Financial Literacy 2010 Legislation

Last Updated: February 17, 2011

NCSL Staff Contact: Heather Morton, (303) 364-7700, Denver

Financial literacy is a broad term that has multiple meanings, depending on an individual’s situation.  It may mean learning how to create and manage a household budget, learning how to invest money for retirement, or participating in one-on-one coaching and counseling to determine how to buy a house or start a business.  It also can be part of an overall strategy to increase economic security for lower-income families.

In 2010, legislators in 30 states introduced financial literacy legislation. Eight states have enacted legislation this year. Illinois removed a provision requiring a consumer education proficiency test to be administered to allow a pupil to be excused from the requirement that he or she have consumer education instruction. Iowa enacted legislation creating the Iowa Financial Literacy Program within the office of the state treasurer. Louisiana provided for instruction in free enterprise, including personal finance, as part of the civics course and abolished its Financial Literacy and Education Commission. Minnesota established the Ladder Out of Poverty Task Force; the task force is tasked with providing financial literacy information to low-income families and individuals.  New Mexico enacted legislation that allows financial literacy to qualify for one of the four required mathematics requirements. Oklahoma enacted legislation to allow the use of federal student loan assistance money to provide student support services in financial literacy. Pennsylvania provided for economic education and personal financial literacy programs. Tennessee enacted the "Financial Literacy Program of 2010." Alabama, Michigan and Rhode Island passed resolutions.

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STATE
BILL SUMMARY
Alabama

S.J.R. 95
Signed by governor 3/12/10, Act 207
Urges the Department of Education and the Alabama state Board of Education to require local school districts to incorporate a money management course in their curriculum for senior high school students.

Alaska
none
Arizona

H.C.M. 2006
Urges the Congress of the United States to enact legislation requiring credit card issuers to provide online educational courses to higher education students before their credit cards are activated.

Arkansas
none
California

A.B. 448
Died pursuant to Art. IV, Sec. 10(c) of the Constitution 1/31/10
Includes in the duties of the director of Consumer Affairs proposing and assisting in the creation of programs for improving financial literacy. The bill specifically requires that the director participate with the Financial Literacy and Education Commission to implement in California the National Strategy for Financial Literacy, using existing resources. The bill also makes legislative findings and declarations and states the intent of the Legislature that the State Board of Education, county offices of education, and school districts find ways, within existing resources, to incorporate financial education and literacy into their curriculum offerings and to work with the director of Consumer Affairs in this regard.

 

A.B. 550
Died pursuant to Art. IV, Sec. 10(c) of the Constitution 1/31/10
Establishes the California Financial Literacy Initiative in the controller's office for the purpose of providing resources and instruction to Californians to improve financial literacy. The initiative would be administered by the controller. The bill establishes the California Financial Literacy Fund in the State Treasury and authorizes the controller to deposit private donations into the fund from entities with no direct financial interest in any financial products. The bill requires those moneys to be made available upon appropriation in the annual Budget Act. The bill requires the controller, beginning in 2011, to report to specified committees of the Legislature annually on or before August 30 on the implementation of the initiative, as specified.

 

A.B. 2457
Vetoed by governor 9/23/10
This bill establishes the California Financial Literacy Fund in the State Treasury for the purpose of supporting partnerships with the financial services community and governmental and nongovernmental stakeholders to improve Californians' financial literacy. The bill requires the fund to be administered by the controller and would authorize the controller to deposit private donations into the fund from entities with no direct financial interest in any financial products. The bill requires those moneys to be made available upon appropriation in the annual Budget Act. The bill requires the controller, beginning in 2012, to provide a summary to specified committees of the Legislature annually on or before August 30 on the use of those moneys appropriated from the fund.

 

A.C.R. 147
Passed Assembly 4/22/10
This measure declares April 2010 as Financial Aid and Literacy Month to raise public awareness about the need for increased financial literacy.

Colorado
none
Connecticut
none
Delaware
none
District of Columbia
none
Florida
none
Georgia

H.R. 1292
Urges the enactment of H.R. 3171 by Congress and the signing of the bill into law by the President in order:(a) To assure comprehensive affordable financial services to the financially underserved;(b) To facilitate individually focused financial literacy for the financially underserved;(c) To ensure the enrollment of the financially underserved into a graduation program designed to rehabilitate their credit profile and increase their credit scores;(d) To empower the financially underserved to make better financial decisions;(e) To encourage a more transparent process through reports to Congress, which will allow public access by policymakers and others to provide helpful data to aid the continued improvements to financial products and services and ensure appropriate consumer protections designed to help the financially underserved;(f) To encourage the financially underserved to save more to provide a buffer for cash flow shortfalls and downturns in the economy; and(g) To provide a Bridging Bank to help the financially underserved more easily transition into mainstream banking services.

