Financial Literacy 2018 Legislation

Heather Morton 12/20/2018

Glasses lying on financial termsThe 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.

Twenty-nine states and Puerto Rico had financial literacy legislation in the 2018 session, and 17 states enacted legislation or adopted resolutions.

Arizona enacted legislation to instruct the superintendent of Public Instruction (SPI) to establish a State Seal of Personal Finance Proficiency Program to recognize public school graduates who have attained a high level of proficiency in personal finance. Colorado created a voluntary contribution designation benefiting the Young Americans Center for Financial Education Fund that appears on the state individual tax return forms. Floridarequired child transition plans to address financial literacy by providing specified information. The transition plan must address specific options for the child to use in obtaining services, including housing, health insurance, education, financial literacy, a driver license, and workforce support and employment services.

Iowa added a one-half unit of personal finance literacy requirement as a condition of graduation. Kansas provided compensation for a person who was wrongfully convicted and imprisoned; included the awarding of tuition and personal finance literacy assistance and participation in the state health care benefits program. Kentucky a requirement to attend a financial literacy course as a high school graduation requirement; directs the Kentucky Board of Education to promulgate administrative regulations establishing academic standards for the financial literacy course; directs the Department of Education to develop curricula, materials, and guidelines which may be used by schools for the financial literacy course. Louisiana enacted R.S. 17:270 and 3996(B)(45), and repealed R.S. 17:282.3, relative to required courses of instruction; provides relative to required instruction in personal financial management; required that certain public high school students receive specified instruction in personal financial management as a prerequisite to graduation.

Maryland required the Department of Human Services to identify a representative payee or fiduciary for a child in the Department's custody; required the Department, when serving as the representative payee or in any other fiduciary capacity for a child, to provide certain notice to the child, through the child's attorney, of certain actions taken with respect to certain benefits for the child. Massachusetts allowed schools to incorporate personal financial literacy standards into existing mathematics, social science, technology, business, or other curricula.

Puerto Rico amended the Act of the Department of Education for the purpose of imposing the obligation to the Department of Education to include in the curriculum topics the management of finances, in coordination with the Institute of Financial Education in Puerto Rico. Utah modified the public education code regarding educator licensing and provisions regarding financial literacy course instruction.

Delaware designated the week of April 23, 2018, as “Teach Children to Save Week” in Delaware and encouraged all citizens to teach their children to save. Florida recognized April 2018 as “Financial Literacy Month.” New Mexico adopted resolutions requesting the secretary of children, youth and families to convene a task force to study and recommend concrete policy changes that could be implemented to provide youth in foster care access to bank accounts and to provide youth in foster care or who are currently receiving voluntary services from the children, youth and families department financial literacy and money management education. Michigan declared April 2018 as Financial Literacy Month and April 21-28, 2018, as Money Smart Week in the state of Michigan. Rhode Island proclaimed the month of April 2018, to be "Financial Literacy Month" in the state of Rhode Island.

The chart below lists state legislation introduced or pending during the 2018 legislative session relating to financial literacy or financial education.

 

Financial Literacy 2018 Legislation
STATE BILL NUMBER BILL SUMMARY
Alabama None  
Alaska None  
Arizona

S.B. 1442

Signed by governor 4/12/18, Chapter 221

Instructs the superintendent of Public Instruction (SPI) to establish a State Seal of Personal Finance Proficiency Program to recognize public school graduates who have attained a high level of proficiency in personal finance. Requires the SPI to create a seal to affix on qualifying graduates' diplomas and transcripts and deliver the seal to participating LEAs. Permits LEAs to voluntarily participate by notifying the SPI and requires participants to identify qualifying students and award the seal. Instructs the State Board of Education (SBE), in collaboration with any organization with expertise in finance or financial literacy, to adopt minimum program requirements and allows SBE to adopt necessary rules. Directs the seal to be awarded to graduates who complete all Social Study requirements with at least a 3.0 GPA and demonstrate proficiency in personal finance. Permits SBE to establish a separate personal finance course required for graduation. Sunsets the program on July 1, 2028.
Arizona

S.C.R. 1024

Passed Senate 4/10/18

Supports increased financial education and personal financial in Arizona management programs.

