about the continuing need for increased financial literacy.
Existing law requires a school district, as part of its adopted course of study for grades 7 to 12, inclusive, to offer courses in specified areas of study, including, among others, applied arts, which includes instruction in the areas of consumer and homemaking education, industrial arts, general business education, or general agriculture. This bill requires “consumer and homemaking education” to include financial literacy instruction on subjects including, but not limited to, student loans, credit cards, and investment and retirement accounts.
Postponed indefinitely 2/11/16
Concerns academic standards for financial literacy in public schools, and, in connection therewith, including knowledge and skills relating to student loan debt and retirement planning in the state's academic standards.
This bill establishes the Statewide Afterschool Initiative Learning Program. The program will provide grants to public schools, that qualify as Title I schools, to develop afterschool engagement of students that will provide extended learning, homework assistance, enrichment, and nutrition. Includes financial literacy in extended learning programs.
Signed by governor 2/1/16
Establishes a task force to study and make findings concerning financial literacy education in Delaware public schools and make policy recommendations to increase the financial literacy of Delaware students.
Signed by governor 1/21/16, Chapter 3
Establishes the Financial Literacy Program for Individuals with Developmental Disabilities within the Department of Financial Services. Requires the department to develop and implement a program in consultation with specified stakeholders. Requires a qualified public depository to participate in the Financial Literacy Program for Individuals with Developmental Disabilities. Creates "Employment First Act." Requires specified state agencies and organizations to develop and implement interagency cooperative agreement. Requires DEO, in consultation with other entities, to create Florida Unique Abilities Partner Program.
Died on calendar 3/11/16
Establishing the Financial Literacy Program for Individuals with Developmental Disabilities within the Department of Financial Services. Provides for the participation of banks, credit unions, savings associations, and savings banks. Requires a qualified public depository to participate in the program, etc
S.B. 7010
Substituted by H.B. 7003 1/15/16
Establishes the Financial Literacy Program for Individuals with Developmental Disabilities within the Department of Financial Services. Revises the state’s equal employment opportunity policy to include individuals who have a disability. Requires a qualified public depository to participate in the Financial Literacy Program for Individuals with Developmental Disabilities, etc.
S.R. 466
Recognizes April 2016 as "Financial Literacy Month" in Florida.
Temporarily creates credit unions for high school students. Appropriates funds for the program.
S.B. 2280
Failed to pass House 2/22/16
Concerns education. Relates to subjects and areas of instruction to include ethnic studies and financial literacy. Adds sufficient “mathematic” and “scientific” skills and “sufficient knowledge of financial systems to enable the student to make informed choices” to a list of capacities designed by the State Board of Education to be provided to every child in any accredited school in Kansas.
Creates a new section of KRS Chapter 158 to require the Department of Education to develop and implement the Kentucky Financial Literacy Program. Requires a high school student to complete instruction in financial literacy, included within the existing curriculum, prior to graduation.
Signed by governor 6/17/16, Act 624
Requires public elementary or secondary schools to offer instruction in personal financial management.
Signed by governor 4/26/16, Chapter 187
Signed by governor 4/26/16, Chapter 186
Alters the composition of the Financial Education and Capability Commission to include one representative of a nonprofit organization in the state that provides financial assistance and free financial education to state residents for postsecondary education.
Requires the state Board of Education to develop curriculum content for a semester-long course in financial literacy. Requires each county board of education to implement the financial literacy curriculum content developed by the state Board in specified high schools; and requires students to complete a specified course in order to graduate from high school.
Withdrawn from further consideration 3/18/16
Requires the Department of Human Resources to take specified actions when serving as a representative payee or fiduciary for specified federal benefits for a child in the department's custody. Requires the department to provide specified notice to the child, through the child's attorney, of specified actions taken with respect to specified benefits for the child. Requires the department to provide the child with financial literacy training when the child has turned 14 years old.
