Financial Literacy 2011 Legislation

Last Updated: November 23, 2011

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

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

Thirty states had financial literacy-related Legislation in the 2011 legislative session. Fifteen states—California, Colorado, Delaware, Hawaii, Maine, Massachusetts, Michigan, New Jersey, Pennsylvania, Tennessee, Texas, Utah, Vermont, Virginia and Washington—enacted legislation or passed resolutions regarding financial literacy. California established the California Financial Literacy Fund to enable partnerships with the financial services community and governmental and nongovernmental stakeholders to improve Californians' financial literacy. Colorado transferred financial literacy funds to the state education fund. Delaware created an office within the Division of Consumer Protection to identify mortgage foreclosure fraud, to reduce foreclosure, and to promote financial literacy. Hawaii appropriated money for the Office of Hawaiian Affairs for financial literacy programs. Maine enacted legislation that requires the Department of Education to develop and distribute a course on personal finance for use by secondary schools in the state to help students attain financial literacy. The course must include instruction in purchasing, using credit, budgeting, saving and investing, banking, simple contracts, state and federal income taxes, personal insurance policies and renting or purchasing a home. Massachusetts established a Financial Literacy Trust Fund to encourage financial literacy and education for residents, institutions, community organizations and entities that will promote financial literacy. New Jersey required credit unions to provide certain funds for financial literacy education as part of serving as public depositories. Tennessee enacted legislation based on recommendations from the state's financial literacy commission, requiring the state board of education mandate revisions to financial literacy education, including as component on certain achievement tests.

Texas enacted several bills: the first requires the Texas essential knowledge and skills to require instruction in personal financial literacy in mathematics instruction in kindergarten through grade eight; the second includes instruction in methods of paying for postsecondary education and training in the personal financial literacy instruction required by the Texas essential knowledge and skills in the public high school curriculum; the third requires the Texas Higher Education Coordinating Board by rule to require a general academic teaching institution to offer training in personal financial literacy; the fourth requires the consumer credit commissioner to collect information on programs and other publicly available resources that focus on teaching financial literacy, compile and periodically update the information into a one-page document, and post the document on the Internet website of the Office of Consumer Credit Commissioner by December 1, 2011; and the fifth creates the Texas Financial Education Endowment to support statewide financial education and consumer credit building activities and programs. Vermont enacted legislation allowing the commissioner of the department of banking, insurance, securities, and health care administration to develop and implement financial services education initiatives to inform the public about financial services, with a particular emphasis on the prevention and detection of securities, banking, and insurance fraud. Washington established term limits for membership on the financial education public-private partnership and adopted the Jump$tart Coalition national standards in K-12 personal finance education as the essential academic learning requirements for financial education. Michigan and Pennsylvania passed resolutions declaring April as Financial Literacy Month. Utah passed a resolution recognizing the contributions of the Utah Council on Financial and Economic Education in bringing the state's public, private, and nonprofit sectors together to address financial responsibility issues.

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

A.B. 32
This bill states the intention of the Legislature to enact legislation that supports entrepreneurship as a form of economic development and job creation in communities throughout this state. This legislation shall provide information on financial literacy, including information that describes how to start a business and apply for licenses, as well as education on taxation and business structure, and ongoing support.

A.B. 597
Signed by governor 10/8/11, Chapter 612
This bill 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. The bill requires the fund to be administered by the controller and authorizes the controller to deposit private donations into the fund. The bill requires those moneys to be made available upon appropriation in the annual Budget Act and would require donations to be returned to contributors if not appropriated within 18 months. The bill authorizes the controller to convene an advisory committee to provide additional oversight of the fund and develop strategies to improve financial literacy. The bill prohibits use of donations to promote or market the financial products of any contributor. The bill 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.

S.B. 696
This bill establishes the California Financial Literacy Initiative in the Controller's office for the purpose of providing resources and instruction to Californians to improve financial literacy. The initiative would be administered by the controller. The bill establishes the California Financial Literacy Fund in the State Treasury and authorizes the controller to deposit private donations into the fund from entities with no direct financial interest in any financial products. The bill requires those moneys to be made available upon appropriation in the annual Budget Act. The bill requires the controller, beginning in 2012, to report to specified committees of the Legislature annually on or before August 30 on the implementation of the initiative, as specified.

