Financial Literacy 2017 Legislation

Heather Morton 1/15/2018

Financial Literacy and EducationThe 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 2017 legislative session relating to financial literacy or financial education.

Thirty-six states had pending financial literacy legislation in 2017. Twenty states enacted legislation or adopted resolutions regarding financial literacy and financial education issues. Arkansas enacted two bills. The first bill clarifies the administrative responsibilities of the state treasurer regarding the Achieving a Better Life Experience Program, to include conducting outreach and engaging in financial educational activities with individuals with disabilities, stakeholders within the community of individuals with disabilities, and their support system. The second bill creates the Personal Finance and Job Readiness Act and it requires the Department of Education, in consultation with the Department of Career Education and subject to the approval of the state Board of Education, to develop personal and family finance standards. The standards shall include the following material concerning personal and family finance: (1) income, (2) money management, (3) spending and credit, (4) saving and investing and (5) preparing for employment. Beginning with the entering ninth grade class of the 2017-2018 school year, each public high school student shall be required before graduation to earn a credit in a course taken in grade 10, grade 11, or grade 12 that includes the personal and family finance standards.

Colorado allowed certain persons who have been exonerated of crimes to receive in lump-sum payments compensation that is owed to them by the state provided the exonerated person (i) notifies the state court administrator, the governor, and the General Assembly of such election, which notification must be provided in writing; (ii) completes a personal financial management instruction course; and (iii) acquires and commits to maintain a qualified health insurance plan. Kentucky required the Department of Education to develop academic standards for a financial literacy program to be implemented by each public high school; required the financial literacy program to be completed for high school graduation and directs the department to determine the implementation date.

Michigan required the Department of Corrections to develop and adopt policies and procedures for screening, approving, and registering organizations and representatives from those organizations whose purpose is to provide inmate reentry services. Such services include, but not be limited to, counseling, providing information on housing and job placement, and money management assistance. Nevada enacted two bills. The first bill created the Nevada Task Force on Financial Security, consisting of seven voting members, to conduct a comprehensive examination during the 2017-2018 legislative interim of the financial security of individuals and families in Nevada, including, without limitation, their opportunities to build assets and reduce debt. The second bill requires instruction in financial literacy for certain pupils enrolled in public schools; requires a pupil enrolled in a public high school to receive instruction in economics; creates the Account for Instruction in Financial Literacy in the State General Fund; and makes an appropriation.

New Jersey established a Women’s Vocational Training Pilot Program to promote economic self-sufficiency of low-income women through increased participation in high-wage, high-demand occupations. The program shall conduct education and pre-apprenticeship and pre-employment skill development activities including basic skills, education, literacy, including financial literacy, and training.

New Mexico enacted bill creating a financial literacy fund and adopted a resolution requesting the Office of the State Auditor to convene a prosperity kids working group to explore opportunities for partnership and program expansion statewide. New York authorized social services districts to offer participants in public assistance employment programs an option to complete a course of instruction in financial literacy and personal finance. Oklahoma amended its Passport to Financial Literacy Act and created the Personal Financial Literacy Education Revolving Fund.

Oregon enacted bills to encourage school districts and public charter schools to offer students courses or other educational opportunities in financial literacy and required the Department of Consumer and Business Services to establish a loan counseling program for residents of this state. Tennessee extended the Tennessee Financial Literacy Commission four years to June 30, 2021 and clarified that the state treasurer has authority to raise funds for the Tennessee Financial Literacy Commission. Texas temporarily required the Texas Guaranteed Student Loan Corporation to administer the student loan default prevention and financial aid literacy pilot program as specified.

Utah added a representative of the State Board of Regents to a task force that makes recommendations related to financial literacy education. Vermont adopted the Green Mountain Secure Retirement Plan based on the principle that the Plan should assist the individual in understanding their financial situation. Virginia enacted legislation requiring the Board of Education to include evaluating the economic value of postsecondary studies, including the net cost of attendance, potential student loan debt, and potential earnings, in the Board's objectives for economics education and financial literacy. The bill requires the Board to amend such objectives by July 1, 2018. Washington required live financial literacy seminars for students at institutions of higher education; required the office to provide a financial aid counseling curriculum to institutions of higher education with state need grant recipients; required each institution of higher education take reasonable steps to ensure that the institution presents, and each incoming student participates in, a financial education workshop. Wisconsin required incorporating financial literacy into the curriculum of public schools.

California, Michigan, Pennsylvania and Rhode Island declared April 2017 as Financial Fitness or Financial Literacy Month.

 

Financial Literacy 2017 Legislation
State Bill Number Bill Summary
Alabama

H.B. 535

Passed House 5/4/17

Amends deferred presentment statutes and provides for a repayment plan. If a borrower exercises his or her option to use a repayment plan under this section, the licensee shall provide the borrower with financial literacy and education materials provided by a third party or shall refer the borrower to a financial counseling program approved by the department at no cost to the borrower. The licensee shall maintain records showing it has provided financial literacy and education materials or referral of financial counseling as required by this section.
Alaska None  
Arizona None  
Arkansas

H.B. 1404

Signed by governor 3/2/17, Act 324

Clarifies the administrative responsibilities of the state treasurer regarding the Achieving a Better Life Experience Program, including conducting outreach and engaging in financial educational activities with individuals with disabilities, stakeholders within the community of individuals with disabilities, and their support system.
Arkansas

H.B. 1442

Signed by governor 3/14/17, Act 480

Creates the Personal Finance and Job Readiness Act. Requires the Department of Education, in consultation with the Department of Career Education and subject to the approval of the state Board of Education, to develop personal and family finance standards. The standards shall include the following material concerning personal and family finance: (1) income, (2) money management, (3) spending and credit, (4) saving and investing and (5) preparing for employment. Beginning with the entering ninth grade class of the 2017-2018 school year, each public high school student shall be required before graduation to earn a credit in a course taken in grade 10, grade 11, or grade 12 that includes the personal and family finance standards.
Arkansas S.B. 671

Establishes the Arkansas Traditional Installment Loan Act. Requires licensees to provide financial literacy information to a consumer before approving a traditional installment loan, as part of the determination that the consumer can pay for the loan.