Requires the state Department of Education, in consultation with the Financial Literacy Education Advisory Council, to develop and implement an online instructional program that provides a financial literacy curriculum for high school students. Requires students to demonstrate competency in managing money, managing credit and debt, saving and investing, and financial planning for successful completion of the program. Requires the program to be available beginning in the 2017-2018 school year for voluntary participation; etc.
For further action see S.B. 2254 4/28/16
Requires the department of elementary and secondary education to authorize and assist in the implementation of curriculum on personal financial literacy. The components of personal financial literacy covered in the curriculum shall include the following: understanding loans, borrowing money, interest, credit card debt, and online commerce; rights and responsibilities of renting or buying a home; saving, investing and planning for retirement; banking and financial services; balancing a checkbook; state and federal taxes; and charitable giving. Requires the department of elementary and secondary education to conduct a study concerning the feasibility of including personal financial literacy in the Massachusetts Comprehensive Assessment System and in the Massachusetts Curriculum Frameworks. The department shall submit a report with its conclusions and recommendations, including a timetable for implementation, to the clerks of the Senate and the House who shall forward the same to the chairs of the House and Senate committees on ways and means and the chairs of the joint committee on education on or before Dec. 31, 2017.
Requires the department of elementary and secondary education to authorize and assist in the implementation of curriculum on personal financial literacy. The components of personal financial literacy covered in the curriculum shall include the following: understanding loans, borrowing money, interest, credit card debt, and online commerce; rights and responsibilities of renting or buying a home; saving, investing and planning for retirement; banking and financial services; balancing a checkbook; state and federal taxes; and charitable giving. Requires the department of elementary and secondary education to conduct a study concerning the feasibility of including personal financial literacy in the Massachusetts Comprehensive Assessment System and in the Massachusetts Curriculum Frameworks. The department shall submit a report with its conclusions and recommendations, including a timetable for implementation, to the chairs of the House and Senate committees on ways and means and the chairs of the joint committee on education on or before Dec. 31, 2016.
Requires the department of elementary and secondary education to authorize and assist in the implementation of standards and objectives on personal financial literacy. The components of personal financial literacy covered in the standards and objectives shall include: understanding loans; borrowing money; interest; credit card debt; online commerce; rights and responsibilities of renting or buying a home; saving, investing and planning for retirement; banking and financial services; balancing a checkbook; state and federal taxes; and charitable giving.
Requires the department of elementary and secondary education to authorize and assist in the implementation of standards and objectives on personal financial literacy. The components of personal financial literacy covered in the standards and objectives shall include: student loans and debt; understanding borrowing money, interest, credit card debt, and online commerce; rights and responsibilities of renting or buying a home; saving, investing and planning for retirement; banking and financial services; state and federal taxes; and balancing a checkbook.
Massachusetts S.B. 2254
Relates to high school financial literacy education.
H.B. 4817
Signed by governor 6/15/16, Act 181
Enacts the "Michigan Junior Achievement Fund Act" to do the following: (i) Create the "Michigan Junior Achievement Fund" in the Department of Treasury to provide funds for donation to any Junior Achievement organization in the state. (ii) Require money from a proposed tax check-off to be credited to the Fund. (iii) Require the Department to distribute the funds to the Junior Achievement of Michigan Great Lakes organization for distribution to other Junior Achievement organizations in the State. (iv) Allow money in the Fund to be used as matching funds for a federal grant if the funds were to be used for certain purposes.
H.B. 4976
Passed House 5/12/16
Requires the department of health and human services to ensure that the children's assurance of quality foster care policy is developed, implemented by the supervising agency, and made available to the public. The department would have to promote the participation of current and former foster children in developing the policy. The policy must ensure that children placed in foster care are provided with transition planning, including housing, workforce preparation, financial education, access to personal documents, information regarding post-secondary education, and independent living preparation, as age-appropriate.