S.B. 779
Passed Senate 5/31/11
This bill authorizes a school district, in providing instruction in economics, to include instruction related to the understanding of personal finances, including, but not limited to, budgeting, savings, credit, and identity theft. The bill requires the state Department of Education to consider a personal finances curriculum in the next cycle in which the history-social science curriculum framework is adopted.

Colorado

S.B. 218
Signed by governor 5/5/11, Chapter 151
Provides for the transfer of moneys from certain cash funds, including one related to financial literacy, to the state education fund.

Connecticut

S.B. 578
Failed Joint Favorable deadline 3/28/11
Requires all public high schools in the state to include a concise, thirty-minute curriculum that educates students about the basics of home mortgage lending, excessive speculation and the dangers of excessive debt. Such course shall be taught as part of an appropriate course by any faculty member in a relevant subject area, such as mathematics or home economics, and may be available online.

Delaware

H.B. 59
Signed by governor 9/21/11, Chapter 198
This bill provides for an office within the Division of Consumer Protection to identify mortgage foreclosure fraud, to reduce foreclosure, and to promote financial literacy.

District of Columbia
none
Florida
none
Georgia
none
Guam
not available
Hawaii

H.B. 400
Signed by governor 6/9/11, Act 95
Appropriates funds for the operating and capital improvement budget of the Office of Hawaiian Affairs for fiscal years 2011-2012 and 2012-2013, including financial literacy programs.

H.B. 662
Requires any institution of higher education that market credit cards to its undergraduate students to offer financial education to those undergraduate students. Requires disclosure of agreements with credit card issuers. Prohibits gifts or other marketing inducements. Provides penalties.

H.B. 729
Establishes a refundable state earned income tax credit. Requires the Department of Human Services to provide financial education to applicants for and recipients of Temporary Assistance for Needy Families and promote participation in individual development accounts.

S.B. 945
Establishes a refundable state earned income tax credit. Requires the Department of Human Services to provide financial education to applicants for and recipients of temporary assistance for needy families. Amends provisions of section 257, HRS, regarding individual development accounts.

Idaho
none
Illinois
none
Indiana
none
Iowa

H.F. 11
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 nine through 12, and requires all students to take the course as a condition of graduation. The personal finance curriculum includes the use of common banking instruments such as checking accounts; credit; debit cards; compound interest; mortgage, auto, and personal loans; investment basics including stocks, bonds, and index funds; credit scores; budgeting; saving and debt management; retirement planning and savings; entrepreneurship and business models; and insurance.

S.F. 440
Passed Senate 3/14/11
S.S.B. 1021
Became S.F. 440 3/7/11
The bill requires the college student aid commission to develop and provide information, materials, and services to eligible lenders, postsecondary institutions, elementary and secondary schools, students, parents, education loan borrowers, and the general public; to develop and implement programs, initiatives and services relating to postsecondary student aid outreach, financial literacy education, career planning, student aid program compliance assistance and training, program monitoring and compliance review, default prevention, default aversion, and defaulted federal student loan collection; and to conduct college access initiative activities as required under federal law.

Kansas

H.B. 2376
Amends provisions of the Kansas uniform securities act; relates to adoption of federal statutes and rules by reference; allows the administrator to develop and implement investor education initiatives to inform the public about personal financial literacy and investments.

Kentucky

H.B. 133
Passed House 2/18/11
Creates a new section of KRS Chapter 164 to require public postsecondary institutions to provide new undergraduates with information regarding credit cards and debt management and encourage them to conduct informational sessions; encourages nonpublic postsecondary institutions to provide new undergraduates with information regarding credit cards and debt management and to conduct informational sessions; permits institutions to utilize existing debt education materials from nonprofit entities; and requires the Kentucky Higher Education Assistance Authority to assist institutions in identifying appropriate materials and curricula.

