| State: |
Bill Summary: |
| Arizona |
S.B. 1189
Sent to Senate for concurrence 4/28/05
Prohibits the licensee from directly or indirectly charging any fee for accepting a check for deferred presentment or deposit that is more than 15 percent of the face amount of the advanced check delivered to the maker by the licensee for an initial transaction or extension. Prohibits the garnishing of military earnings by a licensee. Prohibits collection activity against a member of the U.S. military or the member’s spouse during the member’s deployment to combat or combat support posting or during National Guard active duty service or any military reserve unit. Prohibits the licensee from contacting the commanding officer or anyone in the chain of command of a borrower in an effort to collect on a loan. Makes the licensee bound by the repayment agreement entered with respect to the borrower, including repayment agreements negotiated through military counselors or third-party credit counselors. Requires the licensee to devote some existing financial literacy effort toward addressing the educational needs of military borrowers. Requires the licensee to develop a brochure specifically for military borrowers including the following information: 1) the requirements of this legislation; 2) military policies relating to credit; 3) where military members may find financial assistance through established military programs, web sites and a military hotline; and 4) where military members may find information about local credit counseling alternatives. |
| California |
A.B. 1375
Imposes an additional tax at a rate of 2.5 percent on a specified bank or financial corporation, as defined, that is engaged in the business of issuing credit cards to California consumers on terms that are inequitable to the consumers, specifically, a special provision in the credit card agreements that allows for an increase of the interest rate, after the credit card has been issued, by any amount that is greater than the increase in the cost of the funds necessary to extend additional credit to the consumer, as specified. This bill also declares the intent of the Legislature to ensure that any revenue generated by the tax imposed under this act be used for purposes of educating consumers regarding predatory lending practices. |
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A.C.R. 6
Filed with secretary of state 3/14/05, Resolution Chapter 6
Declares the month of April 2005 as Financial Literacy Month, in order to raise public awareness about the need for increased financial literacy. |
| Florida |
H.B. 431
Died in messages 5/6/05
Creates the Financial Literacy Council; provides legislative findings; provides purposes; provides for membership; provides for meetings, procedures, records, and reimbursement for travel and per diem expenses; provides powers and duties of the council; provides for resources of the council; requires annual reports to governor and Legislature. |
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H.B. 559
Died in council 5/6/05
S.B. 1188
Died in committee 5/6/05
Establishes the Prosperity Campaign Office to be housed in Workforce Florida, Inc.; provides duties of the office; provides for establishment of the Florida Prosperity Campaign Council; provides membership and responsibilities; requires development and offering of a high school financial literacy course; requires each Prosperity Campaign to connect low-wage workers to economic benefits programs and to offer additional services. |
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H.B. 9057
Passed House 3/22/05
Recognizes March 23, 2005, as Junior Achievement Day in Florida, and all people of this state are called on to foster economic education among youth and to help advance worthwhile mission of Junior Achievement. |
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S.B. 1120
Died in committee 5/6/05
Creates the Financial Literacy Council; provides legislative findings; provides purposes; provides for membership; provides for meetings, procedures, records, and reimbursement for travel and per diem expenses; provides powers and duties of the council; provides for resources of the council; requires annual reports to governor and Legislature. |
| Hawaii |
S.B. 11
Authorizes the state Board of Education to establish personal financial management education programs within the Department of Education for grades kindergarten through 12. |
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S.B. 1353
Directs the Board of Education to add a mandatory one-semester economic and financial management literacy course to the public high school curriculum. |
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S.C.R.162
S.R. 94
Requests the Department of Education to add a mandatory one semester course in economic and financial management literacy to the existing public high school curriculum. |
| Idaho |
H.B. 304
Signed by governor 3/28/05, Chapter 196
Appropriates $10,199,000 to the State Board of Education and the Board of Regents of the University of Idaho for Special Programs, including the Forest Utilization Research Program, Idaho Geological Survey Program, Scholarships and Grants Program, Idaho Museum of Natural History, Idaho Small Business Development Centers, and the Idaho Council on Economic Education for fiscal year 2006; limits the number of full-time equivalent positions to 24.8; and provides legislative intent regarding moneys appropriated for Category B of the Idaho Robert R. Lee Promise Scholarship Program. |
