Financial Literacy 2015 Legislation

Heather Morton 1/15/2016

2015 Legislation
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Heather Morton

The financial world that consumers must navigate has changed significantly and grown more complex, increasing the need for financial literacy and raising questions regarding consumers’ financial capability.

Financial literacy focuses on the specific knowledge and concepts consumers need to manage their money and build wealth, depending on an individual’s situation. It may mean learning how to create and manage a household budget, learning how to invest money for retirement, or participating in one-on-one coaching and counseling to determine how to buy a house or start a business. It also can be part of an overall strategy to increase economic security for lower-income families.

Financial literacy is one factor in the larger analysis of the financial capability of consumers, which is the broader picture of how consumers manage their resources and how they use their financial literacy to make financial decisions.

The chart below lists state legislation introduced or pending during the 2015 legislative session relating to financial literacy or financial education. Thirty-five states and Puerto Rico had pending financial education and financial literacy legislation in the 2015 legislative session.

Examples of enacted legislation includes: Connecticut broadened the topics that must be included in the financial literacy instruction plan, which by law, the Department of Education, Board of Regents for Higher Education, and UConn Board of Trustees may develop. Delaware codified a State Office of Financial Empowerment, housed within the Department of Health and Social Services, to ensure the sustainability of the Stand By Me program and other financial empowerment programs. Illinois amended the School Code to add the subjects of consumer debt, higher education student loans, and identity-theft security to the list of subjects that are required to be included in the financial literacy component of consumer education. Michigan amended the Revised School Code to allow the half-credit economics requirement for a high school diploma to be satisfied by completion of a one-half credit course in personal economics. Puerto Rico directed the secretary of Education of the commonwealth to include a financial literacy program within the mandatory mathematics curriculum for students of middle and high school public education system and created a National Alliance for Financial Empowerment for establishing and implementing initiatives and educational programs on financial responsibility in our correctional population.Virginia enacted legislation directing the Department of Social Services, in consultation with the Virginia Employment Commission and Virginia Community College System, to develop and implement a plan under which citizens receiving public assistance will be provided information on free financial literacy courses. Arizona, California, Florida, Iowa, Michigan, Pennsylvania and Rhode Island adopted resolutions declaring April as Financial Literacy Month. Hawaii adopted a resolution requesting the Department of Education to establish a Hawaii public schools financial literacy task force.

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Financial Literacy 2015 Legislation
State	Bill Number	Bill Summary
Alabama	S.B. 446	This bill increases the maximum amount that may be advanced in any deferred presentment transaction. This bill provides for a maximum fee that may be charged for each licensee accessing the statewide database. This bill establishes an account within the state treasury to be known as the Alabama Financial Education Endowment Fund to support statewide financial education and consumer credit building activities and programs.
Alaska	None
Arizona	H.C.R. 2034 Adopted 3/31/15	Designates April 2015 as Financial Literacy Month. Supports increased awareness of personal financial education. Calls on all localities, schools, nonprofit organizations, businesses and residents of Arizona to observe Financial Literacy Month with appropriate programs and activities. Supports the Office of the State Treasurer in its efforts and resources to increase awareness of financial literacy.
Arkansas	H.B. 1622 Withdrawn by author 3/20/15	To advance the understanding of personal financial management among public school students, requires a course in personal finance as a requirement of graduation from high school.
Arkansas	H.B. 1758 Withdrawn by author 3/23/15	Modifies the requirements for a personal finance course.
Arkansas	H.B. 2005	Amends provisions of Title 6 of the Arkansas Code concerning personal finance courses in public high schools.
California	A.C.R. 39 Adopted 4/29/15, Resolution Chapter 34	Declares the month of April 2015 as Financial Aid and Literacy Month, with the theme of “Prosperity Through Education,” to raise public awareness about the continuing need for increased financial literacy.
Colorado	None
Connecticut	H.B. 5009 Failed Joint Favorable deadline 3/30/15	Proposes to amend §10-16b of the general statutes be amended to include a course on personal finance as part of the public school curriculum.