Michigan H.B. 5736
Requires youth financial education to include instruction on taxation of individuals and on individual ownership or leasing of automobiles and residential properties.
Declares April 23-30, 2016, as Money Smart Week.
Signed by governor 3/15/16, Public Act 44
Requires the department of insurance and financial services to develop and make available to local units of government, financial institutions, and other interested persons one or more model programs for financial education. The program required under this section shall be designed to teach personal financial management skills and the basic principles involved with saving, borrowing, investing, and protection against predatory and other fraudulent lending practices.
H.F. 2896
S.F. 3036
Requires implementation of a pilot program for students with intellectual and developmental disabilities at certain state universities. The required curriculum must include core courses that develop life skills, financial literacy, and the ability to live independently; rigorous academic work in a student's chosen field of study; and an internship, apprenticeship, or other skills-based experience to prepare for meaningful employment upon completion of the program.
H.F. 2990
Creates and appropriates money for a tax time savings grant program. Increasing existing appropriation for the taxpayer assistance grants program that integrate financial capability services into the delivery of taxpayer assistance services.
H.F. 3032
S.F. 2865
Funds competitive grants to increase the financial literacy of girls and women of color. Appropriates money. Requires a report.
H.F. 3053
S.F. 2790
Provides funding for Somali youth programming to develop leadership, workforce skills, and youth entrepreneurship, including financial literacy; appropriates money.
H.F. 3367
S.F. 2971
Appropriates $385,000 in fiscal year 2016 and $409,000 in fiscal year 2017 from the general fund to the commissioner of employment and economic development for a grant to Build Wealth MN for expansion and replication of the family stabilization plan program including program outreach, financial literacy education, budget and debt counseling, and, through project partners, making culturally sensitive financial products and services available, providing affordable and sustainable housing options, and providing employment and business development opportunities to communities of color. Requires, by Feb. 1, 2018, that Build Wealth MN shall report to the commissioner and the chairs and ranking minority members of the legislative committees having jurisdiction over economic development policy and finance on activities, expenditures, and outcomes of the family stabilization plan program expansion initiative.
Minnesota H.F. 3448
Appropriates $856,000 in fiscal year 2017 from the general fund to the commissioner of education for a grant to Project Diva to allow Project Diva to expand its impact and outreach by increasing staff and program locations throughout the Twin Cities metropolitan area to provide more middle and high school African-American girls with, and engage their parents in, intensive, one-year coaching and mentoring related to career exploration, academic achievement, peer social networking, emotional behavioral development, financial literacy, and mental and physical health and wellness.
Authorizes school boards to implement a financial 1 literacy curriculum for students in high school. Amends §2 37-7-301 to expand the grades in which school boards are authorized to implement a financial literacy program from grades 10 and 11 to grades 9 through 12.
Creates the Family Empowerment Initiative. Authorizes the creation of individual development accounts for low-income individuals that may be utilized by the account holder for certain purposes. Before becoming eligible to receive matching funds to pay for qualified purposes, individual development account owners shall complete a financial literacy education course offered by a qualified financial institution, a qualified fiduciary organization, or a governmental entity in accordance with federal guidelines.
H.B. 448
Creates the Family Savings Initiative Act. Authorizes the creation of individual development accounts for low-income individuals that may be utilized by the account holder for certain purposes. Responsibilities of a fiduciary organization shall include, but not be limited to, marketing participation, soliciting matching contributions, counseling project participants, conducting basic economic and financial literacy training and IDA use training for project participants, and conducting required verification and compliance activities.
Requires the state board of education to implement a financial literacy curriculum for public schools on or before the 2017-2018 academic school year. Provides that the course in financial literacy shall account for a one-half carnegie unit. Requires successful passage of the course as a graduation requirement. Establishes the "financial literacy trust fund" as a special fund in the state treasury; to provide for the funds administration.
