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Financial Literacy 2014 Legislation

Financial Literacy 2014 Legislation

Heather Morton 6/27/2014

Financial LiteracyThe financial world that consumers must navigate has changed significantly and grown more complex, increasing the need for financial literacy and raising questions regarding consumers’ financial capability. Financial literacy focuses on the specific knowledge and concepts consumers need to manage their money and build wealth, 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. Financial literacy is one factor in the larger analysis of the financial capability of consumers, which is the broader picture of how consumers manage their resources and how they use their financial literacy to make financial decisions.

The chart below lists state legislation introduced or pending during the 2014 legislative session relating to financial literacy or financial education. Twenty-eight states and Puerto Rico have introduced financial literacy legislation in the 2014 legislative session.

Hawaii appropriated funds for the operation of investor education and other related financial education programs, targeted to Kupuna, within the Department of Commerce and Consumer Affairs. Maryland altered the membership of the Financial Education and Capability Commission to include the secretary of Higher Education, or the secretary's designee, rather than a member of the Higher Education Commission; and altered the duties of the Commission to require the Commission to encourage specified financial education events and activities to highlight April as Financial Education Month. Mississippi enacted legislation to authorize the Department of Banking and Consumer Finance to establish programs for the education of the public with respect to financial literacy. Utah enacted legislation to require a school district or charter school to administer an online, end-of-course assessment to a student who takes the general financial literacy course. Virginia enacted legislation to require the Virginia Employment Commission, either by itself or in collaboration with workforce service partner entities, to provide information to all unemployment benefits claimants and job seekers on courses in financial literacy. Florida, Georgia, Illinois, Michigan, Pennsylvania and South Carolina have adopted resolutions in 2014. 

Please type in a state in the box below to be taken directly to the state's legislative information.

STATE BILL NUMBER BILL SUMMARY
Alabama none  
Alaska none  
Arizona none  
Arkansas none  
California

A.B. 391

Died pursuant to Art. IV, Sec. 10(c) of the Constitution 1/31/14

This bill enacts the Common Cents Curriculum Act of 2013 and requires that when the history-social science framework is revised as required by law, the Instructional Quality Commission, as appropriate and based on the subject matter of the course, to encourage instruction related to the understanding of personal finances, including, but not limited to, budgeting, savings, credit and loans, identity theft and paying for postsecondary education. The bill requires the commission to identify resources and curriculum to assist educators in delivering this instruction. The bill required, no later than July 1, 2015, the superintendent of Public Instruction with the approval of the State Department of Education to plan and develop a one-semester instructional program entitled consumer economics that includes, among other things, budgeting, savings and checking, uses and costs of loans, including student loans, identity theft and security, and planning and paying for postsecondary education.
California

S.B. 996

Passed Senate 5/27/14

Requires the county welfare department to submit reports at the first regularly scheduled review hearing after a dependent child has attained 16 years of age and at the last regularly scheduled review hearing before a minor attains 18 years of age, and at every regularly scheduled review hearing thereafter, verifying that the county has provided certain information, documents, and services to the child. Included in the information that must be provided is written information notifying the child of any financial literacy programs or other available resources provided through the county or other community organizations to help the youth obtain financial literacy skills, including, but not limited to, banking, credit card debt, student loan debt, credit scores, credit history, and personal savings.
California S.B. 1436 This bill makes a technical, nonsubstantive change to existing law establishing the California Financial Literacy Fund in the State Treasury for the purpose of enabling partnerships with the financial services community and governmental and nongovernmental stakeholders to improve Californians’ financial literacy.
Colorado none  
Connecticut

H.B. 5490

Requires the Department of Education and the Board of Regents for Higher Education, in consultation with the Department of Banking, shall develop a plan to ensure that each student of a public high school or a constituent unit, as defined in §10a-1, receives instruction in financial literacy, including, but not limited to, the impact of using credit cards and debit cards. Such instruction shall occur during a student's final year of high school and, for a student of a constituent unit, not later than such student's completion of his or her second semester at such constituent unit.
Delaware none  
District of Columbia

none

 
Florida

H.B. 367

Died in committee 5/2/14

Revises Next Generation Sunshine State Standards for financial literacy instruction. Deletes obsolete requirement relating to cost analysis for implementing separate course in financial literacy; provides that credit requirements for high school graduation and standard diploma include separate course in financial literacy. Requires DOE to work with nonprofit organizations to develop standards and curriculum and professional development guidelines for teaching financial literacy.
Florida