Connecticut	H.B. 6513 Failed Joint Favorable deadline 3/30/15	Proposes to amend Title 10 of the general statutes to require the Department of Education, in consultation with the Department of Banking, to (1) develop a financial literacy curriculum that includes, but is not limited to, the use of credit cards and debit cards, and (2) develop a plan to require that every student in high school complete a financial literacy course during his or her senior year.
Connecticut	S.B. 319 Signed by governor 6/23/15, Public Act 15-148	This bill broadens the topics that must be included in the financial literacy instruction plan, which by law, the Department of Education, Board of Regents for Higher Education, and UConn Board of Trustees may develop. Under existing law, the plan must include the impact of using credit and debit cards. Under the bill, it must also include banking, investing, savings, and the handling of personal finance matters.
Connecticut	S.B. 35 Failed Joint Favorable deadline 3/30/15	Includes a course on the basics of home mortgage lending and personal debt as part of the public school curriculum and high school graduation requirements.
Connecticut	S.B. 319 Signed by governor 6/23/15, Public Act 15-148	This bill broadens the topics that must be included in the financial literacy instruction plan, which by law, the Department of Education, Board of Regents for Higher Education, and UConn Board of Trustees may develop. Under existing law, the plan must include the impact of using credit and debit cards. Under the bill, it must also include banking, investing, savings, and the handling of personal finance matters.
Connecticut	S.B. 549 Failed Joint Favorable deadline 3/30/15	Proposes to require the Department of Education and the Board of Regents for Higher Education, in consultation with the Department of Banking, to develop a financial literacy curriculum for use by local and regional boards of education.
Delaware	H.B. 10 Signed by governor 7/9/15, Chapter 82	Codifies a State Office of Financial Empowerment, housed within the Department of Health and Social Services, will ensure the sustainability of the Stand By Me program and other financial empowerment programs. Stand By Me is an innovative financial empowerment program that is designed as a partnership model, integrated into the culture and operations of businesses, educational institutions, state agencies, and non-profit organizations, funded almost exclusively by the private sector and is a robust program based on collaboration and best practices.
Delaware	H.J.R. 4	Establishes a task force to study and make findings concerning financial literacy education in Delaware public schools and make policy recommendations to increase the financial literacy of Delaware students.
District of Columbia	None
Florida	H.B. 29 Died in committee 4/28/15	Revises Next Generation Sunshine State Standards for financial literacy instruction; provides that credit requirements for high school graduation and standard diploma include separate course in financial literacy; requires the Department of Education to work with nonprofit organizations to develop standards and curriculum and professional development guidelines for teaching financial literacy.
Florida	H.B. 7085 Died on calendar 4/28/15	Establishes the Financial Literacy Program for Individuals with Developmental Disabilities within the Department of Financial Services. Provides requirements for public and private stakeholders to develop and implement the program. Provides limitation on civil actions. Provides appropriation.
Florida	H.M. 1319 Passed House 4/21/15	Urges U.S. Congress to support better financial literacy and to reform the Credit Repair Organizations Act to grant consumers greater access to credit report and credit score education resources.
Florida	S.B. 92 Died in committee 5/1/15	Revises the requirements for the Next Generation Sunshine State Standards to include standards for financial literacy. Revises the required credits for a standard high school diploma to include one-half credit of instruction in personal financial literacy and money management and seven and one-half, rather than eight, credits of electives.
Florida	S.B. 206 Died on calendar 5/1/15	Establishes the Financial Literacy Program for Individuals with Developmental Disabilities within the Department of Financial Services. Requires the department to establish on its website a clearinghouse for information regarding the program and to publish a brochure describing the program. Requires a qualified public depository to participate in the program.
Florida	S.B. 7022 Passed House 4/1/15	Establishes the Financial Literacy Program for Individuals with Developmental Disabilities within the Department of Financial Services. Revises the state’s equal employment opportunity policy to include individuals who have a disability. Requires a qualified public depository to participate in the Financial Literacy Program for Individuals with Developmental Disabilities. Requires specified state agencies and organizations to develop and implement an interagency cooperative agreement. Requires the Department of Economic Opportunity, in consultation with other organizations, to create the Florida Unique Abilities Partner program.