Arkansas None  
California

A.B. 2015

Signed by governor 9/19/18, Chapter 533

This bill requires, commencing with the 2020–21 school year, the governing board of a school district and the governing body of a charter school, as appropriate, to ensure that each of its pupils receives information on how to properly complete and submit the Free Application for Federal Student Aid (FAFSA) or the California Dream Act Application, as appropriate, at least once before the pupil enters grade 12. The bill provides that the manner in which information is provided pursuant to the bill would be at the discretion of the governing board of the school district or the governing body of the charter school, as appropriate. The bill specifies several types of material that would be required to be provided under the bill. The bill requires the governing boards of school districts and the governing bodies of charter schools to ensure that a paper copy of the FAFSA or the California Dream Act Application is provided to a pupil upon the request of that pupil or upon request of a parent or guardian of that pupil. The bill also requires the governing boards of school districts and the governing bodies of charter schools to ensure that any information shared by parents, guardians, and pupils pursuant to the bill is handled according to applicable state and federal privacy laws and regulations.
California

A.B. 2232

Existing law establishes 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. Existing law requires the fund to be administered by the controller and authorizes the controller to deposit private donations into the fund. Existing law requires those moneys to be made available upon appropriation in the annual Budget Act and requires donations to be returned to contributors if not appropriated within 18 months. Existing law requires the controller, beginning in 2013, to provide an annual summary to specified committees of the Legislature on the use of those moneys appropriated from the fund. This bill makes a non-substantive change to the provision that describes the annual summary requirement.

California

A.B. 3140

Existing law establishes 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 the financial literacy of Californians. Existing law requires the fund to be administered by the controller. Existing law authorizes the controller to convene a financial literacy advisory committee to provide oversight of the fund and to develop strategies to improve financial literacy. This bill makes a non-substantive change in the provision governing the formation of a financial literacy advisory committee.

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. 1298

Postponed indefinitely 5/1/18

The bill establishes the Colorado secure savings plan (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 Colorado secure savings plan board of trustees 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

H.B. 1305

Signed by governor 5/4/18, Chapter 210

Creates a voluntary contribution designation benefiting the Young Americans Center for Financial Education Fund that appears on the state individual tax return forms.
Connecticut None  
Delaware

H.C.R. 73

Adopted 4/18/18

Designates the week of April 23, 2018, as “Teach Children to Save Week” in Delaware and encourages all citizens to teach their children to save.

District of Columbia None  
Florida

H.B. 323

Substituted 3/6/18

S.B. 88

Died in concurrence 3/10/18

Revises requirements for Next Generation Sunshine State Standards to include financial literacy and required credits for a standard high school diploma to include instruction in personal financial literacy and money management.

Florida

H.B. 451

Died in committee 4/10/18

Requires the Department of Corrections (DOC) to allow nonprofit organizations to provide inmate reentry services, including on money management; requires DOC to adopt policies and procedures for screening, approving, and registering those nonprofit organizations; prohibits DOC from endorsing or sponsoring any faith-based reentry program, endorsing any specific religious message, or requiring inmate to participate in faith-based program.

 

Florida

H.B. 825

Died in committee 3/10/18

Revises Next Generation Sunshine State Standards (NGSSS); provides that NGSSS are minimum baseline core content standards for K-12 public schools; requires each school district to adopt standards equivalent to or better than NGSSS; revises content requirements for such standards; revises requirements for certain instructional materials.

Florida

H.B. 1073

Signed by governor 3/23/18, Chapter 102

Requires child transition plans to address financial literacy by providing specified information. The transition plan must address specific options for the child to use in obtaining services, including housing, health insurance, education, financial literacy, a driver license, and workforce support and employment services.

Florida

H.B. 4227

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

Florida

S.B. 966

Died in committee 3/10/18

Revising the Next Generation Sunshine State Standards; providing that such standards are the minimum baseline core content standards for K-12 public schools; revising the requirements for instructional materials that a district school superintendent annually certifies.

Florida

S.B. 1292

Substituted by H.B. 1073 3/7/18

Requires child transition plans to address financial literacy by providing specified information. The transition plan must address specific options for the child to use in obtaining services, including housing, health insurance, education, financial literacy, a driver license, and workforce support and employment services.