S.B. 212

Died in committee 5/2/14

Revises the required credits for high school graduation and a standard high school diploma to include one-half credit for instruction in personal financial literacy and seven and one-half, rather than eight, credits in electives.
Florida

S.B. 1638

Died in committee 5/2/14

S.B. 7030

Became S.B. 1638 3/4/14

Requires the Department of Corrections to develop an operational plan to implement a vocational work-release pilot program in specified counties. Requires that the operational plan describe the necessary facilities, staff, budget and methods for selecting inmates to participate in the pilot program. Provides examples of vocational training or certification, including money management training. Requires inmates to be within a specified time period of their release dates to be considered for participation in the pilot program.
Florida

S.B. 1728

Adopted 4/3/14
Recognizes April 2014 as “Financial Literacy Month” in Florida.
Georgia

H.R. 1186

Adopted 2/24/14

Requests the state Board of Education and the state Department of Education to impose as a requirement for high school graduation the successful completion of a SKILLS FOR SUCCESS financial literacy class.
Guam

none

 
Hawaii

H.B. 1715

To conference committee 4/21/14

S.B. 2345

Signed by governor 6/30/14, Act 152
Appropriates funds for the operation of investor education and other related financial education programs, targeted to Kupuna, within the Department of Commerce and Consumer Affairs.
Hawaii

H.B. 2447

Failed First Crossover deadline 3/6/14
Requires check cashers to provide specific additional information relating to deferred deposit transactions, including information on where to obtain financial education. Limits the cumulative fees charged by check cashers. Requires or authorizes specific types of payment plans with customers. Removes retailers from the exemption to the check cashing law.
Hawaii

H.C.R. 244

H.R. 193

Requests the executive Office on Aging to inventory the elderly services, including financial education services, and family and elderly demographics of the islands of Molokai and Lanai and the east Maui area
Idaho

none

 
Illinois

H.B. 2795

Amends the Payday Loan Reform Act. Imposes a surcharge upon each lender in an amount equal to $1 for each payday loan made by that lender. Provides that the money collected from the surcharge shall be deposited into the Small Loan Community Reinvestment Fund, less 2 percent of those proceeds, which shall be paid into the Tax Compliance and Administration Fund. Amends the State Finance Act to create the Small Loan Community Reinvestment Fund. Provides that money in the fund shall be used by the Department of Commerce and Economic Opportunity to make grants to not-for-profit organizations dedicated to educational tutoring and development, financial literacy, early childhood development, youth mentoring and senior services.
Illinois

H.R. 780

Adopted 3/6/14

Designates April 2014 as Financial Literacy Month in the state of Illinois.

Illinois

H.R. 781

Adopted 4/7/14

Designates the date of April 11, 2014, as Teach Children to Save Day in the state of Illinois.

Illinois

S.R. 243

Creates the Financial Literacy Task Force.

Indiana

H.B. 1309

The bill requires the office of the secretary to negotiate with the U.S. Department of Health and Human Services for amendments to the state Medicaid plan or for any Medicaid waivers to take effect Jan. 1, 2015, that are necessary to provide coverage for individuals described in 42 U.S.C. §1396a(a)(10)(A)(i)(VIII). A waiver or state plan amendment negotiated must include required participation in a wellness and financial literacy incentive program that will reduce or eliminate copayments or contributions to a health savings account. The program described in this subdivision must be offered online and at the following locations: (A) Ivy Tech Community College campuses. (B) Each county office of the Purdue University extension program.
Indiana H.B. 1348 Establishes a process by which a person may establish a contractor cooperative for the purpose of referring qualified cooperative members to firms that have agreements with the cooperative to pay an agreed upon minimum compensation to cooperative members. Authorizes that a contractor cooperative established under this bill may do any of the following: (1) Provide navigator services under the Patient Protection and Affordable Care Act (as defined in IC 4-1-12-1) to members, but may not offer health insurance. (2) Work with the Indiana public retirement system (established by IC 5-10.5-2-1) to offer pension or retirement plans to members. (3) Facilitate training for members to increase the members' job skills and work readiness. (4) Receive and account for state funds for the training described in subdivision (3). (5) Provide other services to members, including at least the following: (A) Assistance in: (i) tax planning, and the determination and payment of taxes; and (ii) making contributions to pension or retirement plans and for charitable purposes. (B) Training in financial literacy or individual financial planning. (C) Discounts for members on services and other purchases. (D) Assistance in obtaining child care services. (6) Enter into agreements for member training and to provide other benefits to members.
Iowa