Florida	S.R. 106 Adopted 4/8/15	Recognizes April 2015 as “Financial Literacy Month” in Florida.
Georgia	H.B. 334	Provides for an elective course of study in personal finance for students in grades six through eight. Provides for a mandatory course of study in personal finance for students in grades nine through 12. Provides for compliance.
Georgia	H.R. 307	Encourages the Board of Regents of the University System of Georgia to require the completion of a personal finance course as a graduation requirement for undergraduate students.
Guam	Not available
Hawaii	H.B. 1402 S.B. 1320	Establishes the Hawaii Public Schools Financial Literacy Task Force. Appropriates funds.
Hawaii	H.C.R. 12	Requests the Board of Education to include financial literacy as part of the public school curriculum at all levels and to include a financial literacy class among high school graduation requirements.
Hawaii	H.C.R. 70	Requests the Board of Education to establish a life skills education program, such as such as money management, budgeting, saving, and investing; preparation for independent living, learning how to be a renter, and learning how to own a home; information about being an entrepreneur; college preparation; and career education and advice on how to be successfully employed, at each public school for students in kindergarten through 12th grade.
Hawaii	H.C.R. 172 H.R. 108	Requests the Department of Education to establish a Hawaii public schools financial literacy task force.
Hawaii	S.C.R. 31	Requests the Board of Education to include financial literacy as part of the public school curriculum at all levels and to include a financial literacy class among high school graduation requirements.
Hawaii	S.C.R. 32	Urges the Board of Education to include education, including financial literacy, in more subject areas in all public schools.
Hawaii	S.C.R. 61	Requests the Board of education to establish a life skills education program, such as such as money management, budgeting, saving, and investing; preparation for independent living, learning how to be a renter, and learning how to own a home; information about being an entrepreneur; college preparation; and career education and advice on how to be successfully employed, at each public school for students in kindergarten through 12th grade.
Hawaii	S.C.R. 97 Adopted 5/5/15	Requests the Department of Education to establish a Hawaii public schools financial literacy task force.
Hawaii	S.R. 51 Adopted 4/8/15	Requests the Department of Education to establish a Hawaii public schools financial literacy task force.
Idaho	None
Illinois	S.B. 672 Signed by governor 8/5/15, Public Act 99-0284	Amends the School Code. Adds the subjects of consumer debt, higher education student loans, and identity-theft security to the list of subjects that are required to be included in the financial literacy component of consumer education.
Indiana	H.B. 1473	Provides that after Dec. 31, 2015, an eligible nonprofit organization may apply to the department of financial institutions for a certificate of registration to facilitate the making of zero interest, low cost lending circle loans to eligible individuals who participate in lending circles in Indiana. Defines a "lending circle" as group of individuals that is voluntarily organized for the purpose of: (1) generating a source of funds by: (A) pooling or collecting contributions from individual group members; or (B) obtaining funds from other sources, including from lending circle loans; and (2) disbursing the funds to individual group members for personal, family, or household purposes. Sets forth requirements for: (1) obtaining a certificate of registration from the department; and (2) maintaining a surety bond in connection with a certificate. Sets forth certain: (1) prohibited actions; and (2) requirements; in connection with facilitating the making of a lending circle loan, including completion of a qualified credit education program. Provides that an eligible nonprofit organization may charge only: (1) an administrative fee; and (2) an insufficient funds fee; in connection with facilitating the making of a lending circle loan. Allows a registered eligible nonprofit organization to cooperate with: (1) other registered eligible nonprofit organizations; and (2) nonregistered partnering organizations; in facilitating the making of a lending circle loan. Provides that the director of the department may adopt rules, policies, or guidance concerning facilitating the making of lending circle loans in Indiana. Specifies that: (1) an eligible nonprofit organization is not a loan broker for purposes of the statute concerning the licensure of mortgage loan brokers by the securities commissioner; and (2) facilitating the making of a lending circle loan is not subject to the Uniform Consumer Credit Code.
