| State: |
Bill Summary: |
| California |
A.B. 1375
Died pursuant to Art. IV, Sec. 10(c) of the Constitution 1/31/06
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.B. 1950
Vetoed by governor 9/28/06
Veto message:
Allows a school district, in providing instruction in economics, to include instruction related to the understanding of personal finances, including, but not limited to budgeting, savings, credit, and identity theft. This bill also encourages the State Department of Education to develop a model personal finance curriculum, in consultation with financial institutions and organizations that provide instructional programs and seminars in personal finance, for these purposes. |
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A.C.R. 120
Filed with secretary of state 4/25/06, Resolution Chapter 34
Declares the month of April 2006 as Financial Literacy Month, in order to raise public awareness about the need for increased financial literacy. |
| Florida |
H.B. 531
Died in messages 5/5/06
Establishes the Florida Prosperity Campaign Council within Workforce Florida, Inc.; provides membership; provides for meetings and reimbursement for per diem and travel expenses; requires development of financial literacy instruction to be included in high school life management skills coursework; provides for repeal; requires financial literacy instruction to be part of life management skills credit requirement. |
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H.B. 825
Signed by governor 6/9/06, Chapter 140
Creates the Financial Literacy Council; provides purposes; provides for membership; provides for reimbursement for per diem and travel expenses; provides for meetings, procedures, and records; provides powers and duties of the council; provides for resources of the council; requires that any funds received by the council be deposited in the Department of Financial Services Administrative Trust Fund; provides for expiration of the council; requires annual reports to the Governor and Legislature; provides a contingent appropriation; provides for construction; provides a limitation on expenditures of certain grant funds. |
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S.B. 1224
Died in committee 5/5/06
Establishes the Prosperity Campaign Office to be administratively housed in Workforce Florida, Inc.; provides for the establishment of the Florida Prosperity Campaign Council; requires development of financial literacy instruction to be included in high school life management skills coursework; amends specified provision regarding general requirements for high school graduation. |
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S.B. 1368
Laid on table 4/26/06
Creates the Financial Literacy Council; provides purpose; provides for membership, meetings, procedures and records; provides powers and duties of council; requires that any funds received by council be deposited in Administrative Trust Fund; requires annual reports to the governor and Legislature; provides contingent appropriation; provides for construction; provides limitation on expenditures of certain grant funds. |
| Hawaii |
H.B. 1920
Signed by governor 4/27/06, Act 47
Expands scope of Financial Literacy Month in Hawaii to include all citizens. |
| Illinois |
S.B. 2191
Signed by governor 6/26/06, Public Act 94-0929
Amends the School Code and the State Finance Act. In a section requiring consumer education to be taught, provides that the instructions must include an understanding of the basic concepts of financial literacy, including installment purchasing, budgeting, savings and investing, banking, understanding simple contracts, state and federal income taxes, personal insurance policies, and the comparison of prices. 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 of Education 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. Urges the State Board, upon the next comprehensive review of the Illinois Learning Standards, to include the basic principles of personal insurance policies and understanding simple contracts. |
| Indiana |
H.B. 1047
Requires public schools (including charter schools) and accredited nonpublic schools to provide instruction in personal financial responsibility to students in grades nine through 12. |
| Iowa |
H.F. 2082
Withdrawn 3/13/06
Requires financial education for family investment program (FIP) participants. |
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H.F. 2202
Adds a one-half unit course in personal finance literacy to the educational program each school district and accredited nonpublic school is required to offer in grades nine through 12, and requires all students to take the course as a condition of graduation. The personal finance curriculum includes the use of common banking instruments such as checking accounts; credit; debit cards; compound interest; mortgage, auto, and personal loans; investment basics including stocks, bonds, and index funds; credit scores; budgeting; saving and debt management; retirement planning and savings; and insurance. The bill may include a state mandate as defined in Code §25B.3. The bill requires that the state cost of any state mandate included in the bill be paid by a school district from state school foundation aid received by the school district under Code §257.16. The specification is deemed to constitute state compliance with any state mandate funding-related requirements of Code §25B.2. The inclusion of this specification is intended to reinstate the requirement of political subdivisions to comply with any state mandates included in the bill. |
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H.F. 2509
Signed by governor 4/11/06
