An Act To Promote the Financial Literacy of High School Students
Maine Legislature, Session 126, LD 0843
Committee: Education and Cultural Affairs
Sponsors: POULIOT, CAIN, BECK, BENNETT, BLACK, BOLAND, CHASE, CHENETTE, CHIPMAN, COTTA, CRAFTS, CRAY, CROCKETT, DAUGHTRY, DAVIS, DILL, EVES, FITZPATRICK, FREDETTE, GIFFORD, GOODE, GRANT, GUERIN, HAMANN, HARVELL, HICKMAN, HUBBELL, JOHNSON, KAENRATH, KESCHL, KINNEY, KNIGHT, LIBBY, MAKER, MAREAN, NELSON, NEWENDYKE, PARRY, PEASE, PLANTE, RANKIN, SANDERSON, SIROCKI, STUCKEY, TIMBERLAKE, TIPPING-SPITZ, VOLK, WILLETTE, WILSON, WINCHENBACH, GOODALL, KATZ, LANGLEY, MASON, MILLETT, THIBODEAU
Amends: 20-A MRSA §1, 20-A MRSA §4722, 20-A MRSA §6209

Legislative Document 
No. 843 
H.P. 594 
House of Representatives, March 5, 2013 
An Act To Promote the Financial Literacy of High School Students 
Reference to the Committee on Education and Cultural Affairs suggested and ordered 
printed. 
MILLICENT M. MacFARLAND 
Clerk 
Presented by Representative POULIOT of Augusta. 
Cosponsored by Senator CAIN of Penobscot and 
Representatives: BECK of Waterville, BENNETT of Kennebunk, BLACK of Wilton, 
BOLAND of Sanford, CHASE of Wells, CHENETTE of Saco, CHIPMAN of Portland, 
COTTA of China, CRAFTS of Lisbon, CRAY of Palmyra, CROCKETT of Bethel, 
DAUGHTRY of Brunswick, DAVIS of Sangerville, DILL of Old Town, Speaker EVES of 
North Berwick, FITZPATRICK of Houlton, FREDETTE of Newport, GIFFORD of Lincoln, 
GOODE of Bangor, GRANT of Gardiner, GUERIN of Glenburn, HAMANN of South 
Portland, HARVELL of Farmington, HICKMAN of Winthrop, HUBBELL of Bar Harbor, 
JOHNSON of Greenville, KAENRATH of South Portland, KESCHL of Belgrade, KINNEY of 
Limington, KNIGHT of Livermore Falls, LIBBY of Lewiston, MacDONALD of Boothbay, 
MAKER of Calais, MAREAN of Hollis, McCABE of Skowhegan, McCLELLAN of 
Raymond, McLEAN of Gorham, NELSON of Falmouth, NEWENDYKE of Litchfield, 
PARRY of Arundel, PEASE of Morrill, PLANTE of Berwick, RANKIN of Hiram, 
SANDERSON of Chelsea, SIROCKI of Scarborough, STUCKEY of Portland, TIMBERLAKE 
of Turner, TIPPING-SPITZ of Orono, VOLK of Scarborough, WILLETTE of Mapleton, 
WILSON of Augusta, WINCHENBACH of Waldoboro, Senators: GOODALL of Sagadahoc, 
JOHNSON of Lincoln, KATZ of Kennebec, LANGLEY of Hancock, MASON of 
Androscoggin, MILLETT of Cumberland, THIBODEAU of Waldo. 
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 and H, as enacted by PL 1995, c. 649, 
§1, are amended to read: 
G.  Social studies; and 
H.  Visual and performing arts.; and 
Sec. 5.  20-A MRSA §6209, sub-§2, ¶I is enacted to read: 
I.  Personal finance. 
Sec. 6.  Effective date.  This Act takes effect July 1, 2014. 
SUMMARY 
Current law requires the Commissioner of Education to develop a program of 
technical assistance that promotes the importance of financial literacy and encourages 
school administrative units to implement an integrated model for instruction in personal 
finance that may be used in secondary schools as part of the instruction in social studies 
or mathematics. 
This bill amends the system of learning results to require each student to study and 
become proficient in personal finance, 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.  The bill takes effect 
beginning with the 2014-2015 school year and requires all secondary schools to include 
the personal finance course as part of the mathematics instruction required to obtain a 
high school diploma.