Florida

S.R. 1942

Adopted 3/6/18

Recognizes April 2018 as “Financial Literacy Month” in Florida.

Georgia None  
Guam Not available  
Hawaii

S.B. 2212

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

To concurrence 5/25/17

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

H.B. 1319

Passed House 1/31/18

Makes the following changes to the Uniform Consumer Credit Code (UCCC): (1) Repeals a provision specifying a reference base index for use by the department of financial institutions (department) in adjusting specified dollar amounts designated as subject to change throughout the UCCC. (2) Replaces: (A) the tiered credit service charge authorized for consumer credit sales; and (B) the 25 percent loan finance charge authorized for consumer loans; with a flat charge of 36 percent per year on the unpaid balances. (3) Increases the: (A) minimum credit service charge for consumer credit sales; and (B) minimum loan finance charge for consumer loans; from $30 (subject to indexing) to $50 (not subject to indexing). (4) Replaces the authorized $5 delinquency charge (subject to indexing) for consumer credit sales and consumer loans with a nonindexed delinquency charge of: (A) $5 if installments are due every 14 days or less; (B) $25 if installments are due every 15 days or more; or (C) $25, in the case of a single installment due at least 30 days after the consumer credit sale or consumer loan is made. (5) Specifies that a creditor may not charge or collect a delinquency charge on a payment that: (A) is paid within 10 days after its scheduled due date; and (B) is otherwise a full payment of the payment due for the applicable installment period; if the only delinquency with respect to a consumer credit sale or a consumer loan is attributable to a delinquency charge assessed on an earlier installment. (6) Provides that a seller in a consumer credit sale may take a security interest in goods sold if the debt secured is at least $1,500 (not subject to indexing), versus $300 (subject to indexing) in current law. (7) Changes the authorized nonrefundable prepaid finance charge for consumer loans not secured by an interest in land from a flat charge of $50 to: (A) $150 for loans with a principal amount of less than $5,000; or (B) $250 for loans with a principal amount of at least $5,000. (8) Increases the number of nonrefundable prepaid finance charges that a lender may assess in any 12-month period from two to three. (9) Repeals: (A) the definition of "supervised loan"; and (B) the provision establishing the authorized loan finance charge for supervised loans. Makes conforming amendments throughout the UCCC and the Indiana Code. (10) Provides that for a consumer loan: (A) with a loan finance charge greater than 25 percent; and (B) in which the principal is $4,000 or less (not subject to indexing); a lender may not contract for an interest in land as security. (Current law prohibits a lender from contracting for an interest in land as security if the loan principal is $4,000 or less (subject to indexing) without regard to the loan's finance charge.) (11) Provides that consumer loans having a loan finance charge exceeding 25% and in which the principal is $4,000 or less are payable over a period of not more than: (A) 37 months if the principal is more than $1,100 (versus $300, subject to indexing, in current law) but not more than $4,000; or (B) 25 months if the principal is $1,100 (versus $300, subject to indexing, in current law) or less. (Current law specifies these maximum loan terms for loans with a principal amount of $4,000 or less (subject to indexing) without regard to the loan's finance charge.) (12) Provides that a creditor in a consumer loan transaction may not contract for or receive a separate charge for property casualty insurance unless the amount financed exclusive of charges for the insurance is at least $1,000 (versus $300, subject to indexing, in current law), and the value of the property is at least $1,000 (versus $300, subject to indexing, in current law). (13) Authorizes a lender that is licensed to make small loans under the UCCC to make unsecured consumer loans under the same license. (14) Adds to the UCCC chapter governing small loans the repealed provision specifying a reference base index for use by the department in adjusting specified dollar amounts designated as subject to change, so that the indexing provisions apply only to provisions governing small loans and the newly authorized unsecured consumer loans. (15) Defines an "unsecured consumer loan" as a loan: (A) with a principal amount of more than $550 and not more than $1,500; and (B) in which the lender holds the borrower's check for a specific period, or receives the borrower's authorization to debit the borrower's account for a specific period, before the lender: (i) offers the check for deposit or presentment; or (ii) debits the account. (16) Establishes the following with respect to unsecured consumer loans: (A) An authorized finance charge, interest rate, and monthly maintenance fee. (B) A $25 returned check fee. (C) Mandatory consumer disclosures. (D) Requirements concerning the loan term, consecutive unsecured consumer loans, and extended payment plans. (E) Lending prohibitions based on a borrower's monthly gross income. (F) Provisions concerning a lender's duties upon payments made by a borrower. (G) Limits on the number and amount of a borrower's outstanding loans, including a prohibition against a borrower being obligated under a small loan agreement and an unsecured consumer loan agreement at the same time. (H) Permissible and prohibited remedies upon a borrower's default. (I) Remedies and damages for violations by licensees and unlicensed persons. (J) Prohibited acts by a lender. (K) Surety bond requirements for lenders. (17) Provides that for each small loan or unsecured consumer loan made by a lender, the lender shall remit to the director of the department a $5 fee for use by the director in developing and promoting financial literacy programs. (18) Prohibits a lender from passing the fee onto borrowers. (19) Provides that after June 30, 2020, a borrower who takes out a total of more than: (A) three small loans; or (B) three unsecured consumer loans; in any 24-month period must take a financial literacy course approved by the department. Provides that the course must be available at no cost to the borrower and may be funded, in whole or in part, by the $5 fee assessed on lenders. (20) Requires a lender to disclose information on the following to a borrower entering into a small loan or an unsecured consumer loan: (A) The availability of the 211 telephone dialing code for access to human services information and referrals. (B) The financial literacy course required after June 30, 2020, for borrowers who have taken out a total of more than three small loans or three unsecured consumer loans in any 24-month period, including contact information for the department.