Iowa	H.F. 272	Relates to the Iowa core curriculum and core content standards applicable to students in kindergarten through grade 12. Encourages schools to include in locally developed standards the skills and knowledge students need to be successful in the 21st century including but not limited to civic literacy, health literacy, technology literacy, financial literacy and employability skills.
Iowa	H.R. 32 Adopted 4/20/15	Recognizes April 2015 as Financial Literacy Month.
Kansas	H.B. 2232	Requires all students in grade 11 or grade 12 to take and pass a personal financial literacy course prior to graduation. The state Board of Education would be required to develop a curriculum, including materials and guidelines, which local boards of education and governing authorities of accredited nonpublic schools could use to teach the financial literacy course. The course would be at least one semester, or its equivalent, and could include the following topics: savings, banking, payment types, interest rates, credit cards, credit scores, financing higher education, renting versus owning property, insurance, consumer fraud, investing, taxes, and debt.
Kentucky	H.B. 193	Creates a new section of KRS Chapter 156 to require the Kentucky Department of Education, no later than Sept. 1, 2016, to establish at least one teacher institute regarding financial literacy and economic education, to be conducted annually.
Kentucky	H.B. 375 Passed House 2/27/15	Creates new sections of KRS Chapter 41 to create and describe the Kentucky Financial Literacy Commission. Provides for membership of its board of directors. Attaches the commission to the Department of the Treasury for administrative purposes. Sets forth the duties of the commission. Establishes the financial literacy fund.
Kentucky	S.B. 121	Creates a new section of KRS Chapter 158 to require the Department of Education to develop and implement the Kentucky Financial Literacy Program. Requires a high school student to complete instruction in financial literacy, included within the existing curriculum, prior to graduation.
Louisiana	None
Maine	L.D. 417 Became law without governor’s signature 5/10/15, Chapter 64	This bill directs the commissioner of education to identify best practices to support students' financial literacy for those students taking part in financial literacy education pursuant to the Maine Revised Statutes, Title 20-A, 11 §254, subsection 13. The amendment also requires the commissioner of education to submit, by Jan. 13, 2016, the 2016 annual report on the strategies and resources available to implement an integrated model for instruction in personal finance for use in secondary schools and the best practices available to support students’ financial literacy.
Maine	L.D. 1348 Became law without governor’s signature 7/12/15, Chapter 332	Provides ongoing funding to the office of aging and disability services program within the Department of Health and Human Services for the operation of personal financial management assistance programs for senior citizens, to assist older persons with maintaining their financial independence and avoiding financial exploitation.
Maine	L.D. 1402	The bill authorizes the Department of Health and Human Services, beginning in fiscal year 2016-17, to use $500,000 from the Temporary Assistance for Needy Families block grant to promote financial literacy and healthy saving habits of families with income less than 200 percent of the federal poverty guidelines by placing funds in family development accounts.
Maryland	H.B. 248	Requires the State Board of Education to develop curriculum content for a semester-long course in financial literacy. Requires each county board of education to implement the financial literacy curriculum content developed by the State Board in every high school in the county. Requires students to complete a course in financial literacy to graduate from high school.
Maryland	H.B. 575 S.B. 524 Passed Senate 3/5/15	Authorizes the Department of Human Resources to serve in a fiduciary capacity for children in its custody. Requires the department, in any action, service, or decision on behalf of a child in its custody, to protect and serve the best interest of the child. Prohibits the Department from imposing a debt obligation on a child in its custody or taking any other action that requires the child to pay for the child's own care or custody. Requires the department to take specified actions when serving as a representative payee; provides the child with financial literacy training when the child has attained the age of 14 years.