Guam
none
Hawaii

H.B. 1915
Provides that in addition to any mandatory programs available to certain applicants for and recipients of temporary assistance for needy families as required by federal law, the department shall offer financial education to applicants for and recipients of temporary assistance for needy families. Defines "financial education" as education that promotes an understanding of consumer, economic, and personal finance concepts, including the basic principles involved in earning, budgeting, spending, saving, investing, and taxation.

Idaho
none
Illinois

S.B. 3608
Signed by governor 7/14/10, Public Act 96-1061
Amends the School Code. Removes a provision requiring a consumer education proficiency test to be administered that allows a pupil to be excused from the requirement that he or she have consumer education instruction.

Indiana

H.B. 1334
Requires that fees and funds accruing from the administration of the Indiana Securities Act (IC 23-19) and other statutes must be deposited in the home ownership education account. Abolishes the securities division enforcement account, which was used to fund investor education and financial literacy. Makes conforming amendments.

Iowa

H.F. 2474
This bill provides for the establishment of a financial literacy program within the office of the treasurer of state. The objective of the program shall be to encourage and make possible the achievement of financial literacy by the largest number of citizens in Iowa, and especially by low to moderate income families. The bill provides that the state treasurer shall be authorized to promote the advantages of personal savings and the viability and desirability of implementing a personal savings program regardless of an individual's or a family's financial status; to create an incentive program and awards ceremony recognizing individuals and families who have made significant progress toward achieving personal savings goals; to create strategies for coordination of the program with the Iowa educational savings plan trust; to make presentations to schools, hospitals, civic organizations, privately organized clubs and groups and other groups regarding the existence of the program; and to coordinate conferences, meetings, and events promoting financial literacy and education. The bill allows the treasurer of state to utilize and allocate any funds legally available for purposes of promoting the program, and directs the treasurer to submit a report to the governor and the General Assembly regarding the program on an annual basis.

 

S.F. 2281
Redefines the core curriculum and removes financial literacy from the specified items included in the core curriculum.

 

S.F. 2367
Signed by governor with line item veto 4/29/10
Creates the Iowa financial literacy program within the office of the treasurer of state. The treasurer of state shall have all powers necessary to carry out and effectuate the purposes, objectives, and provisions pertaining to the program, including the authority to do all of the following: (1) Promote the advantages of personal savings and responsible borrowing and the viability and desirability of implementing a personal savings program and responsible borrowing practices regardless of an individual's or family's financial status. (2) Create an incentive program and awards ceremony whereby individuals and families who have made significant progress toward achieving personal savings goals and engaging in responsible borrowing practices shall be officially recognized. (3) Create strategies for coordination of the program with the Iowa educational savings plan trust established in chapter 12D. (4) Make presentations to groups including but not limited to schools, hospitals, civic organizations, and privately organized clubs and groups regarding the existence of the program. (5) Coordinate conferences, meetings, and events which promote financial literacy and education.

Kansas

S.B. 503
Concerns payday and title loans; imposes a surcharge thereon and the funds will be used to fund professional development programs in the areas relating to personal financial literacy or topics relating to personal financial literacy.

Kentucky

H.B. 55
Passed House 2/10/10
Creates a new section of KRS Chapter 164 to require public postsecondary institutions to provide new undergraduates with information regarding credit cards and debt management and encourage them to conduct informational sessions; encourages nonpublic postsecondary institutions to provide new undergraduates with information regarding credit cards and debt management and to conduct informational sessions; permits institutions to utilize existing debt education materials from nonprofit entities; and requires the Kentucky Higher Education Assistance Authority to assist institutions in identifying appropriate materials and curricula.

Louisiana

H.B. 1029
Signed by governor 6/18/10, Act 327
Provides for Free Enterprise as an elective course rather than a prerequisite to high school graduation and requires that Free Enterprise instruction, including personal finance, be included in Civics; expands the Civics requirement to one full year; delays implementation until the 2011-2012 school year; allows certain students a choice as to how to fulfill Civics and Free Enterprise course requirements.