California

A.B. 858

Vetoed by governor 10/9/17

This bill establishes the California Financial Literacy Initiative as a program for improving financial literacy by offering instructional materials for teachers and parents to provide high-quality financial literacy education for pupils in kindergarten and grades 1 to 12, inclusive. The bill provides that the initiative would be under the administration of the superintendent of Public Instruction. The bill authorize the superintendent to convene a Financial Literacy Advisory Committee to review materials that could be provided on the internet in a centralized location for access by local educational agencies, as specified. The bill requires online curricula included in an online library, or otherwise promoted or made available, through this initiative to conform to specified provisions protecting pupil privacy and protecting pupils against marketing directed at them through instructional materials. The bill specifies that its provisions would be operative in any fiscal year only if an appropriation of sufficient funds for its purposes is enacted in the annual Budget Act or another statute.
California

A.C.R. 53

Adopted 5/19/17, Resolution Chapter 54

Declares the month of April 2017 as Financial Fitness Month, with the theme of “Financial Fitness for Life,” to raise public awareness about the continuing need for increased financial literacy.

California

S.B. 583

Passed Senate 5/31/17

This bill requires the Instructional Quality Commission to develop, and the state board to adopt, reject, or modify, a model curriculum for pupils in grades 9 to 12, inclusive, in financial literacy, as provided. The bill, following the adoption by the state board of the model curriculum in financial literacy in accordance with a specified timeline, requires the superintendent of Public Instruction to post the model curriculum on the State Department of Education’s Internet Web site for use on a voluntary basis by educators. The bill, beginning in the school year immediately following adoption of the model curriculum on financial literacy by the state board, encourages local educational agencies and charter schools to use the model curriculum to provide instruction in financial literacy.
Colorado

H.B. 1290

Postponed indefinitely 4/26/17

The bill establishes the Colorado secure savings plan, which is a retirement savings plan for private-sector employees in the form of an automatic enrollment payroll deduction individual retirement account. Requires the board to conduct or cause to be conducted a study assessing the effects that greater financial education among Colorado residents would have on increasing their retirement savings and make recommendations for improving the level of financial education.

Colorado

S.B. 125

Signed by governor 4/4/17, Chapter 109

Allows certain persons who have been exonerated of crimes to receive in lump-sum payments compensation that is owed to them by the state provided the exonerated person (i) notifies the state court administrator, the governor, and the General Assembly of such election, which notification must be provided in writing, (ii) completes a personal financial management instruction course and (iii) acquires and commits to maintain a qualified health insurance plan.

Connecticut

S.B. 617

Failed Joint Favorable deadline 3/9/17

Allows the Department of Banking to develop information in financial literacy that (1) is specific to the concerns of senior citizens and persons within 10 years of retirement, and (2) may be made available on the Department of Banking's Internet web site and at banking institutions in this state.

Delaware None  
District of Columbia None  
Florida

H.B. 955

Died on calendar 5/8/17

Revises the requirements for the Next Generation Sunshine State Standards to include financial literacy; amends §1003.4282; revises the required credits for a standard high school diploma to include one-half credit of instruction in personal financial literacy and money management and seven and one-half, rather than eight, credits in electives.

Florida

H.B. 2153

Died in committee 5/8/17

Provides an appropriation for the United Way of Florida - Financial Literacy and Prosperity Program.

Florida

H.B. 3435

Died in committee 5/8/17

Provides an appropriation for the Financial Literacy for Florida Youth.

Florida

S.B. 392

Died in messages 5/8/17

Revises the requirements for the Next Generation Sunshine State Standards to include financial literacy; amends §1003.4282; revises the required credits for a standard high school diploma to include one-half credit of instruction in personal financial literacy and money management and seven and one-half, rather than eight, credits in electives.

Georgia None  
Guam Not available  
Hawaii

H.B. 1557

S.B. 1106

Establishes a Family Self-Sufficiency Program to provide matching funds to enable tenants of certain public housing dwelling units to purchase housing units. The authority shall require an eligible applicant who rents a dwelling unit to: (1) Establish and maintain a trust account, to be managed by the authority, (2) Be a participant in the family self-sufficiency program established pursuant to subsection (a) and (3) Participate in a financial literacy program that is approved by the authority.

Idaho None  
Illinois H.B. 3691

Creates the Illinois Higher Education Savings Program. Authorizes the state treasurer to develop financial capability programs and education that support the financial literacy of beneficiaries and their legal guardians impacted by the program in collaboration with state agencies, including the state Board of Education and the Department of Human Services, and existing nonprofit agencies working with low-income families that specialize in financial education delivery.