H.F. 2204

Withdrawn from consideration 3/10/14

This bill eliminates requirements and references to the (Iowa) core curriculum and to core content standards, but continues to direct the state board of education to adopt high school graduation requirements and assessment standards. Encourages schools to include in locally developed standards the skills and knowledge students need to be successful in the 21st century including but not limited to civic literacy, health literacy, technology literacy, financial literacy, and employability skills.
Iowa S.F. 2219 Provides for a voluntary program to recognize school districts and accredited nonpublic schools that participate in programs that promote financial literacy for high school students.
Kansas

H.B. 2475

Passed House 3/19/14

The bill revises requirements for standards for personal financial literacy for all grade levels within the existing mathematics curriculum or another appropriate subject-matter curriculum. The bill requires these standards to include instruction and training on the importance and execution of an effective professional handshake. Further, the bill replaces “textbooks” with “instructional materials” in the section of the law requiring the state Board of Education to encourage school districts to incorporate instruction on personal finance into mathematics, economics, family and consumer science, accounting, or other appropriate courses. Similarly, the bill broadens the scope of topics related to personal financial literacy that are encouraged to be included in instructional materials to include: (i) Saving and investing, including topics concerning saving, understanding investments, wealth building, and college savings; (ii) Credit and debt, including topics concerning the dangers of too much debt, consumer awareness, credit bureaus, payday and car title loans, and collection practices; (iii) Financial responsibility and money management, including topics concerning budgeting and negotiating techniques; and (iv) Insurance, risk management, and income, including topics concerning insurance coverage, taxes, real estate rent or purchase options, mortgages, and automobile and personal loans. Additionally, the bill requires the state Board to submit a written report on or before the first day of the 2015 Legislative Session to the House and Senate Education Committees on the aggregate data of statewide assessment results for all questions relating to financial literacy.
Kentucky

H.B. 76

Creates a new section of KRS Chapter 158 to require the Department of Education to develop the Kentucky Financial Literacy Program; require a high school student to complete a one-half credit bearing course in financial literacy prior to graduation.
Kentucky

H.B. 77

Passed House 2/6/14

Creates a new section of KRS Chapter 158 to require the Department of Education to develop a financial literacy program. Requires a student to receive instruction in financial literacy prior to high school graduation. Delays the required financial literacy instruction until the 2015-2016 school year.
Kentucky

H.B. 223

Passed House 2/7/14
Creates new sections of KRS Chapter 41 to create and describe the Kentucky Financial Literacy Commission. Provides for membership of its board of directors. Attaches the commission to the Department of the Treasury for administrative purposes. Sets forth the duties of the commission. Establishes the financial literacy fund.
Kentucky S.B. 165 Creates a new section of KRS Chapter 158 to require the Department of Education to develop and implement the Kentucky Financial Literacy Program; requires a high school student to complete instruction in financial literacy, included within the existing curriculum, prior to graduation.
Louisiana

none

 
Maine none  
Maryland

H.B. 165

Signed by governor 5/5/14, Chapter 265

S.B. 42

Signed by governor 5/5/14, Chapter 264

Alters the membership of the Financial Education and Capability Commission to include the secretary of Higher Education, or the secretary's designee, rather than a member of the Higher Education Commission. Alters the duties of the Commission to require the Commission to encourage specified financial education events and activities to highlight April as Financial Education Month.
Maryland H.B. 1429 Requires the state Board of Education to develop curriculum content for a course in financial literacy. Requires each county board of education to implement the financial literacy curriculum content developed by the state Board in every high school in the county. Requires students to complete a course in financial literacy in order to graduate from high school.
Maryland S.B. 1007 Requires the state Board of Education to require each public school to administer a specified test to each student before high school graduation during specified school years. Requires the state Board to develop curriculum content for a specified course in financial literacy to be taught beginning with a specified school year. Requires each county board of education to implement specified financial literacy curriculum content in specified high schools beginning with a specified school year.
Massachusetts