 

H.B. 1226
Signed by governor 6/29/10, Act 743
Abolishes the Financial Literacy and Education Commission.

Maine
none
Maryland

H.B. 335
S.B. 1030
Requires the State Board of Education to develop curriculum content for a course in financial literacy; requires county boards of education to implement financial literacy curriculum content in public high schools in the county; requires students to complete a financial literacy course in order to graduate from high school.

 

H.B. 764
S.B. 264
Passed Senate 3/24/10
Requires the State Board of Education to develop curriculum content for a course in financial literacy; requires county boards of education to implement specified curriculum content in specified high schools; requires specified students to complete a specified course in order to graduate from high school.

 

H.B. 853
S.B. 1060
Requires county boards of education to make specified certifications regarding the Personal Financial Literacy State Curriculum on or before September 1 of each year; requires the State Department of Education to develop a process to monitor the implementation of the curriculum; and requires the Department to report regarding monitoring and implementation to the governor and General Assembly on or before December 1 of each year.

 

H.B. 1400
Passed House 4/4/10
S.B. 1036
Passed Senate 3/26/10
Requires the office of the commissioner of Financial Regulation to serve as a clearinghouse for information on financial education resources, services, and programs available to residents of the state; authorizing the commissioner to include on the commissioner's website specified information on financial education, resources, services, and programs and links to the websites of specified other state or federal agencies and specified nonprofit organizations.

Massachusetts

H.B. 374
Substituted by S.B. 2275 2/18/10
Requires the Department of Education to establish a grant program, subject to appropriation, to be known as the financial literacy program, for the sole purpose of educating students on the subject of financial literacy. The course will be implemented in 12 pilot high schools throughout the state. The grant shall support the development of a financial literacy course which would: (1) allow school districts to coordinate efforts and provide services to 12 pilot high schools; and (2) allow school districts to coordinate efforts and establish a inter-district regional educational collaborative. The grant should encourage financial literacy. The grant may be used to establish a high school course which will encourage students to familiarize themselves with the intricacies of personal finance.

 

H.B. 375
Substituted by S.B. 2275 2/18/10
Requires the Department of Education to authorize and assist in the implementation of programs to teach personal financial literacy in order to equip students with the knowledge and skills needed to become self-supporting and to enable students to make critical decisions regarding personal finances. Requires the Department to develop a curriculum, materials and guidelines that local boards of education and governing authorities of accredited nonpublic schools shall use in implementing the program of instruction on personal financial literacy. The Department shall also develop standards and objectives for personal financial literacy for all grade levels within the existing math curriculum.

 

H.B. 377
Substituted by S.B. 2275 2/18/10
Provides that in all public high schools a course shall be taught on personal financial literacy which shall include, but not be limited to instruction in the following areas: Understanding interest, credit card debt, and online commerce; rights and responsibilities of renting or buying a home; savings and investing; planning for retirement; bankruptcy; banking and financial services; balancing a checkbook; understanding loans and borrowing money, including predatory lending and payday loans; understanding insurance; identity fraud and theft; charitable giving; understanding the financial impact and consequences of gambling; earning an income; and understanding state and federal taxes.

 

H.B. 407
Substituted by S.B. 2275 2/18/10
Requires the Department of Education to authorize and assist in the implementation of programs on teaching personal financial literacy. The components of personal financial literacy covered in the program shall include, but not be limited to, consumer financial education, personal finance and personal credit. Requires the Department to develop a curriculum, materials and guidelines that local boards of education and governing authorities of accredited nonpublic schools may use in implementing the program of instruction on personal financial literacy. Requires the Department to develop standards and objectives for personal financial literacy, for all grade levels, within the existing mathematics curriculum. Requires the Department to encourage school districts when selecting textbooks for mathematics, economics or similar courses, to select those text books which contain substantive provisions on personal finance, including personal budgeting, credit, debt management and similar personal financial topics.

 

H.B. 478
Substituted by S.B. 2275 2/18/10
Requires the Department of Education to develop a curriculum encompassing all aspects of personal finances, including but not limited to, credit, mortgages, credit cards, and all other forms of debt, savings, interest, investments and other components of this subject. Requires the Department to integrate this curriculum into existing social studies curriculums within three years of enactment.

