An Act To Promote the Financial Literacy of High School Students
Maine Legislature, Session 125, LD 0184
Committee Amendment CA_B_H207 (House)
Amends: 20-A MRSA §4730

COMMITTEE AMENDMENT ,8 " to H.P. 161, L.D. 184, Bill, "An Act To 
Promote the Financial Literacy of High School Students" 
Amend the bill by striking out everything after the enacting clause and before the 
summary and inserting the following: 
'Sec. 1. 20-A MRSA §4730 is enacted to read: 
§4730. Instruction in personal finance 
Beginning with the 2012-2013 school year, the secondary course of study must 
include instruction in personal finance. For the purposes of this section, "instruction in 
personal finance" means 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. 
1. 
Integrated instruction. 
Each school administrative unit shall include, as 
prescribed by the commissioner, at least one week of instruction in personal finance that 
is integrated within one of the social studies or mathematics courses required for 
graduation pursuant to section 4722, subsection 2. The commissioner shall develop an 
integrated model for instruction in personal [mance, including proficiency and 
performance levels for financial literacy that must be required for graduation. 
2. Student proficiency. Students shall demonstrate achievement of the proficiency 
and performance levels for financial literacy under subsection I through evidence 
documented by course and learning experiences using multiple measures, including, but 
not limited to, examinations, portfolios, performances, exhibitions and projects. 
Sec. 2. 
Department of Education to develop integrated model for 
instruction in personal finance. The Department of Education shall develop an 
integrated model for instruction in personal finance for use in secondary schools as part 
of the instruction in social studies or mathematics required by the Maine Revised 
Statutes, Title 20-A, section 4722, subsection 2, paragraphs Band C. The integrated 
model must include instruction in purchasing, using credit, budgeting, saving and 
COMMITTEE AMENDMENT 
,'\. .;. '$. 
COMMITTEE AMENDMENT ':b "to H.P. 161, L.D. 184 
investing, banking, simple contracts, state and federal income taxes, personal insurance 
policies and renting or purchasing a home. The department shall provide the integrated 
model to all secondary schools in time for implementation during the 2012-2013 school 
year. 
Sec. 3. Appropriations and allocations. The following appropriations and 
allocations are made. 
EDUCATION, DEPARTMENT OF 
PK-20 Curriculum, Instruction and Assessment Z081 
Initiative: Provides funds to the Department of Education to develop an integrated model 
for instruction on personal finance for use in secondary schools as part of the instruction 
in social studies or mathematics. 
GENERAL FUND 
All Other 
GENERAL FUND TOTAL 
2011-12 
$15,000 
$15,000 
2012-13 
$0 
so 
Sec. 4. Effective date. That section of this Act that enacts the Maine Revised 
Statutes, Title 20-A, section 4730 takes effect July 1,2012.' 
SUMMARY 
This amendment is the minority report of the Joint Standing Committee on Education 
and Cultural Affairs. The amendment replaces the bill and requires the Department of 
Education to develop and distribute an integrated model for instruction in personal 
finance for use by secondary schools in the State to help students attain financial literacy. 
The model 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 amendment provides that, beginning with 
the 2012-2013 school year, all secondary schools must include the personal finance 
course as part of the social studies or mathematics instruction required to obtain a high 
school diploma. The amendment also adds an appropriations and allocations section. 
FISCAL NOTE REQUIRED 
(See attached) 
COMMITTEE AMENDMENT 
Approved: 05/03/11 
;tQac:.. 
LD 184 
LR 599(03) 
An Act To Promote the Financial Literacy of High School Students 
Fiscal Note for Bill as Amended by Committee Amendment:.8" 
Committee: Education and Cultural Affairs 
Fiscal Note Required: Yes 
Fiscal Note 
State Mandate - Unfunded 
FY 2011-12 
FY 2012-13 
Projections 
FY 2013-14 
~et Cost (Savings) 
General Fund 
Appropriations/Allocations 
General Fund 
State Mandates 
Required Activity 
$15,000 
$15,000 
Requires secondary schools to add at least one week of instruction in personal 
finance as part of the social science or mathematics courses required in order to 
obtain a high school diploma. 
$0 
$0 
$0 
$0 
Unit Affected 
School 
Projections 
FY 2014-15 
$0 
$0 
Local Cost 
Significant 
statewide 
The required local activities in this bill may represent a State mandate pursuant to the Constitution of Maine. Unless 
General Fund appropriations are provided to fund at least 90% of the additional costs or a Mandate Preamble is 
amended to the bill and two-thirds of the members of each House vote to exempt this mandate from the funding 
requirement, municipalities may not be required to implement these changes. 
Fiscal Detail and Notes 
This bill includes a one-time General Fund appropriation of $15,000 in fiscal year 2011-12 to the PK-20 Curriculum, 
Instruction and Assessment program within the Department of Education for the costs associated with developing an 
integrated model for instruction in personal finance for use in secondary schools as part of the instruction in social 
studies or mathematics. 
LR0599(03) - Fiscal Note - Page 1 of 1