H.B. 85

Requires the department, in consultation with the area boards created in §13 of chapter 18B and the statewide advisory council created in section 16 of chapter 18B, to create an age appropriate, culturally appropriate, life-skills curriculum for children in the foster care system. Said curriculum shall begin for children age 11 and continue through age 18 and shall include, but is not limited to, the following areas: interpersonal skills, completing household duties, running a home, grocery shopping, opening a bank account, interviewing for jobs and or college, filling out a job application, and managing bills. Said curriculum shall be approved by the secretary of health and human services and the child advocate and shall include a timeframe for implementation and cost analysis of implementation within three years of approval of this act.
Massachusetts H.B. 132 Relates to the Department of Transitional Assistance. Subject to appropriation, the department shall promulgate rules and regulations to increase the education of benefit recipients and retail vendors regarding: statutory requirements relative to online payments for EBT cash recipients under §5I and §5J of this chapter; personal financial management, banking, and budgeting; and the online payment system outlined in §26A of this chapter. The department shall implement an online payment system accessible by computer or mobile device for cash assistance recipients to manage benefits and pay rent and utility bills by direct payment to a landlord or utility company by regularly deducting the amount of the rent or utility bill from the amount of the benefits otherwise payable to the recipient. The system shall, at minimum, allow recipients to track personal expenditures of cash assistance benefits, to view the balance of benefits received, and to orchestrate the direct regular payment of recipient rent and utility bills by the department. The department shall also consider including in the online payment system educational tools and suggestions regarding personal financial management, banking, and budgeting.
Massachusetts H.B. 367

Mandates a curriculum in the public schools on personal financial literacy.

Massachusetts H.B. 410

Includes personal financial literacy in the math curriculum for all school grade levels.

Massachusetts H.B. 519

Provides for the implementation of personal financial literacy curriculum in schools.

Massachusetts

H.B. 535

Substituted by S.B. 2027 3/5/14

Establishes a personal finance, civic responsibility and general legal high school social studies curriculum.
Massachusetts S.B. 234

Relates to financial literacy in schools.

Massachusetts

S.B. 1337

Passed Senate 11/14/13

Provides further revenue to the Financial Literacy Trust Fund.

Michigan

H.R. 327

Adopted 3/25/14

Declares April 2014 as Youth Financial Literacy Month in the state of Michigan.

Michigan

S.B. 267

Requires half credit of financial literacy as part of the math credit required for Michigan merit curriculum.
Michigan

S.R. 128

Adopted 3/19/14
Declares April 2014 as Youth Financial Literacy Month in the state of Michigan.
Minnesota

H.F. 2112

S.F. 2638

Creates the Housing Opportunity Made Equitable (HOME) pilot project. Appropriates money to be used to assist families to attain sustainable affordable homeownership and rental units. Assistance may include long-term financial education, training, case management, credit mending, homebuyer education, foreclosure prevention mitigation services, jobs and employment readiness training resources, and supporting wraparound services.
Mississippi

H.B. 910

Signed by governor 3/17/14, Chapter 

Provides that a bank officer or employee who has been permanently removed by the commissioner shall not be eligible to hold a position at a bank subsidiary, bank holding company or any other entity regulated by the department; amends §5 81-5-29 to provide that from and after July 1, 2014, any proposed transfer of bank assets to be purchased, held or owned by a bank securities corporation shall be subject to the prior consent and approval of the commissioner; creates new §81-1-137 to authorize the Department of Banking and Consumer Finance to establish programs for the education of the public with respect to financial literacy, any provision of this title 81 of the Mississippi code, or any industry regulated by the department; authorizes the department and the Office of Consumer Protection to coordinate their efforts for the education programs authorized for the department.
Mississippi

H.B. 973

Died in committee 2/4/14
Requires the state Board of Education to implement a financial literacy curriculum for public schools on or before the 2014-2015 academic school year. Provides that the course in financial literacy shall account for a one-half carnegie unit. Requires successful passage of the course as a graduation requirement. Establishes the "financial literacy trust fund" as a special fund in the state treasury; provides for the funds administration; amends §37-7-301 in conformity to the preceding provisions.
Mississippi