Relates financial education for family investment program (FIP) applicants and participants. Modifies the list of the program activities required to be provided under the PROMISE=JOBS program to include financial education. |
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H.R. 148
Urges the Iowa Department of Education to integrate the principles of basic personal finance into the public school curricula. |
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S.R. 154
Passed Senate 4/24/06
Urges the Iowa Department of Education to integrate the principles of basic personal finance into the public school curricula. |
| Massachusetts |
H.B. 1197
Includes personal financial literacy in the math curriculum for all school grade levels. |
| Michigan |
H.B. 6670
Requires that information on whether schools are providing financial education programs be reported to evaluate the need for a mandate. |
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H.R. 211
Passed House 3/8/06
Recognizes April 2006 as Youth Financial Literacy Month in the state. |
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S.R. 107
Passed Senate 3/23/06
Recognizes April 2006 as Youth Financial Literacy Month in the state. |
| Minnesota |
H.F. 4219
Incorporates financial literacy curriculum into high school graduation economics course requirements. |
| Mississippi |
S.B. 2918
Died in committee 2/28/06
Amends §37-7-301 to authorize school boards to implement a financial literacy curriculum for students in high school. |
| Missouri |
S.B. 790
Under the provisions of this act, beginning in the 2007-2008 school year, regular courses of instruction in the area of personal finance shall be required for all public high school students. The act specifies the topics to be covered in such courses. Prior to the completion of the twelfth grade, each pupil who receives a high school diploma or certificate of graduation on or after January 1, 2011, shall have satisfactorily completed, with a passing grade, four year-long courses in personal finance education. The Department of Elementary and Secondary Education may promulgate rules regarding the implementation and enforcement of this act and shall provide assistance in developing personal finance courses if a district requests assistance. |
| New Jersey |
A.B. 3024
S.B. 2101
Establishes a three-year pilot program to provide high school seniors in selected districts with a personal financial literacy course. The commissioner of Education will select six districts for participation, two in each of the southern, central, and northern regions of the state. The goal of the pilot program will be to ensure that high school graduates in the pilot districts receive instruction on budgeting, savings and investment, credit card debt, and other issues associated with personal financial responsibility. At the conclusion of the pilot program, the commissioner will report to the governor and the Legislature on the feasibility of implementing the program on a statewide basis. |
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A.B. 3077
Requires school districts to provide instruction in credit and personal money management as part of the implementation of the Core Curriculum Content Standards in Career Education and Consumer, Family and Life Skills. The goal of the instruction would be to instill skills and values that will enable young adults to manage personal bank accounts, credit cards, and credit card debt, save and invest money, and spend wisely. |
| New York |
A.B. 1360
Passed Assembly 5/23/06
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 4/3/06
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. |
| North Carolina |
H.B. 2836
Enacts the credit enhancement services act and to appropriate funds for an evaluation of the act by the state banking commission. |
| Ohio |
H.B. 47
Requires that every high school include instruction in personal economics in the requirements for graduation. |
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S.B. 275
Creates the Ohio Consumer Mortgage Commission, to transfer enforcement authority for the Mortgage Broker's Act from the superintendent of financial institutions to the attorney general, authorizes the attorney general to create predatory lending strike forces, permits state regulatory authorities to share confidential information, requires first-time home buyers to receive pre-purchase home buyer counseling, adds financial literacy instruction to high school graduation requirements, establishes additional prohibitions and requirements for financial institutions, real estate appraisers, and mortgage brokers, and makes an appropriation. |
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Oklahoma |
S.B. 1334
Relates to curricular requirements for high school graduation; requires the state Board of Education to adopt standards for personal financial economics; creates the Personal Financial Economics Professional Development Fund. |
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S.B. 1884
Relates to curricular requirements for high school graduation; requires one-half unit or set of competencies of personal finance beginning in the 2010-2011 school year. |
| Pennsylvania |
H.B. 2337
Passed House 2/8/06
Provides for development of an economic education and personal financial literacy programs. |
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H.R. 675
Passed House 4/4/06
Designates the month of April 2006 as Financial Literacy Month. |
| Rhode Island |
H.B. 7962
Passed House 4/4/06, Resolution Chapter 182
Designates the month of April 2006 as Financial Literacy Month. |
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S.B. 2980
Passed Senate 3/29/06, Resolution Chapter 166
Designates the month of April 2006 as Financial Literacy Month. |
| South Carolina |
H.B. 4707