Illinois S.B. 693

Amends the School Code. Beginning with the 2018-2019 school year, requires every public high school to include in its curriculum instruction in the free enterprise system through a course lasting at least one semester, which each student entering the ninth grade in the 2018-2019 school year or a subsequent school year must successfully complete as a prerequisite to receiving a high school diploma. Requires the state Board of Education to adopt free enterprise content standards and develop the curriculum, carry out appropriate professional development training for teachers of the course, and submit a report to the General Assembly on course implementation. Sets forth minimum areas of instruction to be included in the course.

Indiana None  
Iowa H.F. 28

This bill 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 9-12, and requires all students to take the course as a condition of graduation. The curriculum must meet the national standards in K-12 personal finance education created and maintained by a national nonprofit coalition for personal financial literacy, and at a minimum must address areas described in the bill relating to savings, understanding investments, wealth building and college planning, credit and debt, consumer awareness of the power of marketing on buying decisions, financial responsibility and money management, insurance and risk management, income and career decisions, different types of insurance coverage, and real estate and mortgages. 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.

Iowa H.F. 300

This bill modifies the waiting period before an issued marriage license becomes valid, providing an individual income tax credit and other marriage license preferences for couples who complete qualified premarital counseling, and requires certain information be provided upon filing a petition for dissolution. The bill defines “qualified premarital counseling” to include premarital counseling that is attended by both parties of a prospective marriage, is at least four hours in duration, is facilitated by a licensed marital and family therapist (as defined in Code §154D.1) or a clergy member of any religious denomination, and includes topics related to financial literacy and education, communication skills, and conflict resolution.

Kansas None  
Kentucky

H.B. 522

Signed by governor 4/10/17, Act 170

Creates a new chapter of KRS 158 to require the Department of Education to develop academic standards for a financial literacy program to be implemented by each public high school; requires the financial literacy program to be completed for high school graduation and directs the department to determine the implementation date.
Kentucky S.B. 106

Creates a new chapter of KRS 158 to require the Department of Education to develop academic standards for a financial literacy program to be implemented by each public high school; requires the financial literacy program to be completed for high school graduation and directs the department to determine the implementation date.

Louisiana None  
Maine L.D. 264

This bill accomplishes the following. 1. It makes food supplement program benefits and Temporary Assistance for Needy Families, or "TANF," benefits payable on a semimonthly schedule. 2. It requires the Department of Health and Human Services to provide recipients of food supplement program benefits and TANF benefits with information about online and community resources on money management.

Maine L.D. 1297

This bill requires the Department of Education to include in the statewide system of learning results personal finance standards that align with the national standards for financial literacy developed by the Council for Economic Education.

Maine L.D. 1412

This bill establishes and funds the Immigrant Workforce Development Fund, which provides competitive grants to ethnicity-based community organizations to fund programs and services to help legal immigrants and refugees become economically self-sufficient, including financial literacy classes for adults and youth.

Maine L.D. 1416

This bill amends the requirements for a high school diploma and adds new subjects to those requirements, such as life skills that can include personal finance and financial literacy. It repeals the sunset and application provisions of the high school diploma standards in the Maine Revised Statutes, Title 20-A, §4722. It requires the Department of Education to adopt rules establishing pathways by which students may demonstrate achievement of high school diploma standards by documentation of college readiness assessment standardized test scores, combinations of GPA and academic and career indicators and advanced placement examinations and course grades.

Maryland

H.B. 416

Withdrawn from further consideration 3/17/17

S.B. 442

Requires the Department of Human Resources to take specified actions in the best interests of the child when serving as a representative payee or fiduciary for specified federal benefits for a child in the Department's custody, including providing the child with financial literacy training when the child has attained the age of 14 years; requires the Department to provide immediate notification to the child, through the child's attorney, of specified actions taken with respect to specified benefits for the child; etc.

Maryland

H.B. 106

Passed House 3/16/17

Alters homebuyer education requirements for a loan recipient in the Down Payment and Settlement Expense Loan Program in the Department of Housing and Community Development; establishes specified requirements for the Department's homebuyer education requirements; provides that specified provisions do not alter or preempt the authority of a political subdivision to establish homebuyer education or counseling requirements for a down payment assistance program operated by the political subdivision.

Maryland H.B. 1532

Requires the state Board of Education to develop curriculum content for a semester-long 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. 243

Withdrawn from further consideration 3/9/17

Requires the Department of Public Safety and Correctional Services to offer financial literacy training to an inmate who has been sentenced to a term of incarceration in the Division of Correction and who is within one year of being released from a correctional facility; specifies the objective and instructional topics of the financial literacy training; and authorizes the Department to consult or collaborate with any public or private agency, entity, or individual in developing the curriculum for the financial literacy training.

Massachusetts H.B. 40

Adds financial literacy to the services provided by the state Department of Transitional Assistance.

Massachusetts H.B. 240

Establishes a personal financial literacy curriculum in schools.

Massachusetts H.B. 261

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

Massachusetts H.B. 288

Establishes a high school financial literacy course requirement.

Massachusetts H.B. 333

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

Massachusetts H.B. 2023

Relates to financial literacy programs in schools.

Massachusetts H.B. 2075

Calls for an investigation by a special commission (including members of the General Court) relative to a statewide financial literacy program on personal financial management for senior citizens.

Massachusetts H.B. 2225

Directs the Massachusetts Educational Financing Authority to establish a college savings program for each eligible child born and issued a birth certificate in the commonwealth. The manager of the accounts shall distribute financial education information and contact information for local service providers that can assist with financial education coaching, where available, to children participating in the program.