S.B. 2269

Died in committee 2/4/14
Creates the Family Empowerment Initiative. Authorizes the creation of individual development accounts for low-income individuals that may be utilized by the account holder for certain purposes/ Authorizes the Department of Human Services to contract with fiduciary organizations to serve as intermediaries between individual development account holders and financial institutions holding account funds. Provides that the gross household income of individual retirement account holders may not exceed 200 percent of the poverty level and the account holder's net worth may not exceed $10,000. Requires individuals opening an individual development account to enter into an agreement with a fiduciary organization. Provides that the fiduciary organization shall provide matching funds for amount contributed to the individual development account by the individual development account holder. Limits the amount of matching funds that may be provided for an individual development account. Provides the purposes for which individual development accounts may be utilized. Provides civil penalties for the withdrawal of individual development account funds for purposes other that those authorized under this act. Requires fiduciary organizations to make quarterly reports to the Department of Human Services containing certain information; provides that funds deposited in an individual development account, shall not be counted as income, assets or resources of the individual in determining financial eligibility for assistance or services pursuant to any federal, federally assisted, state or municipal program based on need; authorizes a credit against state income tax liability for taxpayers who contribute matching funds to a fiduciary organization. Limits the amount of such credit. Amends §27-7-15 to exclude from gross income interest or dividend earned on an individual development account.
Mississippi

S.B. 2558

Died in committee 2/4/14
Amends §81-1-81 to authorize the commissioner of Banking and Consumer Finance to examine a bank holding company in the same manner as a bank; amends §81-3-1 to provide that the term "bank," when used in title 81 of the Mississippi Code includes a bank holding company for the purposes of supervision and regulation by the commissioner. Amends §81-5-28 to provide that the commissioner shall have general supervision over bank holding companies and the operation and business of bank holding companies to the same extent as the commissioner is authorized to supervise and regulate state banks; amends §81-14-401 to remove the prohibition on the department supervising certain bank holding companies of savings banks. Amends §81-1-127 to provide that a bank officer or employee who has been permanently removed by the commissioner shall not be eligible to hold a position at a bank subsidiary, bank holding company or any other entity regulated by the department; amends §81-5-29 to provide that from and after July 1, 2014, any proposed transfer of bank assets to be purchased, held or owned by a bank securities corporation shall be subject to the prior consent and approval of the commissioner. Creates new §81-1-137 to authorize the Department of Banking and Consumer Finance to establish programs for the education of the public with respect to financial literacy, any provision of this title 81 of the Mississippi Code, or any industry regulated by the department; authorizes the department and the Office of Consumer Protection to coordinate their efforts for the education programs authorized for the department.
Missouri

none

 
Montana No regular 2014 session  
Nebraska none  
Nevada

No regular 2014 session

 
New Hampshire

none

 
New Jersey A.B. 3204 Requires public schools to include instruction on personal financial literacy as part of core curriculum content standards.
New Jersey

A.R. 84

Urges institutions of higher education to offer a required undergraduate course on financial literacy.
New Mexico

H.B. 66

Provides for a New Mexico general diploma to be awarded to high school students who meet certain graduation requirements and distinguishing the New Mexico diploma of excellence awarded to high school students who meet additional graduation requirements. Includes three units in mathematics, at least one of which is equivalent to the algebra level or higher; provided that a financial literacy course that meets state mathematics academic content and performance standards shall qualify as one of the three required mathematics units.
New Mexico H.B. 270 Makes an appropriation to the local government division of the Department of Finance and Administration to provide transitional housing, financial literacy assistance and credit repair to veterans, senior citizens and Native Americans.
New Mexico H.B. 357 Provides for a general diploma to high school students who meet the requirements; beginning with the 2013-2014 school year, successful completion of the requirements of the New Mexico general diploma are: four units in mathematics, which may include units in financial literacy and technical-career mathematics. Financial literacy shall be offered as either an elective or a required mathematics course.
New York

A.B. 1113

S.B. 3999

Enacts the "Short-Term Financial Services Loan Act." Authorizes licensed cashers of checks to provide short-term loans under certain circumstances. Creates a financial education fund in the state treasury, which shall be funded by licensed check cashers offering financial services loans.
New York A.B. 1505 Provides that juniors and seniors at secondary schools and students at the State and City Universities of New York must take a financial literacy course.
New York

A.B. 2770

S.B. 1229

Establishes the home ownership assistance program. Allows qualified individuals to receive home ownership assistance payments when they purchase an eligible home. Defines who is eligible for such assistance payments and how much those assistance payments will be.
New York A.B. 3533 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.
New York