Maryland	H.B. 937 S.B. 645 Withdrawn from further consideration 3/16/15	Requires the Prince George's County Board of Education to develop curriculum content for a course in financial literacy as a part of the county board's high school curriculum. Requires the county board to implement specified curriculum content in high schools in Prince George's County beginning in the 2016-2017 school year. Requires specified students to complete a specified course to graduate from high school in Prince George's County beginning in the 2017-2018 school year.
Massachusetts	H.B. 76	Enhances opportunities for children in the custody of the commonwealth. Creates an age-appropriate, culturally-appropriate, life-skills curriculum for children in the foster care system. The curriculum shall begin for children age 11 and continue through age 18 and shall include, but not be limited to, the following areas: interpersonal skills; completing household duties; running a home; grocery shopping; opening a bank account; interviewing for jobs and/or college; filling out job applications; managing bills; and financial literacy education.
Massachusetts	H.B. 345	Requires the department of elementary and secondary education to authorize and assist in the implementation of curriculum on personal financial literacy. The components of personal financial literacy covered in the curriculum shall include the following: 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; and charitable giving. Requires the department of elementary and secondary education to conduct a study concerning the feasibility of including personal financial literacy in the Massachusetts Comprehensive Assessment System and in the Massachusetts Curriculum Frameworks. The department shall submit a report with its conclusions and recommendations, including a timetable for implementation, to the clerks of the senate and the house who shall forward the same to the chairs of the house and senate committees on ways and means and the chairs of the joint committee on education on or before Dec. 31, 2017.
Massachusetts	H.B. 349	Requires the department of elementary and secondary education to authorize and assist in the implementation of curriculum on personal financial literacy. The components of personal financial literacy covered in the curriculum shall include the following: 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; and charitable giving. Requires the department of elementary and secondary education to conduct a study concerning the feasibility of including personal financial literacy in the Massachusetts Comprehensive Assessment System and in the Massachusetts Curriculum Frameworks. The department shall submit a report with its conclusions and recommendations, including a timetable for implementation, to the chairs of the house and senate committees on ways and means and the chairs of the joint committee on education on or before Dec. 31, 2016.
Massachusetts	H.B. 390	Relates to including personal financial literacy in the math curriculum for all school grade levels.
Massachusetts	H.B. 507	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	H.B. 512	Establishes a personal finance, civic responsibility and general legal high school social studies curriculum.
Massachusetts	S.B. 90	Enhances opportunities for children in the custody of the commonwealth. Creates an age-appropriate, culturally appropriate, life-skills curriculum for children in the foster care system. The curriculum shall begin for children age 11 and continue through age 18 and shall include, but not be limited to, the following areas: interpersonal skills; completing household duties; running a home; grocery shopping; opening a bank account; interviewing for jobs and/or college; filling out job applications; managing bills; and financial literacy education.
Massachusetts	S.B. 258	Mandates a curriculum in the public schools on personal financial literacy.
Massachusetts	S.B. 275	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: student loans and debt; understanding 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; state and federal taxes; and balancing a checkbook.
Massachusetts	S.B. 279	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. 1518	Provides further revenue to the Financial Literacy Trust Fund.
Michigan	H.B. 4390 Signed by governor 12/1/15, Public Act 186	The bill amends the Revised School Code to allow the half-credit economics requirement for a high school diploma to be satisfied by completion of a one-half credit course in personal economics. The Code prohibits the board of a school district or board of directors of a public school academy from awarding a high school diploma to a pupil unless he or she has successfully completed various credit requirements of the Michigan Merit standard before graduation. These include one-half credit in economics. Under the bill, that credit requirement could be satisfied by completion of at least a one-half credit course in personal economics that included a financial literacy component as described in §1165, if the course covered the subject area content expectations for economics developed by the Department of Education and approved by the State Board of Education.
Michigan	H.B. 4817	Creates the Michigan junior achievement fund act to provide funds for donation to any junior achievement organization; provides that money from the fund may be used as matching funds for a federal grant if those funds are to be used for financial literacy, entrepreneurship, and workforce readiness with junior achievement organizations in this state.