Louisiana
none
Maine

L.D. 184
Signed by governor 5/26/11, Chapter 154
Requires the education commissioner to develop a program of technical assistance that promotes the importance of financial literacy and encourages school administrative units to implement an integrated model for instruction in personal finance that may be used in secondary schools as part of the instruction in social studies or mathematics required by §4722, subsection 2, paragraphs B and C. The commissioner, in consultation with the Finance Authority of Maine, the Office of Securities within the Department of Professional and Financial Regulation, Jobs for Maine's Graduates, organizations representing banks, credit unions and financial professionals and other interested organizations promoting personal finance initiatives, shall prepare and distribute annually, in January, a report to school boards and superintendents that includes strategies and resources available to implement an integrated model for instruction in personal finance for use in secondary schools. The annual report must also be provided to the joint standing committee of the Legislature having jurisdiction over education matters, and the department shall post the report on its publicly accessible website.

Maryland

H.B. 127
S.B. 262
Passed Senate 4/8/11
Requires the State Board of Education to develop curriculum content for a course in financial literacy; requires each county board of education to implement the financial literacy curriculum content developed by the State Board in every high school in the county; and requires students to complete a course in financial literacy in order to graduate from high school.

H.B. 224
Requires the State Board of Education to develop curriculum content for a specified course in financial literacy; requires county boards of education to implement specified curriculum content in specified high schools; and requires specified students to complete a specified course in order to graduate from high school.

Massachusetts

H.B. 147
See S.B. 1994 8/1/11
Authorizes the Department of Education to establish a financial literacy grant program.

H.B. 148
See S.B. 1994 8/1/11
Mandates a curriculum in the public schools on personal financial literacy.

H.B. 171
See S.B. 1994 8/1/11
Includes personal financial literacy in the math curriculum for all school grade levels.

H.B. 1046
See S.B. 1994 8/1/11
Requires financial literacy courses in high schools.

H.B. 1058
See S.B. 1994 8/1/11
Requires the Department of Elementary and Secondary Education to authorize and assist in the implementation of programs on teaching personal financial literacy . The components of personal financial literacy covered in the program shall include: 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; and banking and financial services.

H.B. 1080
See S.B. 1994 8/1/11
Provides for the implementation of personal financial literacy curriculum in schools.

H.B. 2716
See S.B. 1994 8/1/11
Implements programs on teaching personal financial literacy.

H.B. 3318
Line-item vetoed by governor 4/11/11
Establishes a Financial Literacy Trust Fund to encourage financial literacy and education for residents, institutions, community organizations and entities that will promote financial literacy. The fund shall be administered by the state treasurer, in consultation with the board of trustees.

H.B. 3345
See H.B. 3347 4/13/11
Establishes a Financial Literacy Trust Fund to encourage financial literacy and education for residents, institutions, community organizations and entities that will promote financial literacy. The fund shall be administered by the state treasurer, in consultation with the board of trustees.

H.B. 3347
Signed by governor 4/27/11, Chapter 14
Establishes a Financial Literacy Trust Fund to encourage financial literacy and education for residents, institutions, community organizations and entities that will promote financial literacy. The fund shall be administered by the state treasurer, in consultation with the board of trustees.

S.B. 204
See S.B. 1994 8/1/11
Requires the Department of Elementary and Secondary Education to authorize and assist in the implementation of programs on teaching personal financial literacy . The components of personal financial literacy covered in the program shall include: 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; and banking and financial services.

S.B. 205
See S.B. 1994 8/1/11
Requires the Department of Elementary and Secondary Education to authorize and assist in the implementation of programs on teaching personal financial literacy. The components of personal financial literacy covered in the program shall include: 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; and banking and financial services.

S.B. 236
See S.B. 1994 8/1/11
Requires the Department of Education to provide guidance and assistance in the implementation of programs on teaching personal financial literacy. The components of personal financial literacy covered in the program shall include, but not be limited to: (1) understanding loans, borrowing money, interest, credit card debt, and online commerce; (2) understanding the financial impact and consequences of gambling; (3) rights and responsibilities of renting or buying a home; and (4) saving, investing and planning for retirement; and banking and financial services.