| Illinois |
H.B. 171
Amends the Deposit of State Moneys Act. Provides that the treasurer may accept a proposal from an eligible institution that provides a reduced rate of interest if the institution agrees to expend an amount equal to the reduction for the delivery of credit union products and services and financial literacy programs to low income persons or economically disadvantaged areas of the state. |
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H.B. 468
Amends the Deposit of State Moneys Act. Provides that the treasurer may accept a proposal from an eligible institution that provides a reduced rate of interest if the institution agrees to expend an amount equal to the reduction for the delivery of credit union products and services and financial literacy programs to low income members of certain credit unions. Provides that the proposal and acceptance shall be contained in an agreement between the state treasurer, the institution, and a third party, if applicable, and the agreement shall restrict the use of the funds to the prospective delivery of the foregoing products, services and programs. |
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H.B. 2001
Passed House 4/15/05
Amends the School Code and the State Finance Act. Requires the state Board of Education to develop and adopt curricula, materials and guidelines for school boards to use in implementing a program of instruction on financial literacy within courses currently offered in public high schools in this state. Lists subject areas that the program must include. Creates the Financial Literacy Fund as a special fund in the state treasury. Provides that all money in the fund shall be used by the state Board to award grants to school districts for certain financial literacy purposes. Allows a school board to establish a special fund, with moneys to be used for certain financial literacy purposes. Requires the state Board to incorporate the elements of the program into Illinois learning standards. |
| Indiana |
S.B. 632
Requires schools to provide instruction in personal financial responsibility and general parenting skills to students in grades nine through 12. |
| Iowa |
H.R. 29
Passed House 4/28/05
Designates April 2005 as Financial Literacy for Youth Month in Iowa. |
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S.R. 14
Passed Senate 3/22/05
Designates April 2005 as Financial Literacy for Youth Month in Iowa. |
| Kentucky |
H.B. 227
Passed House 2/25/05
Creates a new section of KRS 158 to permit financial literacy instruction to be included in courses currently offered in public schools; creates a new section of KRS 158 to establish the financial literacy trust fund in the State Treasury and identifies possible fund uses; clarifies that the fund may receive state appropriations, gifts, grants, federal funds, and any other funds, both public and private; identifies that the fund shall be a trust and agency account and made available solely for the purpose and benefits of the Kentucky financial literacy trust fund program; requires Kentucky Board of Education to promulgate administrative regulations related to disbursal of funds; identifies Kentucky Department of Education as administrator of trust fund. |
| Louisiana |
S.C.R. 8
Filed with secretary of state 5/9/05
Designates April 28, 2005 as "Youth Personal Financial Literacy Day at the Louisiana State Capitol." |
| Maine |
L.D. 1318
Indefinitely postponed 6/17/05
Establishes the Commission to Study the Scope and Quality of Personal and Family Financial Management Education. |
| Maryland |
H.J.R. 11
Urges county boards of education to integrate the principles of basic personal finance into the curriculum and instruction established for their local school systems; and urges county boards of education to implement specified standards as part of a student's eligibility to graduate from a public high school and receive a high school diploma. |
| Massachusetts |
H.B. 1197
Includes personal financial literacy in the math curriculum for all school grade levels. |
| Michigan |
H.R. 43
Passed House 3/24/05
Establishes April as Youth Financial Literacy Month in the state of Michigan. |
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S.R. 21
Passed Senate 4/13/05
Establishes April as Youth Financial Literacy Month in the state of Michigan. |
| Minnesota |
S.F. 168
Relates to higher education; requires student financial management proficiency at public postsecondary institutions. |
| Missouri |
H.C.R. 24
Passed both houses 5/13/05
Encourages a mandated high school course in personal finance economics. |
| Montana |
H.B. 664
Missed deadline for appropriation bill transmittal 3/30/05
Establishes an individual development account program in the Office of Economic Development. The purpose of the program is to match savings and to provide financial literacy and credit counseling in order to provide eligible individuals the opportunity to establish special accounts that may be used: a) to purchase a first home; b) to capitalize a small business; or c) to fund postsecondary education or training. |
| New Jersey |
S.B. 1403
Requires a public institution of higher education to establish a financial management program for its students if the institution enters into an agreement for the direct solicitation of credit cards to its students. The financial management program is to be funded by the credit card issuers and conform to the guidelines for the program established by the Department of Banking and Insurance. If a student has not successfully completed the financial management program prior to entering a credit card agreement pursuant to a direct solicitation, the student would not be liable for any interest on the debt pursuant thereto. |