Massachusetts

H.B. 3072

For further action see S.B. 2170 10/2/17

Provides community-based sentencing alternatives for primary caretakers of dependent children who have been convicted of non-violent crimes, includes financial literacy in courses.

Massachusetts H.B. 3550

Relates to financial literacy training in public high schools.

Massachusetts

H.B. 3586

For further action see S.B. 2170 10/2/17

Relates to re-entry and rehabilitation programs for incarcerated women, includes financial literacy courses.

Massachusetts H.B. 3601

Makes appropriations for the Fiscal Year 2018 for the maintenance of the departments, boards, commissions, institutions, and certain activities of the Commonwealth, for interest, sinking fund, and serial bond requirements, and for certain permanent improvements.

Massachusetts H.B. 3800

Makes appropriations for the fiscal year 2018 for the maintenance of the departments, boards commissions, institutions and certain activities of the Commonwealth, for interest, sinking fund and serial bond requirements and for certain permanent improvements.

Massachusetts S.B. 231

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

Massachusetts S.B. 247

Requires the Department of Elementary and Secondary Education to authorize and assist in the implementation of standards and objectives on personal financial literacy. The components of personal financial literacy covered in the standards and objectives shall include: understanding loans; borrowing money; interest; credit card debt; online commerce; rights and responsibilities of renting or buying a home; saving, investing, and planning for retirement; banking and financial services; balancing a checkbook; state and federal taxes; and charitable giving.

Massachusetts S.B. 277

Promotes financial literacy in schools.

Massachusetts S.B. 718

The office of housing and economic development shall develop and establish a pilot program for eligible organizations, including local housing authorities, affordable housing property management companies and community development corporations, to implement a credit-building program that uses rental payments as a mechanism for credit-building. Program initiatives may include offering individualized credit coaching and educational support to residents whose rent is being reported, or identifying third-party providers that can provide such services if an eligible organization is not able to do so.

Massachusetts S.B. 770

Provides community-based sentencing alternatives for primary caretakers of dependent children who have been convicted of non-violent crimes, includes financial literacy in courses.

Massachusetts S.B. 1563

Provides further revenue to the Financial Literacy Trust Fund.

Michigan

H.B. 5121

Passed House 12/5/17

Creates children's assurance of quality foster care policy. Includes financial education in requirement for transition planning.

Michigan H.B. 5273

Requires K12 youth financial education curriculum to include taxation and on ownership or leasing of vehicles and residential property.

Michigan

H.R. 54

Adopted 3/30/17

Declares April 2017 as Financial Literacy Month in the state of Michigan.

Michigan

H.R. 68

Adopted 4/25/17

Declares April 22-29, 2017, as Money Smart Week in the state of Michigan.

Michigan

S.B. 9

Signed by governor 3/30/17, Public Act 6

Requires the Department of Corrections to develop and adopt policies and procedures for screening, approving, and registering organizations and representatives from those organizations whose purpose is to provide inmate re-entry services. Such services would include, but not be limited to, counseling, providing information on housing and job placement, and money management assistance. Registering organizations would include nonprofit faith-based, business and professional, civic, and community organizations.

Minnesota

H.F. 875

S.F. 758

Creates a pilot program to provide, repair, and maintain motor vehicles for commuting to work and appropriates money. Requires that a program must offer one or more of the following services: (1) financial literacy education; (2) education on budgeting for vehicle ownership; (3) car maintenance and repair instruction; (4) credit counseling; or (5) job training related to motor vehicle maintenance and repair.

Minnesota

H.F. 1379

S.F. 1192

Relates to tax forfeiture, amends the period of redemption, and gives county auditors additional authority. Authorizes a county auditor to, by written policy, require conditions including, but not limited to, environmental remediation action plan requirements, restrictions, or covenants; financial literacy counseling; compliance with municipal housing codes; and other conditions as the auditor may deem appropriate when considering a request for approval of eligibility for composition into a confession of judgment for delinquent taxes upon a parcel of property.

Minnesota

H.F. 1470

S.F. 1540

Modifies housing trust fund and family homeless prevention and assistance program requirements. Appropriates $500,000 in fiscal year 2018 and $500,000 in fiscal year 2019 from the general fund to the commissioner of the Housing Finance Agency for competitive grants to nonprofit housing organizations, housing and redevelopment authorities, or other political subdivisions to provide intensive financial education and coaching services to individuals or families who have the goal of homeownership.

Minnesota H.F. 1578

Establishes a grant program to support career development and appropriates money. Grants awarded under this program must be used to support underrepresented women enrolled in a postsecondary institution in order to promote postsecondary retention and degree, certificate, or accreditation completion. Support activities eligible for funding under this section include, but are not limited to: (1) culturally competent counseling and mentoring, (2) tutoring and other academic assistance, (3) precollege bridge programs, (4) financial literacy education, (5) peer cohorts, (6) emergency cash assistance and (7) financial assistance for child care, transportation, and safe and stable housing.

Minnesota H.F. 2153

Requires a program for students with intellectual and developmental disabilities at certain state universities; requests a similar program at the University of Minnesota campuses; and appropriates money. The program must provide an inclusive, full-time, two-year residential college experience for students with intellectual and developmental disabilities. The curriculum must include: (1) core courses that develop life skills, financial literacy, and the ability to live independently; (2) rigorous academic work in a student's chosen field of study and (3) an internship, apprenticeship, or other skills-based experience to prepare for meaningful employment upon completion of the program.