Iowa

H.F. 2496

Withdrawn from further consideration 5/3/18

Amends language enacted by 2018 Iowa Acts, SF 475, which adds a requirement that school districts and accredited nonpublic schools offer and teach a half unit of coursework in personal finance literacy, and which students must complete as a condition of graduation. The bill modifies new Code language enacted in 2018 Iowa Acts, SF 475, by providing that a half unit of personal finance literacy may count as a half unit of social studies for meeting the education standards requirements for high school social studies coursework and providing that units of coursework that meet the requirements of any combination of specified coursework required under the high school education standards and incorporate the personal finance literacy curriculum shall be deemed to satisfy the offer and teach requirements and providing that a student who completes such a unit shall be deemed to have met the graduation requirement. Under SF 475, the language takes effect July 1, 2019.

Iowa

S.F. 475

Signed by governor 4/17/18, Chapter 1119

Adds a one-half unit of personal finance literacy. All students shall complete at least one-half unit of personal finance literacy as a condition of graduation.
Iowa

S.F. 2191

Became S.F. 2361 2/20/18

This bill directs institutions of higher education governed by the state board of regents and community colleges to require that enrolled students who will graduate on or after July 1, 2019, complete a one-credit-hour financial literacy course offered by the institution or community college prior to graduation.

Iowa

S.F. 2361

Passed Senate 3/7/18

Requires that undergraduate students enrolled in an institution of higher education governed by the board who will graduate on or after July 1, 2019, complete a financial literacy course offered by the institution prior to graduation.

Iowa

S.F. 2415

Signed by governor 6/1/18, Chapter 1163

Provides that the one-half unit of personal finance literacy may count as one-half unit of social studies in meeting the requirements of paragraph “b”, though the teacher providing personal finance literacy coursework that counts as one-half unit of social studies need not hold a social studies endorsement. Units of coursework that meet the requirements of any combination of coursework required under paragraphs “b”, “d”, “e”, or “h” and incorporate the curriculum required under subparagraph (1) shall be deemed to satisfy the offer and teach requirements of this paragraph “k” and a student who completes such units shall be deemed to have met the graduation requirement of this paragraph “k”.

Kansas

H.B. 2579

Signed by governor 5/15/18, Chapter 108

Provides compensation for a person who was wrongfully convicted and imprisoned; includes the awarding of tuition and personal finance literacy assistance and participation in the state health care benefits program.

Kentucky

H.B. 56

Creates a new section of KRS Chapter 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; directs the department to determine the implementation date.

