An Act To Promote the Financial Literacy of High School Students
Maine Legislature, Session 125, LD 0184
Committee: Education and Cultural Affairs
Sponsors: CHIPMAN, ALFOND, CUSHING, LOVEJOY, MAKER, NELSON, RANKIN, WAGNER, LANGLEY
Amends: 20-A MRSA §1, 20-A MRSA §4722, 20-A MRSA §6209

Legislative Document 
No. 184 
H.P. 161 
House of Representatives, January 27, 2011 
An Act To Promote the Financial Literacy of High School Students 
Reference to the Committee on Education and Cultural Affairs suggested and ordered 
printed. 
HEATHER J.R. PRIEST 
Clerk 
Presented by Representative CHIPMAN of Portland. 
Cosponsored by Senator ALFOND of Cumberland and 
Representatives: CUSHING of Hampden, LOVEJOY of Portland, MAKER of Calais, 
McFADDEN of Dennysville, NELSON of Falmouth, RANKIN of Hiram, WAGNER of 
Lewiston, Senator: LANGLEY of Hancock. 
Be it enacted by the People of the State of Maine as follows: 
Sec. 1.  20-A MRSA §1, sub-§20-B is enacted to read: 
20-B.  Personal finance.  "Personal finance" means a course of study including 
instruction in purchasing, using credit, budgeting, saving and investing, banking, simple 
contracts, state and federal income taxes, personal insurance policies and renting or 
purchasing a home. 
Sec. 2.  20-A MRSA §4722, sub-§2, ¶C, as enacted by PL 1983, c. 859, Pt. C, 
§§5 and 7, is amended to read: 
C.  Mathematics, including at least half a year of personal finance--2 years; 
Sec. 3.  20-A MRSA §6209, sub-§1-A, ¶B, as enacted by PL 2007, c. 259, §5, is 
amended to read: 
B.  Mathematics, including personal finance; and 
Sec. 4.  20-A MRSA §6209, sub-§2, ¶G, as enacted by PL 1995, c. 649, §1, is 
amended to read: 
G.  Social studies; and 
Sec. 5.  20-A MRSA §6209, sub-§2, ¶H, as enacted by PL 1995, c. 649, §1, is 
amended to read: 
H.  Visual and performing arts.; and 
Sec. 6.  20-A MRSA §6209, sub-§2, ¶I is enacted to read: 
I.  Personal finance. 
Sec. 7.  Department to develop personal finance course.  The Department of 
Education shall develop a course on personal finance for use in secondary schools as part 
of the instruction in mathematics required by the Maine Revised Statutes, Title 20-A, 
section 4722, subsection 2, paragraph C.  The course must include instruction in 
purchasing, using credit, budgeting, saving and investing, banking, simple contracts, state 
and federal income taxes, personal insurance policies and renting or purchasing a home.  
The department shall provide the course to all secondary schools in time for 
implementation during the 2012-2013 school year. 
Sec. 8.  Effective date.  Those sections of this Act that enact the Maine Revised 
Statutes, Title 20-A, section 1, subsection 20-B and section 6209, subsection 2, paragraph 
I and that amend Title 20-A, section 4722, subsection 2, paragraph C and section 6209, 
subsection 1-A, paragraph B and subsection 2, paragraphs G and H take effect July 1, 
2012. 
SUMMARY 
This bill requires the Department of Education to develop and distribute a course on 
personal finance for use by secondary schools in the State to help students attain financial 
literacy.  The course must include instruction in purchasing, using credit, budgeting, 
saving and investing, banking, simple contracts, state and federal income taxes, personal 
insurance policies and renting or purchasing a home.  Beginning with the 2012-2013 
school year, all secondary schools must include the personal finance course as part of the 
mathematics instruction required to obtain a high school diploma.