S.B. 1994
Concerns personal financial literacy in schools; provides for an advisory committee; provides that the department shall develop standards and objectives on personal financial literacy, for grades pre-kindergarten to 12, inclusive, within the existing mathematics curriculum; provides for a list of available resources to school districts, charter schools, approved private day or residential schools, and collaborative schools to aid in the selection of materials and curriculum on personal financial literacy.

Michigan

H.B. 4988
Requires as part of the math credit required for Michigan merit curriculum 1/2 credit of financial literacy.

H.R. 59
Adopted 4/14/11
Declares April 2011 as Youth Financial Literacy Month in the state of Michigan.

S.B. 647
Requires as part of the math credit required for Michigan merit curriculum 1/2 credit of financial literacy.

Minnesota

H.F. 77
S.F. 110
Establishes grant programs to promote healthy communities and the development of circles of support initiatives; appropriates money.

H.F. 645
S.F. 947
Establishes grant program for collaborative activities to reduce unemployment among minority populations; allows for additional support and coordination for individual skills development in areas that affect financial well-being to include, but not be limited to, financial literacy, English as a second language education, technical and technology training, and health education.

H.F. 872
S.F. 730
Appropriates $950,000 in fiscal year 2012 from the workforce development fund to the commissioner of employment and economic development for a grant to the African Development Center for job and entrepreneur training and financial literacy programs in the following communities: St. Cloud, Willmar, Mankato, and Rochester.

Mississippi

H.B. 577
Passed House 2/2/11
Authorizes school boards to implement a financial literacy curriculum for students in high school.

H.B. 628
Died in committee 2/1/11
Authorizes resident individual income taxpayers to designate any portion of their tax refund for distribution to the Mississippi Council for Economic Education.

S.B. 2831
Died in committee 2/1/11
Authorizes and directs the state board of education to contract with a sole source vendor for a home-based educational technology program to provide school readiness skills for preschool children to be named the "Mississippi Upstart" program; provides definitions; provides minimum standards for the program; provides for local school district participation in the Mississippi Upstart program under certain conditions; provides eligibility requirements for family participation in the Mississippi Upstart program; provides for the purchase of equipment for the program through cooperative purchasing contracts; provides for audit of the program and reports; authorizes and directs the state board of education to develop and implement financial literacy education programs in the public school districts under certain standards and recognition and incentive programs for students who complete the program.

Missouri
none
Montana
none
Nebraska

L.B. 269
Creates the Financial Literacy Fund. The fund shall consist of the renewal fees paid under §45-910. The fund shall be administered by the director and shall be used to provide assistance to nonprofit entities that promote opportunities which offer financial literacy programs to students in grades kindergarten through 12. Any money in the fund available for investment shall be invested by the state investment officer pursuant to the Nebraska Capital Expansion Act and the Nebraska State Funds Investment Act.

Nevada
none
New Hampshire
none
New Jersey

A.B. 1597
Substituted 6/29/11
S.B. 1807
Signed by governor 8/18/11, Chapter 108
Authorizes credit unions to serve as public depositories of public funds; requires credit unions to provide certain funds for financial literacy education.

A.R. 138
Urges institutions of higher education to offer a required undergraduate course on financial literacy.

New Mexico

H.B. 364
Requires financial literacy to be offered as an elective in sixth through eighth grades.

H.B. 366
Requires financial literacy as a requirement for graduation from public high school.

New York

A.B. 2272
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.