Minnesota H.F. 2356

Requires a program for students with intellectual and developmental disabilities at certain state universities; requests a similar program at the University of Minnesota campuses; and appropriates money. The program must provide an inclusive, full-time, two-year residential college experience for students with intellectual and developmental disabilities. The curriculum must include: (1) core courses that develop life skills, financial literacy, and the ability to live independently; (2) rigorous academic work in a student's chosen field of study; and (3) an internship, apprenticeship, or other skills-based experience to prepare for meaningful employment upon completion of the program.

Minnesota

H.F. 2520

S.F. 2282

Appropriates $500,000 in fiscal year 2018 and $500,000 in fiscal year 2019 from the general fund to the commissioner of the Housing Finance Agency for competitive grants to nonprofit housing organizations, housing and redevelopment authorities, or other political subdivisions to provide intensive financial education and coaching services to individuals or families who have the goal of homeownership. Financial education and coaching services include but are not limited to asset building, development of spending plans, credit report education, repair and rebuilding, consumer protection training, and debt reduction. Priority must be given to organizations that have experience serving underserved populations.

Minnesota H.F. 2547

Relates to housing; allows expungement for an eviction that was the result of a life event when the defendant completed financial counseling; appropriates money to the commissioner of human services for housing support services.

Minnesota S.F. 2270

Relates to workforce development; establishes a grant program to support career development for underrepresented women; appropriates money.

Mississippi

H.B. 11

Died in committee 1/31/17

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. Before becoming eligible to receive matching funds to pay for qualified purposes, individual development account owners shall complete a financial literacy education course offered by a qualified financial institution, a qualified fiduciary organization, or a governmental entity in accordance with federal guidelines.

Mississippi

H.B. 83

Died in committee 1/31/17

Creates the Halfway House Grant Program Act to provides a mandatory financial responsibility program for offenders to educate such offenders on checking/savings accounts, self-employment and money management skills, among other requirements.

Mississippi

H.B. 266

Died in committee 1/31/17

Authorizes school boards to implement a financial literacy curriculum for students in high school; amends §37-7-301 to expand the grades in which school boards are authorized to implement a financial literacy program from grades 10 and 11 to grades 9 through 12.

Mississippi

H.B. 527

Died in committee 1/31/17

Requires the state board of education to implement a financial literacy curriculum for public schools on or before the 2018-2019 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

H.B. 579

Died in committee 1/31/17

Requires the state board of education to implement a financial literacy curriculum for public schools on or before the 2018-2019 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

H.B. 1571

Died in committee 2/22/17

Creates the Mississippi Savings Initiative. Before becoming eligible to receive matching funds to pay for qualified purposes, individual development account owners shall complete a financial literacy education course offered by a qualified financial institution, a qualified fiduciary organization, or a governmental entity in accordance with federal guidelines.

Mississippi

S.B. 2484

Died in committee 2/22/17

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. Before becoming eligible to receive matching funds to pay for qualified purposes, individual development account owners shall complete a financial literacy education course offered by a qualified financial institution, a qualified fiduciary organization, or a governmental entity in accordance with federal guidelines.

Mississippi

S.B. 2751

Died in committee 1/31/17

Requires the state board of education to implement a financial literacy curriculum for public schools on or before the 2017-2018 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. 3008

Died in committee 2/22/17

Creates the Mississippi Savings Initiative. Before becoming eligible to receive matching funds to pay for qualified purposes, individual development account owners shall complete a financial literacy education course offered by a qualified financial institution, a qualified fiduciary organization, or a governmental entity in accordance with federal guidelines.

Mississippi

S.B. 3024

Died in committee 2/22/17

Creates the Mississippi Savings Initiative. Before becoming eligible to receive matching funds to pay for qualified purposes, individual development account owners shall complete a financial literacy education course offered by a qualified financial institution, a qualified fiduciary organization, or a governmental entity in accordance with federal guidelines.

Missouri H.B. 973

The bill establishes the "Task Force on Prison to Prosperity." The task force will develop a statewide plan for prison to prosperity programs for 17 to 24 year olds to assist in the transition from incarceration to being a productive community citizen. The plan shall include specified items including education, job training, mental health and behavioral treatment, mentoring, financial literacy and expungement of juvenile records.

Montana None  
Nebraska

L.B. 79

Indefinitely postponed 2/10/17

Adopts the Small Business Retirement Marketplace Act. Requires the state treasurer to contract with one or more private sector entities to promote the benefits of retirement savings and other information that promotes financial literacy.

Nevada

S.B. 118

Signed by governor 5/30/17, Chapter 220

This bill creates the Nevada Task Force on Financial Security, consisting of seven voting members, to conduct a comprehensive examination during the 2017-2018 legislative interim of the financial security of individuals and families in Nevada, including, without limitation, their opportunities to build assets and reduce debt. The costs of the Task Force will be paid only from gifts, grants and donations received by the Task Force. The Task Force is required to submit a report of its findings and recommendations to the Legislative Counsel Bureau on or before Sept. 1, 2018.

Nevada

S.B. 249

Signed by governor 6/8/17, Chapter 456

Requires instruction in financial literacy for certain pupils enrolled in public schools; requires a pupil enrolled in a public high school to receive instruction in economics; creates the Account for Instruction in Financial Literacy in the State General Fund; makes an appropriation.