Kentucky

H.B. 132

Signed by governor 4/2/18, Act 81

Creates a new Chapter of KRS 158 to require a financial literacy course as a high school graduation requirement; directs the Kentucky Board of Education to promulgate administrative regulations establishing academic standards for the financial literacy course; directs the Department of Education to develop curricula, materials, and guidelines which may be used by schools for the financial literacy course.

Kentucky S.B. 32

Creates a new section of KRS Chapter 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; directs the department to determine the implementation date.

Louisiana

H.B. 264

Passed House 4/26/18

Provides relative to community-based sentencing alternatives for offenses committed by primary caretakers. Provides that the court may require the person to meet certain conditions that the court deems appropriate, including but not limited to any of the following: drug and alcohol treatment; domestic violence education and prevention; physical and sexual abuse counseling; anger management; vocational and educational services; job training and placement; affordable and safe housing assistance; financial literacy; parenting classes; family and individual counseling; and family case management services.

Louisiana H.B. 504

Requires public school students to receive instruction in personal financial management.

Louisiana

S.B. 315

Signed by governor 5/15/18, Act 154

Enacts R.S. 17:270 and 3996(B)(45), and repeals R.S. 17:282.3, relative to required courses of instruction; provides relative to required instruction in personal financial management; requires that certain public high school students receive specified instruction in personal financial management as a prerequisite to graduation.

Maine None  
Maryland

H.B. 524

Became law without governor’s signature 5/26/18, Chapter 815

S.B. 291

Became law without governor’s signature 5/26/18, Chapter 816

Requires the Department of Human Services to identify a representative payee or fiduciary for a child in the Department's custody; requires the Department, when serving as the representative payee or in any other fiduciary capacity for a child, to provide certain notice to the child, through the child's attorney, of certain actions taken with respect to certain benefits for the child; etc.

Maryland H.B. 921

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 certain high schools; and requires students to complete a certain course in order to graduate from high school.

Maryland

H.B. 1166

S.B. 617

Authorizes a certain defendant convicted of a nonviolent crime to make a motion for the court to consider the defendant's status as a certain primary caretaker; and requires the court to make a certain determination and consider placing a certain defendant on probation with certain conditions under certain circumstances. Provides that the court may require the person to meet certain conditions that the court deems appropriate, including but not limited to any of the following: drug and alcohol treatment; domestic violence education and prevention; physical and sexual abuse counseling; anger management; vocational and educational services; job training and placement; affordable and safe housing assistance; financial literacy; parenting classes; family and individual counseling; and family case management services.

Maryland

S.B. 236

Passed Senate 3/19/18

Requires the State Board of Education to develop curriculum content for a semester-long high school elective course in financial literacy and entrepreneurship; and authorizes each county board of education to implement the curriculum content beginning in the 2018-2019 school year.

Maryland

S.B. 237

Passed Senate 3/22/18

Requires the Correctional Education Council, in collaboration with the Division of Workforce Development and Adult Learning in the Department of Labor, Licensing, and Regulation, to develop and implement, on or before July 1, 2019, a financial literacy and entrepreneurship curriculum to be offered as part of certain transition training to certain inmates in the Division of Correction; and requires the curriculum content to include certain instruction.

Massachusetts H.B. 125 Establishes an interagency council to address inequality, promote opportunity and end poverty. Activities eligible for assistance from the fund include, but are not limited to: (1) Projects to assist low-income participants; (2) Projects to secure and maintain meaningful employment; (3) Projects to offer financial education; (4) Projects to help families avoid homelessness; (5) Projects to offer energy assistance and weatherization services (6) Projects to offer emergency assistance to meet immediate and urgent individual and family needs; (7) Projects to help individuals attain an adequate education.
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. 640 To equip students with the knowledge and skills needed to become self-supporting and to enable students to make critical decisions regarding personal finances, the department of elementary and secondary education shall 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, and 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; paying for postsecondary education; and charitable giving.
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. 2227

Relates to financial literacy counseling for students accepted at public institutions of higher education.

Massachusetts H.B. 3550

Relates to financial literacy training in public high schools.