A.B. 5297
Enacting clause stricken 4/20/11
A.B. 7047
S.B. 3841
Enacts the "short-term financial services loan act"; authorizes licensed cashers of checks to provide short-term loans under certain circumstances. A financial education fund is hereby created in the state treasury, which shall be funded by licensed check cashers offering financial services loans. Funding of the financial education fund will consist of licensees contributing ten cents from the underwriting fee upon full re-payment of a financial services loan. The superintendent shall collect the financial education assessment from licensees as part of the annual assessment of the industry and said funds shall be deposited by the superintendent in the state treasury. Beginning within 90 days after the first annual assessment, the financial education fund shall be used to support various financial education programs developed or implemented by the superintendent after consulting with the licensed check cashing industry. The fund shall be administered by the superintendent who shall adopt regulations for the distribution of the funds. The superintendent shall adopt regulations to require that at least one-half of the financial education programs developed or implemented pursuant to this section, and offered to the public, be presented by or available at public community colleges or state institutions throughout the state. The superintendent shall deliver to the governor an annual report that includes an outline of each financial education program developed or implemented, the number of individuals who were educated by each program, and an accounting for all funds distributed.

S.B. 1525
Provides that juniors and seniors at secondary schools and students at the state and city universities of New York must take a financial literacy course.

North Carolina

H.B. 770
Amends the school discipline law to reduce and prevent disruptive behaviors, suspensions, and expulsions. Services meeting the needs of students who are at risk of academic failure or of engaging in disruptive or disorderly behavior or those engaging in disruptive or disorderly behaviors shall include, at minimum, through community collaboration and when appropriate the following: a. Family engagement, including parental involvement, parent 14 leadership, family literacy, and parent education programs. b. Mentoring and other youth development programs. c. Community service and service learning programs. d. Job training and career counseling. e. Nutrition services, physical activities, and access to health and dental 19 care. f. Financial literacy. g. Mental health and social health services. h. Adult education, including English as a second language.

H.B. 793
Requires the Department of Public Instruction to establish a full-service community schools pilot program in at least five middle or high schools. The purpose of a full-service community school is to encourage the coordination of academic, social, and health services among schools, community-based organizations, nonprofit organizations, and other public and private agencies to provide comprehensive academic, social, and health services for students, students' family members, and community members that will result in improved educational outcomes for children. Services offered in the pilot schools may include, but are not limited to: (1) Family engagement, including parental involvement, parent leadership, family literacy, and parent education programs. (2) Mentoring and other youth development programs. (3) Community service and service learning programs. (4) Job training and career counseling. (5) Nutrition services, physical activities, access to health and dental care. (6) Financial literacy. (7) Mental and social health services. (8) Adult education, including English as a second language.

North Dakota

H.B. 1412
Failed to pass House 2/18/11
Relates to concepts of personal finance instruction at the middle school level.

Ohio
none
Oklahoma
none
Oregon

H.C.R. 2
Passed House 4/6/11
Designates April 2011 as Financial Literacy Month in Oregon.

H.J.R. 24
Urges school districts to require students to successfully complete financial literacy course prior to graduation.

S.B. 416
Authorizes the Oregon Criminal Justice Commission to make grants to counties in order to provide services to certain offenders sentenced to high-level probation or certain offenders on parole or post-prison supervision, including financial training.

Pennsylvania

H.R. 188
Adopted 4/6/11
Recognizes the month of April 2011 as "Financial Literacy Month" in Pennsylvania.

Puerto Rico
none
Rhode Island
none
South Carolina
none
South Dakota
none
Tennessee

H.B. 145
Removes the Tennessee Education Association's recommendations from consideration by speaker of the house for appointment on the Tennessee financial literacy commission's board of directors.

H.B. 203
S.B. 311
Replaces the Tennessee Education Association's recommendations with any state-licensed classroom instructor for consideration by speaker of the house for appointment on the Tennessee financial literacy commission's board of directors.

H.B. 964
Substituted 5/4/11
S.B. 912
Signed by governor 5/20/11, Public Chapter 212
Requires that state board of education mandate revisions to financial literacy education, including as component on certain achievement tests, after recommendations made by financial literacy commission.

H.B. 1239
S.B. 824
Clarifies that any reserve balance remaining unexpended at the end of a fiscal year in the Tennessee financial literacy commission's account will not revert to the general fund but will remain available to be used by the commission for commission purposes.