New Hampshire H.B. 609

Establishes a children's savings account program which will be available to any student  enrolled in a public school or chartered public school and who completes a financial literacy program in the second grade or later. Increases the registration fee on mutual funds offered for sale in the state and requires the fee increase to be used to fund deposits into the children's savings accounts. Makes an appropriation for the biennium ending June 30, 2019 to fund children's savings accounts.

New Jersey

A.B. 2925

S.B. 990

Passed Senate 3/13/17

 

Requires State Board of Education high school graduation requirements include instruction on tuition assistance programs and student loan debt; requires high school students to meet with guidance counselor to discuss tuition assistance and dual enrollment.

New Jersey

A.B. 3396

A.B. 3396

Pocket veto - Bills not acted on by governor-end of session 1/16/18

S.B. 2885

Substituted 1/8/18

Requires financial literacy instruction to pupils enrolled in grades kindergarten through eight.

New Jersey

A.B. 3717

Substituted 6/22/17

S.B. 2403

Signed by governor 7/21/17, Chapter 127

Establishes Women’s Vocational Training Pilot Program to promote economic self-sufficiency of low-income women through increased participation in high-wage, high-demand occupations. The program shall conduct education and pre-apprenticeship and pre-employment skill development activities including basic skills, education, literacy, including financial literacy, and training.

New Jersey S.B. 2923

Establishes two-generational school readiness and workforce development pilot program for certain low-income households. The pilot program shall be funded by the State and any available private moneys and shall include early learning programs, adult education, child care, housing, job training, transportation, financial literacy, and other related support services including, but not limited to, health and mental health services, offered at one location, wherever possible.

New Mexico H.B. 303

Relates to public schools; changes graduation units; reduces the mathematics units; increases elective units; makes life skills, which includes a major emphasis on media literacy, financial literacy and workplace readiness, a mandatory course for graduation.

New Mexico

H.B. 347

Signed by governor 4/6/17, Chapter 110

Relates to financial institutions; limits fees and charges for certain installment loans; provides for reporting to credit agencies; amends the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959; repeals sections of the New Mexico Small Loan Act of 1955; creates the financial literacy fund; makes an appropriation.

New Mexico

H.M. 64

Adopted 3/6/17

Requests the Office of the State Auditor to convene a prosperity kids working group to explore opportunities for partnership and program expansion statewide.

New Mexico S.B. 388

Relates to financial institutions; limits fees and charges for certain installment loans; provides for reporting to credit agencies; amends the New Mexico Small Loan Act of 1955 and the New Mexico Bank Installment Loan Act of 1959; repeals sections of the New Mexico Small Loan Act of 1955; creates the financial literacy fund; makes an appropriation.

New York

A.B. 474

Signed by governor 9/12/17, Chapter 275

S.B. 1170

Substituted 6/19/17

Authorizes social services districts to offer participants in public assistance employment programs an option 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. 1174

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. 4425

Relates to the establishment of various programs for students in pre-kindergarten through third grade including programs for literacy, career readiness and financial literacy.

New York A.B. 4620

Provides that juniors and seniors at secondary schools must take a financial literacy and personal finances course.

New York

A.B. 4982

S.B. 4344

Creates a self-sufficient retirement savings program in the form of an automatic enrollment payroll deduction IRA, and establishes an administrative board responsible for promoting greater retirement savings for private sector employees in a convenient, low-cost, and transferable manner. The employee information packet shall include a disclosure form. The disclosure form shall explain, but not be limited to, information on how to access any financial literacy programs implemented by the comptroller.

New York

A.B. 5813

S.B. 3604

Establishes the state financial literacy commission; creates a state financial literacy commission to measurably improve the financial literacy and financial capability of New York state residents.

New York A.B. 8075

Relates to establishing a college experience program for students with developmental disabilities; requires the trustees of SUNY and CUNY to regulations to establish a two year college experience program for students with developmental disabilities at each SUNY and CUNY institution and community college.

New York

A.B. 8096

S.B. 1701

Relates to establishing a program for financial transitional living services for foster children; establishes independent development savings accounts for foster children over the age of 16; requires foster children to attend financial literacy and independent living classes.

New York A.B. 8701

Requires any school district in the state shall provide, to pupils in grades nine through 12, one full unit of instruction designed to promote consumer awareness and financial education.

New York A.B. 8737

Directs the New York state department of financial services and the New York state Department of State's Consumer Protection Division to conduct a study on consumer awareness and financial education in New York state and to make recommendations for a consumer awareness and financial education program.

North Carolina H.B. 643

Establishes the joint legislative study committee on civics and economics education.

North Carolina H.B. 882

Establishes a financial literacy elective course pilot program for certain high schools; appropriates funds.