 

S.B. 299
Substituted by S.B. 2275 2/18/10
Requires the Department of Education to provide guidance and assistance in the implementation of programs on teaching personal financial literacy. The components of personal financial literacy covered in the program shall include, but not be limited to: understanding loans, borrowing money, interest, credit card debt, and online commerce; understanding the financial impact and consequences of gambling; rights and responsibilities of renting or buying a home; saving, investing and planning for retirement; and banking and financial services. The Department shall incorporate personal financial literacy concepts and skills within the existing mathematics framework. The Department shall encourage school districts when selecting textbooks for mathematics, economics or similar courses, to select those text books which contain substantive provisions on personal finance. Requires the Department to establish a financial literacy advisory group to: (1) review the revision draft of the Mathematics Framework and submit recommendations for the inclusion of personal financial literacy concepts and standards; (2) assist the Department with a review of existing financial literacy curriculum materials and programs; (3) develop a plan for the dissemination of these recourses; and (4) design a strategy for identifying and sharing best practices and successful programs that effectively teach personal literacy concepts and skills. The members of the financial literacy advisory group shall include, but not limited to, three educators, two leaders in the field of financial planning, one leader in the field of banking, and one leader for the local college who teaches financial literacy or personal finance. One committee member will serve as the chair, appointed by the commissioner of the Department of Education. The advisory group, at its discretion, may select additional members with relevant experiences including, but not limited to, representatives from insurance and investment firms, real estate firms, and bankruptcy attorneys.

 

S.B. 2275
Passed Senate 7/30/10
Provides that the Department of Elementary and Secondary Education shall authorize and assist in the implementation of programs on teaching personal financial literacy. The department shall develop standards and objectives for personal financial literacy, for grades kindergarten to 12, inclusive, within the existing mathematics curriculum. Requires the department to create an advisory committee who shall make an investigation and study relative to the development of curriculum, high quality materials, and guidelines that public and nonpublic schools may use to implement a program of instruction on personal financial literacy.

Michigan

H.B. 4410
To House for concurrence 12/1/10
Modifies the four-year mathematics requirement in the Michigan high school merit standard curriculum. Under the bill, the curriculum would require a credit in algebra I, a credit in geometry (or the equivalent in a career and tech course), a credit in financial literacy or algebra II (or the equivalent in a career and tech course) or an integrated sequence of this course consisting of three credits, and a fourth math credit in a course such as trigonometry, statistics, pre-calculus, calculus, applied math, accounting, business math, algebra II (or the equivalent in a career and tech course), a re-take of algebra II, a financial literacy course, or a career and tech education course with math content approved by the board of the school district or charter school.

 

H.R. 246
Adopted 4/15/10
Declares April 2010 as Youth Financial Literacy Month in the state of Michigan.

 

H.R. 258
Adopted 4/15/10
Declares April 2010 as Junior Achievement Financial Literacy Month in the state of Michigan.

 

S.R. 140
Adopted 4/13/10
Declares April 2010 as Youth Financial Literacy Month in the state of Michigan.

Minnesota

H.F. 2062
Indefinitely postponed 5/11/10
S.F. 1770
Signed by governor 5/19/10, Chapter 374
Establishes the Ladder Out of Poverty Task Force; the task force is tasked with providing financial literacy information to low-income families and individuals at the time the recipient has the ability, opportunity, and motivation to receive, understand, and act on the information provided.

 

H.F. 3489
S.F. 3060
Establishes a Family and Consumer Sciences Leadership Council.

 

H.F. 3491
S.F. 3059
Makes one credit of family and consumer science a requirement for high school graduation.

Mississippi

H.B. 89
Died in committee 2/2/10
Authorizes resident individual income taxpayers to designate any portion of their tax refund for distribution to the Mississippi Council for Economic Education.

 

H.B. 291
Died in committee 2/2/10
Amends provisions regarding financial literacy programs.

 

H.B. 1269
Died in committee 2/2/10
Requires that financial literacy be offered as an elective.

 

H.B. 1472
Died in committee 2/2/10
Authorizes school boards to implement a financial literacy curriculum for students in high school.

 

S.B. 2584
Died in committee 2/2/10
Creates a consumer finance education board.