Texas

H.B. 34
Signed by governor 6/17/11, Chapter 214
Amends the Education Code to include instruction in methods of paying for postsecondary education and training in the personal financial literacy instruction required by the Texas essential knowledge and skills in the public high school curriculum. The bill requires each school district and each open-enrollment charter school that offers a high school program, beginning with the 2013-2014 school year, to provide to a student such instruction in personal financial literacy in any course meeting the requirements for an economics credit, using materials approved by the State Board of Education, and to ensure that a district or charter school student enrolled at an institution of higher education in a dual credit course meeting the requirements for an economics credit receives the required personal financial literacy instruction. The bill requires the board to identify the applicable essential knowledge and skills of personal financial literacy not later than January 31, 2012, and to approve materials that provide for such instruction not later than August 31, 2012.

H.B. 399
Signed by governor 6/17/11, Chapter 230
Amends the Education Code to require the Texas Higher Education Coordinating Board by rule to require a general academic teaching institution to offer training in personal financial literacy and to require such institutions to offer that training as soon as the coordinating board considers practical, but not later than the 2013 fall semester. The bill requires the coordinating board by rule to determine the topics to be covered by the training and authorizes the coordinating board by rule to provide for the training to be offered in an online course.

H.B. 1304
Relates to requirements for a personal financial literacy component in the public high school curriculum.

H.B. 2594
Signed by governor 6/17/11, Chapter 1302
Requires each license holder, as part of the licensing fee and procedures, to pay to the commissioner an annual assessment to improve consumer credit, financial education, and asset-building opportunities in Texas. The bill prohibits the annual assessment from exceeding $200 for each license holder as specified by the finance commission. The bill requires the Texas Financial Education Endowment to be administered by the commission to support statewide financial education and consumer credit building activities and programs, including production and dissemination of approved financial education materials at licensed locations; advertising, marketing, and public awareness campaigns to improve the credit profiles and credit scores of consumers in Texas; school and youth-based financial literacy and capability; credit building and credit repair; financial coaching and consumer counseling; bank account enrollment and incentives for personal savings; and other consumer financial education and asset-building initiatives as considered appropriate by the commission.

H.B. 2615
Signed by governor 6/17/11, Chapter 538
Amends the Finance Code to require the consumer credit commissioner to collect information on programs and other publicly available resources that focus on teaching financial literacy, compile and periodically update the information into a one-page document, and post the document on the Internet website of the Office of Consumer Credit Commissioner not later than December 1, 2011. The bill requires a health and human services agency to ensure that the document is offered to persons who receive services from the agency at locations where such persons frequently access the agency's services.

H.B. 3232
S.B. 290
Signed by governor 6/17/11, Chapter 885
Amends the Education Code to require the Texas essential knowledge and skills to require instruction in personal financial literacy in mathematics instruction in kindergarten through grade eight. The bill requires the commissioner of education to adopt a list of instructional material for use as part of the foundation curriculum for personal financial literacy in kindergarten through grade eight. The bill requires the State Board of Education to review and adopt mathematics textbooks that satisfy the requirements for instruction in personal financial literacy on the next scheduled review and adoption cycle for mathematics textbooks after the bill's effective date.

S.B. 114
Relates to the expansion of the financial literacy pilot program in public schools.

Utah

H.J.R. 24
Adopted 3/10/11
This joint resolution of the Legislature gives the Legislative Management Committee items of study it may assign to the appropriate interim committee. Including the item to study the teaching of financial literacy in public schools and the impact of financial and economic literacy legislation in recent years.

S.C.R. 2
Signed by governor 3/7/11
This resolution: recognizes the importance of savings for financial security and that all Utahns need to regularly save a portion of their income; designates February 20 through 27, 2011, as Utah Saves Week, and urges Utahns to observe this week with appropriate programs and activities with the goal of increasing personal savings rates for individuals of all ages and income levels; recommends that Utahns consider participating in activities in connection with Utah Saves Week, such as enrolling as a Utah Saver online at www.utahsaves.org or by calling 2-1-1 to set savings goals and stay connected with free educational opportunities, or participating in free community financial management instruction opportunities; encourages parents and teachers to prepare children of all ages for responsible money management through modeling, direct instruction, and maximizing teaching moments; recognizes the contributions of the Utah Council on Financial and Economic Education in bringing the state's public, private, and nonprofit sectors together to address financial responsibility issues; encourages providers of financial education to join the Council and the Believe in Financial Empowerment campaign; and encourages all Utahns to take advantage of the financial responsibility resources available through www.believeinyourfuture.org, www.imagineahappieryou.org, www.financeintheclassroom.org, www.uesp.org, and www.utahsaves.org.