Vetoed by governor 6/13/06
Veto overridden 6/14/06, Act No. 382
Enacts the "South Carolina Financial Literacy Trust Act", which is an initiative for improving financial literacy by providing grants to school districts to provide financial literacy instruction for students in kindergarten through 12th grade; establishes goals for this initiative; establishes the South Carolina financial literacy board of trustees, to provide that it shall oversee the financial literacy trust, and to establish the purposes of the board and its composition, functions, and duties; provides for two separate funds to accept public and private monies and monies appropriated by the General Assembly; provides for the functions and duties of the office implementing and operating the initiative; and provides the procedure for applying for a grant, establish fiscal guidelines, and evaluation requirements; relates to designating contributions to certain charitable funds through individual income tax returns, so as to authorize contributions to the financial literacy trust; and to repeal §§59-29-420 and 59-29-425, both relating to a financial literacy fund. |
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H.B. 4774
Provides that all degree-seeking students in public institutions of higher learning shall pass a class in financial literacy instruction before obtaining a degree, provides that the commission on higher education in cooperation with the public institutions shall develop guidelines for the desired course content and requirements, provides that institutions of higher learning shall ensure that all degree-seeking students receive financial literacy instruction, and provides reporting requirements. |
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S.B. 1312
Provides grants to school districts to provide financial literacy instruction for students in K-12; establishes goals for this initiative; establishes the financial literacy board of trustees providing that it shall oversee the financial literacy trust, and establish the purposes, composition, function, and duties of the board; provides two separate funds to accept public and private money appropriated by the General Assembly; provides for the functions and duties of the office implementing and operating the initiative; and provides the procedure for applying for a grant, establish fiscal guidelines, and evaluation requirements; relates to designating contributions to certain charitable funds through individual income tax returns, so as to authorize contributions to the financial literacy trust; and to repeal §§59-29-420 and 59-29-425, both relating to a financial literacy fund. |
| Tennessee |
H.B. 3624
S.B. 3822
Requires the subject of personal finance to be taught in all public high schools. |
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H.B. 3753
Substituted for S.B. 3741 5/10/06
S.B. 3741
Signed by governor 6/2/06, Chapter 854
Specifies that successful participation in a 1/2-unit course on personal finance makes the student eligible for the 1/2-unit of credit for instruction on the essentials of the free-enterprise system. |
| Vermont |
H.B. 626
Provides asset protection for low income beneficiaries of public benefits and to encourage financial literacy and asset building. |
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S.B. 188
Signed by governor 4/18/06, Act 113
Ensures that individuals who are working and receiving Reach Up assistance from the department for children and families will be able to save any federal or state Earned Income Tax refunds without losing Reach Up assistance. Allows individuals on Reach Up to attend a financial literacy class as part of the work requirement for Reach Up assistance. |
| Virginia |
H.B. 1550
Directs the Department of Corrections, where appropriate and resources are available, to give nonviolent prisoners who have not been convicted of specific offenses or sentenced to one or more life terms the opportunity to participate in a residential community program, work release, or a community-based program. The bill restricts the cost of keep to no more than 30 percent of the prisoner's gross earnings, and directs the Department to prescribe guidelines for the program that emphasize training and education related to job skills, literacy, money management, and other life skills. |
| Washington |
H.B. 2394
Signed by governor 3/17/06, Chapter 107
S.B. 6305
Passed House 2/7/06
The assessment used to develop the individual responsibility plan (IRP) for WorkFirst participants must include consideration of the potential benefit to the individual of engaging in financial literacy activities. The definition of work activities is expanded to include financial literacy activities designed to assist a participant in becoming self-sufficient and financially stable. Financial literacy activities may be included in an IRP as either a core activity or an optional activity. The Department of Social and Health Services is directed to consider the local options available to WorkFirst participants for financial literacy activities, including options and resources made available through the K-12 Financial Literacy Public Private Partnership. |
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S.B. 6219
Passed House 3/7/06, to Senate for concurrence
Recognizes that a lack of financial literacy can pose a significant barrier for individuals seeking to achieve financial prosperity and life-long stability. Finds that it is of the utmost importance to ensure that Washington's students are educated in financial matters in order to prepare them for financial independence and help them develop the fiscal responsibility and financial management skills necessary to have a secure future and succeed in the 21st century. |