 

S.B. 2991
Died in committee 2/2/10
Creates a task force to study strategies for educating the state's residents and students about personal finances, including, but not limited to, budgeting, savings, credit and identity theft, and to make recommendations to the Legislature on how to improve financial literacy throughout the state; provides for the membership of the task force; sets forth the duties of the task force; provides that the task force shall perform its duties without legislative appropriation or use of any state funds.

Missouri
none
Montana
No Regular 2010 Session
Nebraska
none
Nevada
No Regular 2010 Session
New Hampshire

H.B. 1383
Failed to pass House 1/27/10
Requires the completion of one credit in business or financial literacy as a prerequisite to high school graduation.

New Jersey

S.B. 505
This bill establishes the “Youth Investor Club Pilot Program.” The purpose of the program will be to provide elementary school students in selected school districts with instruction on personal financial literacy. The program will introduce students to basic financial concepts including savings, debt, investments, mortgages, and taxes. Students in the program will receive assistance in opening their own personal savings accounts and will be encouraged to make monthly deposits and to develop long-term savings goals. The program will also provide students with unique instructional opportunities, such as field trips to financial institutions and guest speakers on financial topics, that build knowledge of, and promote interest in, the wise use and planning of personal finances. The commissioner of Education will select six districts for participation, two in each of the southern, central, and northern regions of the state. 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.

New Mexico

H.B. 20
Relates to public schools; reduces the mathematics requirement for a diploma of excellence; allows financial literacy as one of the mathematics requirements; reconciles multiple amendments to the same section of law in laws 2009.

 

H.B. 53
Signed by governor 3/3/10, Chapter 25
Allows financial literacy that meets state standards to qualify for one of the four required mathematics units for students beginning ninth grade in 2009-2010; reconciles multiple amendments to the same section of law.

New York

A.B. 8412
Enacting clause stricken 4/13/10
S.B. 5700
Prohibits the issuance of a credit card to any person under 21 years of age, unless such person has parental consent thereto and has completed course of instruction in financial responsibility and liability; a violation of such provisions shall constitute a misdemeanor.

North Carolina

H.B. 1850
S.B. 1228
Requires the inclusion of personal finance and parenthood training in North Carolina's middle-school curriculum, as recommended by the joint legislative study commission on poverty reduction and economic recovery.

North Dakota
No Regular 2010 Session
Ohio

H.B. 494
Amends §§3301.079, 3301.0712, and 3313.603 of the Revised Code to allow more time for the adoption of standards and model curricula for science, social studies, and financial literacy and entrepreneurship.

 

H.B. 554
Amends how the Financial Literacy Education Fund is funded.

 

S.B. 264
Amends §§3301.079, 3301.0712, and 3313.603 of the Revised Code to allow more time for the adoption of standards and model curricula for science, social studies, and financial literacy and entrepreneurship.

Oklahoma

H.B. 2010
To second conference committee 3/4/10
Relates to schools; relates to the Passport to Financial Literacy Act; requires certain teachers to complete professional development training in personal financial literacy; establishes time frame for training.

 

H.B. 2644
Signed by governor 4/19/10, Chapter 131
Expands authorization to utilize federal student loan assistance funds for certain purposes, including providing support services for students and others in conjunction with the U.S. Department of Education in areas of default prevention, financial literacy and financial aid awareness.

Oregon
No  Regular 2010 Session
Pennsylvania

H.B. 101
Vetoed by governor 10/22/10
Veto overridden 11/17/10, Act 104
Provides for economic education and personal financial literacy programs.

 

S.B. 1071
Amends Titles 7 (Banks and Banking) and 18 (Crimes and Offenses) of the Pennsylvania Consolidated Statutes, in Title 7, providing for short-term loan protection; and, in Title 18, further provides for deceptive or fraudulent business practices and provides for unlicensed short-term lending. Creates the Commonwealth Financial Literacy Account.

 

S.B. 1248
Requires the Department of Education to develop and disseminate comprehensive financial education materials for school entities or private or nonpublic kindergartens, elementary and secondary schools in this Commonwealth. Requires the Department of Education to form a task force on financial education.

Puerto Rico
none
Rhode Island

H.B. 8061
Adopted 4/28/10, Resolution 191
Designates April 2010, as "financial literacy month" in the state of Rhode Island.

 

S.B. 2765
Adopted 4/6/10, Resolution 148
Designates April 2010, as "financial literacy month" in the state of Rhode Island.