Massachusetts S.B. 89

Establishes an interagency council to address inequality, promote opportunity and end poverty. Activities eligible for assistance from the fund include, but are not limited to: (1) Projects to assist low-income participants; (2) Projects to secure and maintain meaningful employment; (3) Projects to offer financial education; (4) Projects to help families avoid homelessness; (5) Projects to offer energy assistance and weatherization services (6) Projects to offer emergency assistance to meet immediate and urgent individual and family needs; (7) Projects to help individuals attain an adequate education.

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. 249

Relates to financial literacy in schools.

Massachusetts S.B. 277 

Promotes financial literacy in schools.

Massachusetts

S.B. 702

For further action see S.B. 2468 4/23/18

To equip students with the knowledge and skills needed to become self-supporting and to enable students to make critical decisions regarding personal finances, the department of elementary and secondary education shall 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, and 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; paying for postsecondary education; and charitable giving.

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.

Massachusetts

S.B. 2343

For further action see S.B. 2374 3/26/18

Relates to financial literacy in schools.

Massachusetts

S.B. 2374

Signed by governor 1/10/19, Chapter 438

Relates to financial literacy in schools. Allows schools to incorporate personal financial literacy standards into existing mathematics, social science, technology, business, or other curricula.

Massachusetts S.B. 2468 To equip students with the knowledge and skills needed to become self-supporting and to enable students to make critical decisions regarding personal finances, the department of elementary and secondary education shall 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, and 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; paying for postsecondary education; and charitable giving.
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.B. 5905

Requires course in financial literacy.

Michigan H.B. 5906

Allows pupils to partially or fully fulfill the algebra II or economics requirement by completing a financial literacy course developed by MDE.

Michigan

H.R. 291

Adopted 3/22/18

Declares April 2018 as Financial Literacy Month in the state of Michigan.

Michigan

H.R. 309

Adopted 4/19/18

Declares April 21-28, 2018, as Money Smart Week in the state of Michigan.

Minnesota

H.F. 2356

S.F. 3011

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.

Mississippi

H.B. 16

Died in committee 1/30/18

Requires the state board of education to develop a curriculum and a course of study to promote home economics objectives; prescribes the minimum components to be included in the curriculum, including budgeting and economics; requires all local school districts to provide programs of education in home economics to students in grades 7 through 12 before Sept. 1, 2018; removes the requirement that such programs of education shall be subject to approval by the state board of education; requires that all district home economics programs be.
Mississippi

H.B. 460

Died in committee 1/30/18

Requires the State Board of Education to develop a curriculum and a course of study to promote home economics objectives; prescribes the minimum components to be included in the curriculum, including budgeting and economics; requires all local school districts to provide programs of education in home economics to students in secondary schools located in certain rated school districts before a certain date; removes the requirement that such programs of education shall be subject to approval by the state board of education.

Mississippi

H.B. 560

Died in committee 1/30/18

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 Mississippi development authority to contract with fiduciary organizations to serve as intermediaries between individual development account holders and financial institutions holding account funds; includes financial education courses.

Mississippi

H.B. 575

Died in committee 1/30/18

Authorizes school boards to implement a financial literacy curriculum for students in high school; expands the grades in which school boards are authorized to implement a financial literacy program from grades 10 and 11 to grades 9 through 12; removes the authority of school boards to acquire property through condemnation proceedings or use of eminent domain.

Mississippi

S.B. 2124

Died in committee 1/30/18

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.

Mississippi

S.B. 2366

Died in committee 1/30/18

Requires the State Board of Education to develop a curriculum and a course of study to promote home economics objectives; prescribes the minimum components to be included in the curriculum, including budgeting and economics; requires all local School Districts to provide programs of education in home economics to students in secondary schools located in d and f rated School Districts before Sept. 1, 2017; removes the requirement that such programs of education shall be subject to approval by the State Board of Education.

Mississippi

S.B. 2433

Died in committee 1/30/18

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; includes financial education courses.

Missouri

H.B. 2383

S.B. 993 

This act gives the treasurer of St. Louis the authority to create the "Office of Financial Empowerment" which shall have the mission to educate the public about personal finances and small businesses about available support and access to banking resources. The office shall have the authority to conduct research, provide educational programs and counseling, and may organize, administer, and deliver financial programs directly or through agents. Additionally, the office shall have the authority to apply for and accept grants on behalf of the city, enter into service agreements with public and private entities, and enter into and execute sponsorship agreements relating to a financial empowerment fair. The act defines "sponsor" as a person who exchanges money or other goods or services to the city for advertising or promotional rights at such a fair. This act provides that an annual appropriation will be made from the St. Louis parking meter fund to the budget of the Office of Financial Empowerment.