Michigan	H.B. 4976	Requires the department of health and human servicesto ensure that the children's assurance of quality foster care policy is developed, implemented by the supervising agency, and made available to the public. The department would have to promote the participation of current and former foster children in developing the policy. The policy must ensure that children placed in foster care are provided with transition planning, including housing, workforce preparation, financial education, access to personal documents, information regarding post-secondary education, and independent living preparation, as age-appropriate.
Michigan	H.R. 46 Adopted 3/26/15	Declares April 2015 as Junior Achievement Financial Literacy Month in the state of Michigan.
Michigan	H.R. 56 Adopted 4/15/15	Declares April 18-25, 2015, as Money Smart Week in the state of Michigan.
Minnesota	H.F. 401	Establishes grant program for collaborative activities to reduce unemployment among minority populations. Appropriates money. The program must include 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.
Minnesota	H.F. 522 S.F. 137	Modifies the family assets for independence program. Appropriates money. Provides that a financial coach shall provide the following to program participants: (1) financial education relating to budgeting, debt reduction, asset-specific training, and financial stability activities; (2) asset-specific training related to buying a home, acquiring postsecondary education, or starting or expanding a small business; and (3) financial stability education and training to improve and sustain financial security.
Minnesota	H.F. 997 S.F. 282	Relates to housing. Appropriates money for the Housing Opportunities Made Equitable (HOME) pilot project for competitive grants to community organizations to provide long-term financial education training, case management, credit mending, homebuyer education, and foreclosure prevention mitigation services according to Laws 2014, chapter 188, §4, paragraph (c).
Minnesota	H.F. 1425 S.F. 641	Creates a pilot program to provide, repair and maintain motor vehicles for commuting to work;. Appropriates money. A program must offer one or more of the following services: (1) financial literacy education; (2) education on budgeting for vehicle ownership; (3) car maintenance and repair instruction; (4) credit counseling; or (5) job training related to motor vehicle maintenance and repair.
Mississippi	H.B. 79 Died in committee 2/3/15	Creates the family savings initiative act. Authorizes the creation of individual development accounts for low-income individuals that may be used by the account holder for certain purposes. Authorizes the Department of Human Services to contract with fiduciary organizations to serve as intermediaries between an individual development account holder and a financial institution holding account funds. Provides that the gross household income of individual retirement account holders may not exceed 200 percent of the poverty level and the account holder's net worth may not exceed $10,000. Requires individuals opening an individual development account to enter into an agreement with a fiduciary organization. Provides that the fiduciary organization shall provide matching funds for the amount contributed to the individual development account by the individual development account holder. Limits the amount of matching funds that may be provided for an individual development account; provides the purposes for which individual development accounts may be utilized. Provides civil penalties for the withdrawal of individual development account funds for purposes other that those authorized under this act. Requires fiduciary organizations to make quarterly reports to the Department of Human Services containing certain information. Provides that funds deposited in an individual development account shall not be counted as income, assets or resources of the individual in determining financial eligibility for assistance or services pursuant to any federal, federally assisted, state or municipal program based on need; to authorize a credit against state income tax liability for taxpayers who contribute matching funds to a fiduciary organization; limits the amount of the credit. Amends §27-7-15 to exclude from gross income for state income tax purposes, interest or dividends earned on an individual development account. Responsibilities of a fiduciary organization shall include, but not be limited to, marketing participation, soliciting matching contributions, counseling project participants, conducting basic economic and financial literacy training and IDA use training for project participants, and conducting required verification and compliance activities.
Mississippi	H.B. 747 Died in committee 2/3/15	Authorizes school boards to implement a financial literacy curriculum for students in high school. Amends §37-7-301 to expand the grades in which school boards are authorized to implement a financial literacy program from grades 10 and 11 to grades 9 through 12. Removes the authority of school boards to acquire property through condemnation proceedings or use of eminent domain.