Died in committee 2/23/16 Creates the Family Savings Initiative Act. Authorizes the creation of individual development accounts for low-income individuals that may be utilized by the account holder for certain purposes. Responsibilities of a fiduciary organization shall include, but not be limited to, marketing participation, soliciting matching contributions, counseling project participants, conducting basic economic and financial literacy training and IDA use training for project participants, and conducting required verification and compliance activities.
Creates the Family Empowerment Initiative; authorizes the creation of individual development accounts for low-income individuals that may be utilized by the account holder for certain purposes. Before becoming eligible to receive matching funds to pay for qualified purposes, individual development account owners shall complete a financial literacy education course offered by a qualified financial institution, a qualified fiduciary organization, or a governmental entity in accordance with federal guidelines.
Requires the state board of education to implement a financial literacy curriculum for public schools on or before the 2017-2018 academic school year. Provides that the course in financial literacy shall account for a one-half carnegie unit. Requires successful passage of the course as a graduation requirement. Establishes the "financial literacy trust fund" as a special fund in the state treasury. Provides for the funds administration.
Died in committee 2/23/16 Creates the Family Empowerment Initiative. Authorizes the creation of individual development accounts for low-income individuals that may be utilized by the account holder for certain purposes. Before becoming eligible to receive matching funds to pay for qualified purposes, individual development account owners shall complete a financial literacy education course offered by a qualified financial institution, a qualified fiduciary organization, or a governmental entity in accordance with federal guidelines.
This bill requires students of any public high school, including any charter high school, to complete a course on personal finance in order to receive a certificate of graduation. The course must solely cover topics on personal finance. A student cannot demonstrate proficiency in personal finance by passing a test or other means in lieu of completing the required course. This requirement does not apply to students who have completed the high school graduation requirements relating to personal finance under the rules that existed before the effective date of this bill.
New Jersey A.B. 1341
Creates the New Jersey Small Business Retirement Marketplace Act. Requires the board to contract with a private sector entity to promote the benefits of retirement savings and other information that promotes financial literacy.
A.B. 2276
A.B. 3717
Establishes Women’s Vocational Training Pilot Program to promote economic self-sufficiency of low-income women through increased participation in high-wage, high-demand occupations. The program shall conduct education and pre-apprenticeship and pre-employment skill development activities including basic skills, education, literacy, including financial literacy, and training.
New Jersey A.R. 69
H.M. 59
Requests the public education department and the workforce solutions department to study and develop recommendations to increase the number of high school students who take financial literacy education classes.
A.B. 9238
A.B. 9712
Signed by governor 7/21/16, Chapter 131
S.B. 8098
Substituted 6/16/16
Adds financial literacy and elder abuse education and outreach to the list of congregate services provided by a public or a government agency or non-profit agency which are provided in community settings at which elderly people come together for services and activities.
A.B. 10339
S.B. 7062
S.B. 6963
Passed Senate 6/8/16
Adds financial literacy to the list of congregate services provided by a public or a government agency or nonprofit agency that are provided in community settings at which elderly people come together for services and activities.
New York S.B. 7720
Passed House 5/25/16
Amends §§3301.079 and 3313.603 and enacts §3333.89 of the Revised Code to require one-half unit of financial literacy in the high school curriculum, requires the chancellor of Higher Education to prepare an informed student document for each state institution of higher education, requires the state Board of Education to include information on the informed student document in the standards and model curricula it creates for financial literacy and entrepreneurship, and entitles the act the "Informed Student Document Act."
Signed by governor 6/28/16, Session Law 118
Enacts §123.29 of the Revised Code and amends §§369.10 and 369.314 of Am. Sub. H.B. 64 of the 131st General Assembly, as subsequently amended, to require the chancellor of Higher Education to create the SmartOhio Financial Literacy Pilot Program at the University of Cincinnati to operate for the 2016-2017 school year, establishes the Task Force for Creating Opportunities for Shared Governance on Co-Located Campuses, provides support for the Ohio Youth Entrepreneur Program at Youngstown State University, renames the Capitol Theatre of the Vern Riffe Center for Government and the Arts as the Speaker Jo Ann Davidson Theatre, and makes an appropriation.