North Dakota None  
N. Mariana Islands Not available  
Ohio None  
Oklahoma

H.B. 1694

Signed by governor 5/16/17, Chapter 279

Relates to financial literacy; amends 70 O.S. 2011, §11-103.6h, as amended by § 1, Chapter 239, O.S.L. 2015 (70 O.S. Supp. 2016, §11-103.6h), which relates to the Passport to Financial Literacy Act; modifies areas of instruction of personal financial literacy education; changes grades during which personal financial literacy education is to be taken and provided after certain date; updates statutory language; modifies state Department of Education duties; changes type of online resources; changes grade for assessment of transfer students; modifies teacher assignment requirement; requires certain teachers to complete certain professional development; amends 59 O.S. 2011, §3119, which relates to lender payments deposited into the Consumer Credit Counseling Revolving Fund; modifies amount of deposit; adds deposit into the Personal Financial Literacy Education Revolving Fund; specifies amount of deposit into each fund; clarifies statutory language; states use of funds deposited in the Personal Financial Literacy Education Revolving Fund; authorizes the Department to contract or work with certain organizations; creates the Personal Financial Literacy Education Revolving Fund; makes the fund a continuing fund; states source of funding; provides for appropriation, budgeting and expenditure of monies; stating purposes; requires expenditures to be on warrants.

Oregon

H.B. 2229

Signed by governor 5/24/17, Chapter 133

Encourages school districts and public charter schools to offer students courses or other educational opportunities in financial literacy.

Oregon H.B. 2474

Directs the Higher Education Coordinating Commission to establish, by rule, a process to ensure that each applicable student at an institution of higher education is provided annually with, during student orientation, counseling services that set forth an estimate of the amount of education loans received, an estimate of the total amount of education loans the student will owe at graduation and an estimate of the amount the student will have to pay each month to service loans.

Oregon

H.B. 3184

Signed by governor 6/6/17, Chapter 215

Requires the Department of Consumer and Business Services to establish a loan counseling program for residents of this state; specifies required elements of the program; requires information regarding the loan counseling program to remain secured against public disclosure.

Pennsylvania H.B. 106

Amends the act of March 10, 1949 (P.L.30, No.14), known as the Public School Code of 1949, in terms and courses of study, further providing for subjects of instruction and flag code and for economic education and personal financial literacy programs; provides for personal finance instruction and for capstone course in personal finance as graduation requirement; establishes the Personal Finance Education Fund; and makes an appropriation.

Pennsylvania

H.B. 429

Passed House 10/24/17

Beginning with those students graduating from a public high school at the end of the 2016-2017 school year, and continuing in each school year thereafter, a student who successfully completes a course in personal financial literacy during grades nine through twelve shall be permitted to apply up to one credit earned for successful completion of the course to satisfy the student's social studies credit requirement for graduation.

Pennsylvania H.B. 1865

Provides for alternative sentence for pregnant offenders; may require offender to meet educational conditions including financial literacy.

Pennsylvania

H.R. 193

Adopted 4/3/17

Recognizes the month of April 2017 as "Financial Literacy Month" in Pennsylvania in special recognition of the importance of increasing financial literacy among residents of this commonwealth.

Pennsylvania

H.R. 526

Adopted 10/2/17

Recognizes the week of Oct. 2 through 6, 2017, as "Financial Planning Week" in Pennsylvania.

Pennsylvania S.B. 364

Amends the act of March 10, 1949 (P.L.30, No.14), known as the Public School Code of 1949, in terms and courses of study, further providing for subjects of instruction and flag code and for economic education and personal financial literacy programs, provides for personal finance instruction and for capstone course in personal finance as graduation requirement; establishes the Personal Finance Education Fund; and makes an appropriation.

Pennsylvania

S.R. 66

Adopted 3/28/17

Recognizes the month of April 2017 as "Financial Literacy Month" in Pennsylvania.

Puerto Rico None  
Rhode Island H.B. 5028

This bill establishes rules and procedures for licensing emergency shelters, including setting minimum standards and prohibiting the charging fees to the residents. Any fees or payments of money for the purposes of providing shelter and personal care items, including, but not limited to, linens, toiletries and diapers shall be prohibited unless otherwise allowable by state or federal law. Resident funds provided to a shelter for the purposes of teaching financial literacy or creating a "savings account" are permitted if said funds are returned to the resident at the appropriate time or upon request.

Rhode Island H.B. 5276

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.

Rhode Island H.B. 5663

This bill requires the Department of Elementary and Secondary Education, pursuant to rules promulgated by the commissioner of Elementary and Secondary Education, to develop curricular material on financial literacy.

Rhode Island

H.R. 6101

Adopted 4/11/17, Resolution 190

S.R. 817

Adopted 4/27/17, Resolution 210

Proclaims April 2017, to be "financial literacy month" in the state of Rhode Island.

Rhode Island S.B. 160

This bill establishes rules and procedures for licensing emergency shelters, including setting minimum standards and prohibiting the charging fees to the residents. Any fees or payments of money for the purposes of providing shelter and personal care items, including, but not limited to, linens, toiletries and diapers shall be prohibited unless otherwise allowable by state or federal law. Resident funds provided to a shelter for the purposes of teaching financial literacy or creating a "savings account" are permitted if said funds are returned to the resident at the appropriate time or upon request.

Rhode Island S.B. 245

This bill requires the Department of Elementary and Secondary Education, pursuant to rules promulgated by the commissioner of Elementary and Secondary Education, to develop curricular material on financial literacy.

South Carolina S.B. 30

Adds §59-29-17 to require a one-half credit course of study in personal finance with an end-of-year test as a requirement for high school graduation beginning with the 2018-2019 school year.

South Dakota None  
Tennessee

H.B. 235

Substituted 3/20/17

S.B. 104

Signed by governor 3/31/17, Public Chapter 73

Extends the Tennessee Financial Literacy Commission four years to June 30, 2021.

Tennessee

H.B. 469

Substituted 3/20/17

S.B. 417

Signed by governor 3/31/17, Public Chapter 81

Clarifies state treasurer has authority to raise funds for the Tennessee Financial Literacy Commission.