Montana No 2018 legislative session  
Nebraska L.B. 1069

Changes provisions relating to the committee on Americanism; eliminates a penalty; provides duties for the State Board of Education and the State Department of Education; includes financial literacy.

Nebraska L.B. 1094

Changes provisions for academic content standards; provides for model measurable academic content standards covering financial literacy and entrepreneurship; changes school district duties; harmonizes provisions; and repeals the original sections.

Nebraska L.B. 381

Proposes an interim study to examine potential inclusion of financial literacy and entrepreneurship in the academic content standards adopted by the State Board of Education as proposed in Legislative Bill 1094.

Nevada No 2018 legislative session  
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 Hampshire H.B. 1767

This bill establishes a multiple employer public retirement plan commission to develop and implement a voluntary retirement plan for certain employees who do not have an employment retirement plan. Requires that the plan should assist the individual in understanding his or her financial situation.

New Jersey A.B. 840

Requires county colleges to develop juvenile offender reentry programs. The reentry program shall: (1) offer administrative support to eligible participants in identifying and applying for student financial assistance and other programs available to support the participants’ higher education costs; (2) target its program offerings to best meet the skill demands of regional employers; (3) ensure that participants have an opportunity to obtain education and industry-recognized credentials in high-demand occupations and industries; (4) offer a comprehensive array of support services targeted to meet the needs of juvenile offenders, including counseling to identify and address student barriers to success, and life skills training in areas such as financial literacy, workplace expectations, and interpersonal relationships; (5) include a service learning component to provide participants an opportunity to make a positive contribution to their community; and (6) provide job placement services for participants who have successfully completed the program including assistance in resume development and interview preparation.

New Jersey

A.B. 1414

Signed by governor 1/3/19, Chapter 167

S.B. 1592

Substituted 12/17/18

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

New Jersey

A.B. 2726

Substituted 6/21/18

S.B. 430

Signed by governor 8/10/18, Chapter 71

Concerns certain real estate licensees. The bill revises current law so that continuing education courses would be prohibited from being delivered through distance learning or a correspondence course. The bill also establishes two new core continuing education categories for real estate licensee safety, and financial literacy and planning.
New Jersey

A.B. 2773

S.B. 762

Passed Senate 2/1/18

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 3085

S.B. 1794

Requires institutions of higher education to send out annual student debt letters; requires students enrolled in public institutions of higher education to complete course on student loan debt repayment.
New Jersey A.B. 3572

Requires students enrolled in public institutions of higher education to complete course on financial literacy.

New Jersey A.J.R. 118

Designates April of each year as “Financial Literacy Month” in New Jersey.

New Jersey A.R. 134

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

New Jersey S.B. 70

Concerns State-administered retirement savings plan; establishes “Garden State MEP.” Requires any information and marketing designed and made available pursuant to this section shall promote the benefits of retirement savings and provide information that promotes financial literacy.

New Mexico

H.M. 103

Adopted 2/13/18

Requests the secretary of children, youth and families to convene a task force to study and recommend concrete policy changes that could be implemented to provide youth in foster care access to bank accounts and to provide youth in foster care or who are currently receiving voluntary services from the children, youth and families department financial literacy and money management education.

New Mexico S.B. 22

Makes an appropriation for a statewide pre-purchase homebuyer education program.

New Mexico S.B. 41

Makes an appropriation for a statewide pre-purchase homebuyer education program.

New Mexico

S.M. 104

Adopted 2/15/18

Requests the secretary of children, youth and families to convene a task force to study and recommend concrete policy changes that could be implemented to provide youth in foster care access to bank accounts and to provide youth in foster care or who are currently receiving voluntary services from the children, youth and families department financial literacy and money management education.

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. 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

S.B. 8459

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 

S.B. 8462

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.