South Carolina
none
South Dakota
none
Tennessee

H.B. 557
Withdrawn 1/28/10
S.B. 930
Requires the state Board of Education to mandate a semester course in personal finance for each high school student as requirement for graduation.

 

H.B. 3113
S.B. 3102
Requires the Department of Financial Institutions to impose a fee of $2,500 on every payday lender to be used for financial literacy.

 

H.B. 3334
Signed by governor 6/23/10, Public Chapter 1097
S.B. 3234
Enacts the "Financial Literacy Program of 2010."

 

S.B. 2749
Requires the state Board of Education to mandate a semester course in personal finance for each high school student as requirement for graduation.

Texas
No Regular 2010 Session
Utah
none
Vermont

H.B. 681
Establishes an adult financial literacy course. The bill provides that a student who satisfactorily completes the course would receive $250.

Virginia

H.B. 622
Allows local school boards to implement Board of Education objectives for economics education and financial literacy through other educational programs that meet Board objectives, in addition to relevant Standards of Learning and career and technical education programs.

 

H.B. 1316
Directs the Department of Corrections, where appropriate and when 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. Current law requires that the prisoner not be convicted of any violent crime and be sentenced to at least three years. The bill allows for up to 30 percent of the prisoner's gross earnings to be withheld to offset the cost of the prisoner's keep. The secretary of Public Safety is required 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. 3152
Requires the Department of Financial Institutions, in collaboration with the Department of Social and Health Services, to identify a financial literacy assessment tool to distinguish public assistance applicants or recipients who would benefit from financial literacy education programs.

West Virginia

H.B. 2714
Specifies the types of topics that are to be covered in school programs on personal finance.

Wisconsin

A.B. 459
Failed to pass pursuant to Senate Joint Resolution 1 4/28/10
Directs the state superintendent of public instruction to incorporate into the model academic standards for personal financial literacy a review of the different types of mortgages, the risks involved with each type of mortgage, and the risks and causes of home foreclosure.

 

A.B. 745
Failed to pass pursuant to Senate Joint Resolution 1 4/28/10
This bill requires the Department of Financial Institutions (DFI) to promulgate rules prohibiting credit card issuers from doing the following: 1) offering a student at an institution of higher education (institution) any tangible item to induce the student to apply for a credit card or participate in an open-end credit plan offered by the issuer; or 2) engaging in any marketing of a credit card involving the physical presence of a representative of the issuer on the campus of an institution. Under the bill, “institution” has the same meaning as under a federal law dealing with similar issues as the bill, which includes public universities, private nonprofit universities, postsecondary proprietary schools, and postsecondary vocational schools. In addition, the bill requires each institution to provide information about financial literacy to its students on its Internet Web site and, if the institution offers an on-campus orientation program to new students, to provide the information to students during the orientation. Also, the bill requires an institution’s students to complete an online tutorial on financial literacy. The bill does so by prohibiting an institution from allowing an enrolled student from enrolling in a subsequent semester, quarter, or term unless the student completes the tutorial

 

S.B. 326
Failed to pass pursuant to Senate Joint Resolution 1 4/28/10
Directs the state superintendent of public instruction to incorporate into the model academic standards for personal financial literacy a review of the different types of mortgages, the risks involved with each type of mortgage, and the risks and causes of home foreclosure.

 

S.B. 525
Failed to pass pursuant to Senate Joint Resolution 1 4/28/10
This bill requires the Department of Financial Institutions (DFI) to promulgate rules prohibiting credit card issuers from doing the following: 1) offering a student at an institution of higher education (institution) any tangible item to induce the student to apply for a credit card or participate in an open-end credit plan offered by the issuer; or 2) engaging in any marketing of a credit card involving the physical presence of a representative of the issuer on the campus of an institution. Under the bill, “institution” has the same meaning as under a federal law dealing with similar issues as the bill, which includes public universities, private nonprofit universities, postsecondary proprietary schools, and postsecondary vocational schools. In addition, the bill requires each institution to provide information about financial literacy to its students on its Internet Web site and, if the institution offers an on−campus orientation program to new students, to provide the information to students during the orientation. Also, the bill requires an institution’s students to complete an online tutorial on financial literacy. The bill does so by prohibiting an institution from allowing an enrolled student from enrolling in a subsequent semester, quarter, or term unless the student completes the tutorial.

Wyoming
none