Tennessee

H.B. 1305

S.B. 1140

Requires the department, in collaboration with the Tennessee Financial Literacy Commission, to report the amounts allocated from fees collected from licensees under the Flexible Credit Act to the commission and whether any of the amounts allocated were used to assist individuals who are susceptible to predatory lending practices; requires that the department report its findings to the Insurance and Banking Committee of the House of Representatives and the Commerce and Labor Committee of the Senate no later than Jan. 15, 2018.

Texas H.B. 2331

Relates to a pilot program to increase the financial independence of foster children who are transitioning to independent living.

Texas

S.B. 1799

Signed by governor 6/15/17, Chapter 943

The bill amends the Education Code to temporarily require the Texas Guaranteed Student Loan Corporation to administer the student loan default prevention and financial aid literacy pilot program in accordance with an agreement the Texas Higher Education Coordinating Board and submit to the governor, the lieutenant governor, and the speaker of the House of Representatives any annual or end of program report the corporation submits to the U.S. Department of Education in administering the program. The bill removes career schools or colleges as a category of postsecondary educational institution from which at least one institution must be selected to participate in the program and changes the institutions receiving priority in selection for program participation from institutions that meet certain student loan default rate criteria to institutions that are recognized by the U.S. Department of Education as minority‑serving institutions. The bill repeals certain provisions relating to the role of the coordinating board in administering the program.

Texas S.B. 2124

Relates to a pilot program for assisting certain recipients of public benefits with gaining self-sufficiency, includes financial education courses.

Utah

H.B. 249

Signed by governor 3/24/17, Chapter 333

This bill: defines terms; adds a representative of the State Board of Regents to a task force that makes recommendations related to financial literacy education; requires an eligible postsecondary institution to provide information regarding a borrower's education loans to the borrower; provides that an eligible postsecondary institution does not incur liability for  information provided to a borrower regarding the borrower's education loans; and requires the State Board of Regents to report to the Education Interim Committee on the feasibility of providing certain information about an education loan to a borrower.

Utah

H.B. 451

Enacting clause struck 3/9/17

This bill amends provisions related to financial literacy in schools. This bill: defines terms; amends provisions related to an end-of-course assessment for a general financial literacy course, including provisions related to: the State Board of Education providing certain online resources a student may access to prepare for the end-of-course assessment; and local education agency administration of the end-of-course assessment; enacts provisions related to an alternative assessment that evaluates a student's knowledge of financial literacy, including provisions related to: a local education agency's option to adopt an alternative assessment; and the standards and objectives of an alternative assessment; and makes technical and conforming changes.

Utah

S.B. 149

Enacting clause struck 3/9/17

This bill: defines terms; creates the Parental Coaching to Encourage Student Savings Program within the Department of Workforce Services; describes the program, which provides: financial training to parents of economically disadvantaged children attending kindergarten to encourage the parents to start saving money for their child's eventual higher education expenses; and a financial contribution to the 529 savings accounts of economically disadvantaged children attending kindergarten, if their parents successfully meet the requirements of the program; and describes the reporting and other requirements of the Department of Workforce Services related to the program.

Vermont H.B. 480

This bill proposes to support the creation of an opportunity economy by providing funding and policy guidance for (1) the Microbusiness Development Program; (2) the Individual Development Savings Program; (3) workforce development and training programs for Vermonters with low income; (4) financial education, coaching, and credit building services for Vermonters with low income; (5) a Vermont Matched Savings Account Program; and (6) the Volunteer Income Tax Assistance Program.

Vermont

S.B. 135

Signed by governor 6/8/17, Act 69

Adopts the Green Mountain Secure Retirement Plan based on the principle that the Plan should assist the individual in understanding their financial situation.

Virginia

S.B. 1245

Signed by governor 3/16/17, Chapter 522

Requires the Board of Education to include evaluating the economic value of postsecondary studies, including the net cost of attendance, potential student loan debt, and potential earnings, in the Board's objectives for economics education and financial literacy. The bill requires the board to amend such objectives by July 1, 2018.

U.S. Virgin Islands Not available  
Washington

S.B. 5100

Signed by governor 5/4/17, Chapter 177

Requires live financial literacy seminars for students at institutions of higher education; requires the office to provide a financial aid counseling curriculum to institutions of higher education with state need grant recipients; requires each institution of higher education take reasonable steps to ensure that the institution presents, and each incoming student participates in, a financial education workshop.

Washington S.B. 5622

Requires the office of the superintendent of public instruction to: (1) In consultation with one or more technical working groups, develop a curriculum framework for a career and technical education course that may be offered by high schools, in which the content in social studies education is considered equivalent in full or in part to social studies courses that meet graduation requirements and (2) Develop a set of career readiness standards to guide the full integration of goal four and knowledge and skill areas in other goals in the essential academic learning requirements. Creates the career readiness standards work group to: (1) Review policies and practices in place in other states and (2) Recommend a set of career readiness standards for consideration by the state board of education and the workforce training and education coordinating board.

West Virginia None  
Wisconsin

A.B. 280

Signed by governor 12/1/17, Act 94

Requires incorporating financial literacy into the curriculum of public schools.

Wisconsin S.B. 212 This bill directs each school board to adopt academic standards for financial literacy and incorporate instruction in financial literacy into the curriculum in grades kindergarten to 12.
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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