New York

A.B. 9752

S.B. 8198

Establishes that instruction in financial education be provided to pupils in grades nine through twelve; 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. 10937

S.B. 8686

Establishes a community business initiative to provide grants to postsecondary educational institutions for the development of a school-based incubator to train applicants in business education, financial literacy, and marketing in order to develop local businesses that contribute to the local economy and address community needs.

New York S.B. 8460

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

North Carolina None

 

North Dakota No 2018 legislative session  
N. Mariana Islands Not available  
Ohio H.B. 108

Requires one-half unit of financial literacy in the high school curriculum; requires the chancellor of Higher Education to prepare an informed student document for each institution of higher education; requires the State Board of Education to include information on the informed student document in the standards and model curricula it creates for financial literacy and entrepreneurship; entitles the act the Informed Student Document Act.

Oklahoma None  
Oregon None  
Pennsylvania H.R. 777

Recognizes the month of April 2018 as "Financial Literacy Month" in Pennsylvania in special recognition of the importance of increasing financial literacy among residents of this Commonwealth.

Puerto Rico H.B. 1106

Amends Law 10 of 2017, the Organic Law of the Office for the Community and Socio-economic development, to provide that said government unit to design, plan, coordinate, promote and disclose a financial education program for the population that it is supposed to address, with a view to ensuring the development of a better credit consumer, and to reduce the incidence of bankruptcies and stimulate savings and investment in productive activities.

Puerto Rico

S.B. 313

Signed by governor 2/1/18, Law 19

Amends the Act of the Department of Education for the purpose of imposing the obligation to the Department of Education to include in the curriculum topics the management of finances, in coordination with the Institute of Financial Education in Puerto Rico.

Rhode Island H.B. 7013

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.R. 8039

Adopted 4/3/18, Resolution 148

Proclaims the month of April 2018, to be "Financial Literacy Month" in the state of Rhode Island.

Rhode Island S.B. 2344

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

S.R. 2812

Adopted 4/10/18, Resolution 174

Proclaims the month of April 2018, to be "Financial Literacy Month" in the state of Rhode Island.

South Carolina S.B. 808

Provides that participating institutions in this state shall annually award stipends to collegiate athletes who participate in an intercollegiate sport and maintain a good academic standing during the previous year and to provide conditions for receipt of stipends; amends chapter 101, title 59, relating to colleges and institutions of higher learning generally, by adding article 7, to provide that participating institutions in this state shall create a collegiate athlete trust fund and fund the trust with a percentage of the intercollegiate sport gross revenue generated from certain sources, to provide that, for each year a collegiate athlete maintains good academic standing, $5,000 will be deposited into the fund on his behalf, to provide that the total trust fund amount may not exceed $25,000 per collegiate athlete, to provide that after fulfillment of all academic requirements for graduation and completion of a state-approved financial literacy course, the participating institution shall provide a one-time payment to each collegiate athlete in the full amount deposited in the fund on his behalf, and provides conditions for receipt of the trust fund payment; and to define necessary terms.

South Dakota None  
Tennessee

H.B. 1754

S.B. 1846

Directs the governing body of each state institution of higher education to require no more than six credit hours of humanities course work and at least three credit hours of economics course work to satisfy the institution's general education requirement.

Tennessee

H.B. 2145

S.B. 2664

Requires the Tennessee financial literacy commission to include information in educational programs designed to improve understanding of mortgages, home-buying tax incentives, and the home-buying process.

Tennessee

H.B. 2277

S.B. 2094

Permits the financial literacy commission to establish a grant program to promote financial literacy; permits the financial literacy commission to designate certified financial literacy teachers and make annual incentive payments to such teachers if they have successfully completed a financial literacy course, incorporated the course into their classroom instruction, and administered financial literacy assessments.

Texas No 2018 legislative session  
Utah

H.B. 40

Enacting clause struck 3/8/18

This bill modifies the public education code regarding educator licensing. Modifies provisions regarding financial literacy course instruction.

Utah

H.B. 46

Signed by governor 3/14/18

This bill modifies the public education code regarding educator licensing. Modifies provisions regarding financial literacy course instruction.

Utah

H.B. 239

Enacting clause struck 3/8/18

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.

Vermont None

 

Virginia None  
Virgin Islands Not available  
Washington None  
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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