A.B. 4142

S.B. 3040

Provides that juniors and seniors at secondary schools must take a financial literacy and personal finances course.
New York A.B. 5112 Establishes the office of re-entry coordination for the wrongfully convicted and the re-entry for the wrongfully convicted program to provide 1) referral services for physical and mental health; transportation and housing; financial, investment, and debt management; education and employment; and other assistance for re-integration into society; 2) compensation of housing and transportation for one year; 3) enrollment into state employee health benefits; 4) compensation for physical and mental health service not covered by insurance; and 5) compensation for certain attorney fees.
New York

A.B. 6837

Enacting clause stricken 3/10/14

Provides for financial education courses for people who have a certain credit score.

New York

A.B. 6877

S.B. 2495

Relates to banking development districts. Requires renewal of certain branches within banking development districts. In order to meet the demonstrated need for banking services in a banking development district, any bank, trust company or national bank that has established a branch within a banking development district shall offer affordable products and services, including financial education services, tailored to the banking needs of the community in which the branch is located.
New York

A.B. 7763

S.B. 5249

Passed Senate 6/10/14

Requires participants in public assistance employment programs to complete a course of instruction in financial literacy and personal finance. Authorizes local social services districts to cooperate with the Department of Labor in providing workforce guidance and information.
New York A.B. 8219 Enacts the Student Athlete Bill of Rights. Includes a requirement that each athletic program shall conduct a financial and life skills workshop for all of its first-year and third-year student athletes at the beginning of the academic year. This workshop shall include, but not be limited to, information concerning financial aid, debt management, and a recommended budget for full- and partial-scholarship student athletes living on or off campus during the academic year and the summer term based on the current academic year's cost of attendance. The workshop shall also include information on time management skills necessary for success as a student athlete, and academic resources available on campus.
New York

A.B. 9199

Substituted by S.B. 7344 6/19/14

S.B. 7344

Passed Assembly 6/19/14

Develops a financial literacy program for teenagers and young adults to be incorporated into the New York state summer youth employment program.
New York S.B. 1630 Provides that there shall be no solicitation for credit card holders through State or City University of New York unless credit education courses are provided.
North Carolina

none

 
North Dakota

No regular 2014 session

 
N. Mariana Islands

Not available

 
Ohio

none

 
Oklahoma

H.B. 2902

Relates to higher education. Amends 70 O.S. 2011, §2603, as amended by Section 24, Chapter 11, O.S.L. 2012 (70 O.S. Supp. 2013, §2603), which relates to eligibility requirements for the Oklahoma Higher Learning Access Program; adds completion of certain personal financial literacy passport requirements to curricular requirements for certain students.
Oklahoma H.B. 3419 Relates to higher education; amends 70 O.S. 2011, §2605, as amended by Section 26, Chapter 11, O.S.L. 2012 (70 O.S. Supp. 2013, §2605), which relates to student agreements for the Oklahoma Higher Learning Access Program; adds financial literacy programs to the student agreement; directs the Oklahoma State Regents for Higher Education to encourage parents or guardians to attend the programs; directs the State Regents to work with the Oklahoma State Banking Department and other financial institutions on development of the programs.
Oklahoma H.B. 3426 Relates to contents of judgments and decrees; permits court to order completion of financial literacy course; directs inclusion in disposition statement.
Oklahoma H.B. 3435 Relates to higher education; states legislative intent that certain higher education institutions provide financial literacy programs to students; states certain criteria for the program; prohibits tuition or fees from being charged; states focus of the programs; directs the Oklahoma State Regents for Higher Education to prepare informational materials; states responsibility of certain entities to adopt policies.
Oregon

none

 
Pennsylvania

H.B. 1739

Provides for economic education and personal financial literacy programs.

Pennsylvania H.B. 1839

Provides for a capstone course in personal finance as graduation requirement.