| New Mexico |
H.B. 155
Makes an appropriation to New Mexico State University to develop partnerships with the public schools to promote financial and economic literacy. |
| New York |
A.B. 316
S.B. 5083
Establishes that instruction in financial education be provided to pupils in grades nine through 12; establishes what should be included in such curriculum including the basics of financial planning, budgeting, borrowing, interest rates, personal insurance policies, etc. |
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A.B. 1360
Passed Assembly 6/20/05
Provides for the registration of cash-dispensing machines operated by entities other than banking organizations and establishes the "Improving Financial Literacy Fund" consisting of moneys collected from civil penalties collected from civil actions pursuant to the cash-dispensing machines article of the banking law; requires disclosures of fees and other information to cash-dispensing machine users. |
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A.B. 7420
Passed Assembly 6/15/05
Establishes the financial literacy for military families program which is managed by the department of banking and provides information regarding mortgage and rental protections and obligations, credit card payments and fees and guidance with parental and other family obligations to persons serving in the armed forces of the United States and members of the family of such person. |
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A.B. 8726
Establishes the financial literacy for senior citizens program which is managed by the Department of Banking and provides information regarding mortgages, protections and obligations, preparation for retirement, establishing a budget, paying monthly bills, balancing check books, tax preparation and other obligations to persons over the age of 50. |
| North Carolina |
H.B. 16
Passed House 5/10/05
Requires the public schools to teach personal financial literacy in high school. |
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H.B. 1247
Appropriates funds for the North Carolina Minority Support Center to further a statewide program of lending for homeownership and wealth creation in disadvantaged communities. |
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S.B. 912
Passed Senate 5/26/05
Directs the public schools to teach personal financial literacy to high school students. |
| Ohio |
H.B. 47
Requires that every high school include instruction in personal economics in the requirements for graduation. |
| Oklahoma |
S.B. 378
Passed Senate 3/15/05
Requires the state Board of Education to adopt standards for personal financial economics; requires one-half unit or set of competencies of personal financial economics for high school graduation. |
| Oregon |
H.B. 2859
Requires school districts to provide instruction in financial education in secondary schools. Directs Department of Education to prepare financial education program. |
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S.B. 748
Directs the Department of Education to prepare financial education program. Allows school districts to implement financial education program. |
| Pennsylvania |
H.B. 2337
Provides for development of an economic literacy program. |
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H.R. 156
Passed House 3/29/05
Recognizes the month of April 2005 as "Financial Literacy Month" in Pennsylvania. |
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H.R. 201
Establishes a task force for personal financial literacy initiatives for Pennsylvanians. |
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S.B. 528
Provides for personal financial literacy program. |
| Rhode Island |
H.B. 6367
Passed House 4/12/05, Resolution 189
Proclaims April 2005 to be "Financial Literacy Month" in the state of Rhode Island. |
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S.B. 994
Passed Senate 3/30/05, Resolution 144
Proclaims April 2005 to be "Financial Literacy Month" in the state of Rhode Island. |
| South Carolina |
H.B. 3020
Signed by governor 4/15/05, Act 38
Enacts the Financial Literacy Instruction Act of 2004, to provide for the development or adoption of a curriculum for local school boards to teach financial literacy, and provides for the establishment of a fund to receive public and private contributions for financial literacy instruction. |
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H.B. 3282
Passed both houses 1/27/05
Applauds the newly formed South Carolina Jump$tart Coalition for personal financial literacy and recognize April 11-15, 2005, as "South Carolina Financial Literacy Week." |
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S.B. 122
Expands the educational standards and core academic areas to include certain basic skills required to function independently as an adult, including county money and making change, understanding and applying percentages and interest rates, and balancing a checkbook. |
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S.B. 501
Enacts the Financial Literacy Instruction Act of 2004, to provide for the development or adoption of a curriculum for local school boards to teach financial literacy, and provides for the establishment of a fund to receive public and private contributions for financial literacy instruction. |