Vermont

H.B. 438
Signed by governor 5/11/11, Act 21
This bill makes various amendments to the Vermont statutes pertaining to matters within the jurisdiction of the department of banking, insurance, securities, and health care administration, including allowing the commissioner to develop and implement financial services education initiatives to inform the public about financial services, with particular emphasis on the prevention and detection of securities, banking, and insurance fraud.

Virginia

H.B. 1518
Allows local school boards to implement economics education and financial literacy requirements, with Board of Education approval, through other educational programs that meet Board objectives, in addition to relevant Standards of Learning and career and technical education programs.

H.B. 1554
Signed by governor 3/23/11, Chapter 391
S.B. 810
Signed by governor 3/23/11, Chapter 411
Provides for the delayed implementation of statutes and regulations upon which the accreditation of schools in the Commonwealth is based that were not already in effect on June 30, 2008, with the exceptions of the graduation and completion rate index and the economics and financial literacy requirement, until July 1, 2012, unless such statutes or regulations are also specifically required by federal code, federal regulation, or court action.

Washington

H.B. 1594
Signed by governor 5/5/11, Chapter 262
Establishes term limits for membership on the financial education public-private partnership. Adopts the jumpstart coalition national standards in K-12 personal finance education as the essential academic learning requirements for financial education.

H.B. 1684
Requires the office of the superintendent of public instruction, through the digital learning department, to make an online course in financial education available to all school districts.

West Virginia
none
Wisconsin

A.B. 340
This bill requires the Department of Financial Institutions (DFI) to promulgate rules prohibiting credit card issuers from doing the following: 1) offering a student at an institution of higher education (institution) any tangible item to induce the student to apply for a credit card or participate in an open-end credit plan offered by the issuer; or 2) engaging in any marketing of a credit card involving the physical presence of a representative of the issuer offering anything of value on the campus of an institution. Under the bill, “institution” has the same meaning as under a federal law dealing with similar issues as the bill, which includes public universities, private nonprofit universities, postsecondary proprietary schools, and postsecondary vocational schools. Before promulgating any of the foregoing rules, the bill requires DFI to consult with the Board of Regents of the University of Wisconsin (UW) System, the Technical College System Board, the Educational Approval Board, and representatives of private institutions. In addition, the bill requires each institution to provide information about financial literacy to its students on its Internet Web site and, if the institution offers an on-campus orientation program to new students, to provide the information to students during the orientation.

S.B. 258
This bill requires the Department of Financial Institutions (DFI) to promulgate rules prohibiting credit card issuers from doing the following: 1) offering a student at an institution of higher education (institution) any tangible item to induce the student to apply for a credit card or participate in an open-end credit plan offered by the issuer; or 2) engaging in any marketing of a credit card involving the physical presence of a representative of the issuer offering anything of value on the campus of an institution. Under the bill, “institution” has the same meaning as under a federal law dealing with similar issues as the bill, which includes public universities, private nonprofit universities, postsecondary proprietary schools, and postsecondary vocational schools. Before promulgating any of the foregoing rules, the bill requires DFI to consult with the Board of Regents of the University of Wisconsin (UW) System, the Technical College System Board, the Educational Approval Board, and representatives of private institutions. In addition, the bill requires each institution to provide information about financial literacy to its students on its Internet Web site and, if the institution offers an on-campus orientation program to new students, to provide the information to students during the orientation.

Wyoming

H.B. 263
Creates the Wyoming task force on asset building for children; creates a Wyoming asset building program account; provides appropriations.

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