Pennsylvania

H.R. 756

Adopted 4/9/14

Recognizes the month of April 2014 as "Financial Literacy Month" in Pennsylvania.
Pennsylvania

S.R. 336

Adopted 4/2/14

Recognizes the month of April 2014 as "Financial Literacy Month" in Pennsylvania.
Puerto Rico

H.B. 178

Amends Law 149 of 1999, known as the Department of Education Act; provides that the secretary includes an upper level grade curriculum requirement of financial education courses with respect to academic offerings or integrated academic programs.
Puerto Rico H.B. 769 Amends Law 149 of 1999, known as the Organic Law of the Department of Education; establishes a personal finance course as a requirement for higher education at the Department of Education.
Puerto Rico H.B. 819 Establishes Law 149 of 1999, known as the Constitutional Law for the Department of Education for the purpose of including a program for higher education students aimed at training in the planning and management of an individual and family budget.
Puerto Rico S.B. 69 Amends Law 149 of 1999 for the purposes of imposing an obligation on the Department of Education to include in its curriculum, topics on financial management, in coordination with the Institute of Financial Education of Puerto Rico.
Rhode Island H.B. 7438 This bill requires that individuals receiving or seeking financial assistance under the “Rhode Island Works Program” and/or the “Public Assistance Act” attend and complete a seminar relating to financial literacy developed and conducted by the Department of Human Services within 45 days of receipt of said assistance and/or any extension, hardship or recertification and imposing a 10 percent reduction of financial assistance for failure to attend and complete the seminar.
South Carolina

H.C.R. 4935

Adopted 3/25/14

Encourages all citizens of South Carolina to increase their knowledge of wise financial stewardship and to declare April 2014 as financial literacy month.
South Carolina H.R. 4862 Encourages all citizens of South Carolina to increase their knowledge of wise financial stewardship and to declare April 2014 as financial literacy month.
South Dakota

H.B. 1255

Provides for regulation of certain short-term, small dollar consumer loans; provides a penalty. Requires each lender to pay an annual high-cost loan license fee surcharge of $750 for each licensed office to the division. The director shall deposit this fee into the financial literacy education fund. Creates within the state treasury a special fund to be designated as the financial literacy education fund which may only be used to grant funds to or contracts with schools or other organizations that provide financial and economic literacy skills to adults and youth in accordance with guidelines and regulations to be established by the Division of Banking.
Tennessee

H.B. 2478

S.B. 2545

Imposes an annual fee of $1,000 due by Dec. 31 of each year for each office operated by licensed deferred presentment service businesses. The proceeds shall be directed to a financial literacy fund for the purpose of providing financial literacy grants available to all agencies that establish financial literacy programs.
Texas

No regular 2014 session

 
Utah

S.B. 40

Signed by governor 3/27/14, Chapter 70

This bill requires the state Board of Education to: contract with a provider to develop an online, end-of-course assessment for the general financial literacy course; require a school district or charter school to administer an online, end-of-course assessment to a student who takes the general financial literacy course; identify, and make available to teachers, online resources for financial and economic literacy education; in cooperation with school districts, charter schools, and interested private or nonprofit entities, provide professional development opportunities in financial and economic literacy to teachers; adopt course standards or objectives for the general financial literacy course that address certain topics; implement a teacher endorsement in general financial literacy; and administer the general financial literacy course in the same manner as other core curriculum courses for grades 9 through 12 are administered. Modifies duties of a financial and economic literacy task force established by the state Board of Education, and makes technical amendments.
Vermont

none

 
Virginia

H.B. 889

Requires (i) the Board of Education to develop an online course of instruction and assessment in the objectives of economics education and financial literacy and (ii) each local school board to offer the online course of instruction and assessment to public middle and high school students as an alternative to classroom instruction.
Virginia

S.B. 266

Signed by governor 3/31/14, Chapter 449

Requires the Virginia Employment Commission (VEC), either by itself or in collaboration with workforce service partner entities, to provide information to all unemployment benefits claimants and job seekers on courses in financial literacy. Such courses shall be at no cost to claimants and to job seekers and may be offered online or in any other medium the VEC deems appropriate.
Virgin Islands

Not available

 
Washington

H.B. 1173

Passed House 2/3/14

S.B. 5483

Adds the state treasurer or state treasurer's designee as a member to the Financial Education Public-Private Partnership (Partnership). Provides that the travel expenses of teachers who are members of the Partnership be paid for official meetings and that school districts must allow them to attend official meetings. Modifies the duties of the Partnership. Requires the Office of the Superintendent of Public Instruction to make financial education curriculum available to school districts, and school districts to provide courses with this curriculum.
West Virginia

none

 
Wisconsin

none

 
Wyoming

none

 


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Heather Morton is a program principal in Fiscal Affairs. She covers financial services, alcohol production and sales, and medical malpractice issues for NCSL.
 

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