| Texas |
H.B. 492
Signed by governor 6/17/05, Chapter 494
Relates to personal finance education as a requirement for graduation from public high school. |
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H.B. 763
Relates to a financial literacy curriculum requirement in certain public high schools located in the Texas-Mexico border region. |
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H.B. 900
Signed by governor 6/18/05, Chapter 1214
Relates to the requirement that workforce development programs provide training in financial literacy. |
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H.R. 1172
Passed House 4/13/05
Commends all those associated with Youth Financial Literacy Month and encourage parents, teachers, and other leaders to help their children and students gain practical money management skills. |
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S.B. 498
Relates to the development of a financial literacy program for consumers. |
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S.B. 851
Signed by governor 6/17/05, Chapter 832
Directs the Texas Education Agency (TEA) to establish a financial literacy pilot program in no more than five school districts to provide students with the knowledge and skills necessary to make critical financial decisions. Requires TEA to report to the legislature by January 1, 2007, on the implementation and effectiveness of the pilot program. A pilot program will allow schools to develop and test programs, helping develop a strong and effective model for teaching financial soundness. |
| Virginia |
S.B. 950
Signed by governor 3/26/05, Chapter 741
Requires instruction in economics education and financial literacy in public middle and high schools. The Board of Education is required to develop and approve objectives for economics education and financial literacy in grades six through 12. The principles of the American economic system and financial literacy must also be systematically infused in the Standards of Learning, and in career and technical education programs. However, these objectives are not required to be included in the Standards of Learning assessments. In addition, to provide for experiential learning and practical application of economic and financial literacy principles, public schools may establish on-site banking programs for students. In addition, public institutions of higher education must make provisions for the promotion of the development of student life skills through inclusion of principles of economics education and financial literacy within an existing general education course, the freshman orientation process, or other appropriate venue. The provisions of §§22.1-200.02 and 22.1-208.2:3, which provide for instruction in certain mathematics and finance objectives, and the Banking-at-School Partnership Program, respectively, have been incorporated in this bill and have been repealed. |
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S.B. 969
Signed by governor 3/20/05, Chapter 33
Creates the Entrepreneurship Education Program, consisting of grants administered by the Board of Education to public secondary schools to support innovative educational programs designed to assist students in the development of their entrepreneurial, academic, and life skills. The programs shall, among other things, (i) incorporate experiential learning; (ii) include partnerships with business and higher education; and (iii) assist students in practicing and mastering business concepts, such as negotiation, pricing, and the development and implementation of plans for individual student businesses. This act will expire on July 1, 2007, if no gifts, donations, bequests, or other funds effectuating its purposes are received by that date. |
| Washington |
H.B. 2152
Provides that, to the extent funds are appropriated or are available for this purpose, the superintendent of public instruction and other members of the partnership created in RCW 28A.300.455 shall make available to school districts the list of identified financial literacy skills and knowledge, instructional materials, assessments and other relevant information. Encourages each school district to provide its students with an opportunity to master the financial literacy skills and knowledge developed under RCW 28A.300.460. Declares that, for the purposes of RCE 28A.300.455, 28A.300.460, and this act, it is not necessary to evaluate and apply the office of the superintendent of public instruction essential academic learning requirements or to develop grade level expectations. Appropriates the sum of $25,000, or as much thereof as may be necessary, for the fiscal year ending June 30, 2006, from the general fund to the Washington financial literacy public-private partnership account for the purposes of RCW 28A.300.465. Appropriates the sum of $25,000, or as much thereof as may be necessary, for the fiscal year ending June 30, 2007, from the general fund to the Washington financial literacy public-private partnership account for the purposes of RCW 28A.300.465. Declares that the amounts in this provision are provided solely for the purposes of RCW 28A.300.465. |
| West Virginia |
H.B. 2837
Signed by governor 4/20/05, Act 88
Prescribes personal finance instruction in secondary schools by the state Board of Education. |
| Wyoming |
S.J.R. 5
Passed both houses 2/25/05
Recognizes financial education's value to the state of Wyoming and its' citizens. |