Ohio S.B. 274
Amends §§369.10 and 369.314 of Am. Sub. H.B. 64 of the 131st General Assembly, as subsequently amended, to require the chancellor of Higher Education to create the SmartOhio Financial Literacy Pilot Program at the University of Cincinnati to operate for the 2016-2017 school year and to make an appropriation.
Relates to financial literacy. Relates to the Passport to Financial Literacy Act. Modifies areas of instruction of personal financial literacy education. Changes grades during which personal financial literacy education is to be taken and provided after certain date. Updates statutory language. Modifies State Department of Education duties. Changes type of online resources. Changes grade for assessment of transfer students. Modifies teacher assignment requirement. Requires certain teachers to complete certain professional development.
Provides that, beginning with those students graduating from a public high school at the end of the 2016-2017 school year, and continuing in each school year thereafter, a student who successfully completes a course in personal financial literacy during grades nine through twelve shall be permitted to apply up to one credit earned for successful completion of such course to satisfy the student's social studies credit requirement for graduation.
Amends the act of March 10, 1949 (P.L.30, No.14), known as the Public School Code of 1949, in terms and courses of study, further providing for subjects of instruction and flag code and for economic education and personal financial literacy programs; provides for personal finance instruction and for capstone course in personal finance as graduation requirement; establishes the Personal Finance Education Fund; and makes an appropriation.
Recognizes the month of April 2016 as "Financial Literacy Month" in Pennsylvania in special recognition of the importance of increasing financial literacy among residents of this commonwealth.
S.R. 310
Adopted 3/22/16
Recognizes the month of April 2016 as "Financial Literacy Month" in Pennsylvania.
H.B. 7517
H.B. 7579
Withdrawn 3/22/16
This bill requires that individuals receiving or seeking financial assistance under the "Rhode Island Works Program" and/or the "Public Assistance Act" attend and complete a seminar relating financial literacy developed and conducted by the department of human services within 45 days of receipt of said assistance and/or any extension, hardship or recertification and imposing a 10 percent reduction of financial assistance for failure to attend and complete the seminar.
H.B. 7660
This bill requires the department of education to incorporate financial literacy education in the high school education program.
H.R. 8030
Adopted 4/5/16, Resolution 143
S.R. 2891
Adopted 4/7/16, Resolution 152
Designates April 2016, as "Financial Literacy Month" in the state of Rhode Island.
Encourages each LEA, when selecting textbooks or instructional materials for economics or similar courses, to select those textbooks or instructional materials that contain substantive provisions on personal finance, including personal budgeting, credit and debt management, student loans, home mortgages, and similar personal financial topics.
Signed by governor 3/1/16, Chapter 208
Requires the Department of Corrections to offer prisoners prior to release the opportunity to participate in a transition program to include advice for job training opportunities, recommendations for living a law-abiding life, and financial literacy information.
A.B. 744
Signed by governor 3/28/16, Act 284
Creates §39.53 of the statutes; requires institutions of higher education to provide information to students relating to educational costs and financial literacy.
This bill requires any institution of higher education in this state that offers an associate degree or higher (institution) to annually provide a letter to each student that contains certain information, including all of the following: 1) information about each of the student’s student loans, including the total amount of debt accrued under the loan, the loan’s interest rate, the estimated future monthly payment under the loan, and the total projected cost of the loan; 2) the estimated total cost of attendance at the institution for the academic year, including actual or estimated costs of tuition, fees, and room and board; and 3) the cumulative amount of state, federal, and institutional grants that the student receives. This letter must be provided to the student at the beginning of the academic year. The bill also requires the institution to provide to students information on financial literacy within the student’s first semester of enrollment.
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