Mississippi	H.B. 759 Died in committee 2/3/15	Creates an act to be known as the family savings initiative act; provides for the establishment of individual development accounts designed to provide individuals and families with limited means an opportunity to accumulate assets, facilitate and mobilize savings, promote home ownership, microenterprise development, and education, and stabilize families and build communities; provides that the department of human services shall enter into contracts with fiduciary organizations to carry out the provisions of this act; authorizes state residents to open an individual development account upon approval of a fiduciary organization; provides that the fiduciary organization shall approve the application only if certain criteria are met; specifies the qualified purposes for which individual development accounts may be used; authorizes the contribution of matching funds to fiduciary organizations for individual development accounts; requires fiduciary organizations to submit quarterly reports to the department of human services; creates a special fund in the state treasury to consist of transitional employment assistance funds, which shall be used for the purposes of this act; amends §27-7-15 to exempt from gross income for state income tax purposes interest and dividends earned on individual development accounts and matching funds deposited into those accounts. Responsibilities of a fiduciary organization shall include, but not be limited to, marketing participation, soliciting matching contributions, counseling project participants, conducting basic economic and financial literacy training and IDA use training for project participants, and conducting required verification and compliance activities.
Mississippi	H.B. 760 Died in committee 2/3/15	Creates an act to be known as the family savings initiative act; provides for the establishment of individual development accounts designed to provide individuals and families with limited means an opportunity to accumulate assets, facilitate and mobilize savings, promote home ownership, microenterprise development, and education, and stabilize families and build communities; provides that the department of human services shall enter into contracts with fiduciary organizations to carry out the provisions of this act; authorizes state residents to open an individual development account upon approval of a fiduciary organization; provides that the fiduciary organization shall approve the application only if certain criteria are met; specifies the qualified purposes for which individual development accounts may be used; authorizes the contribution of matching funds to fiduciary organizations for individual development accounts; requires fiduciary organizations to submit quarterly reports to the department of human services; creates a special fund in the state treasury to consist of transitional employment assistance funds, which shall be used for the purposes of this act; amends §27-7-15 to exempt from gross income for state income tax purposes interest and dividends earned on individual development accounts and matching funds deposited into those accounts. Responsibilities of a fiduciary organization shall include, but not be limited to, marketing participation, soliciting matching contributions, counseling project participants, conducting basic economic and financial literacy training and IDA use training for project participants, and conducting required verification and compliance activities.
Mississippi	S.B. 2337 Died in committee 2/3/15	Creates the family savings initiative act; authorizes the creation of individual development accounts for low-income individuals that may be used by the account holder for certain purposes; authorizes the department of human services to contract with fiduciary organizations to serve as intermediaries between an individual development account holder and a financial institution holding account funds; provides that the gross household income of individual retirement account holders may not exceed 200 percent of the poverty level and the account holder's net worth may not exceed $10,000; requires individuals opening an individual development account to enter into an agreement with a fiduciary organization; provides that the fiduciary organization shall provide matching funds for the amount contributed to the individual development account by the individual development account holder; limits the amount of matching funds that may be provided for an individual development account; provides the purposes for which individual development accounts may be utilized; provides civil penalties for the withdrawal of individual development account funds for purposes other than those authorized under this act; requires fiduciary organizations to make quarterly reports to the department of human services containing certain information; provides that funds deposited in an individual development account shall not be counted as income, assets or resources of the individual in determining financial eligibility for assistance or services pursuant to any federal, federally assisted, state or municipal program based on need; to authorize a credit against state income tax liability for taxpayers who contribute matching funds to a fiduciary organization; limits the amount of the credit; amends §27-7-15 to exclude from gross income for state income tax purposes, interest or dividends earned on an individual development account. Responsibilities of a fiduciary organization shall include, but not be limited to, marketing participation, soliciting matching contributions, counseling project participants, conducting basic economic and financial literacy training and IDA use training for project participants, and conducting required verification and compliance activities.
Mississippi	S.B. 2338 Died in committee 2/3/15	Creates the family empowerment initiative; authorizes the creation of individual development accounts for low-income individuals that may be utilized by the account holder for certain purposes; authorizes the department of human services to contract with fiduciary organizations to serve as intermediaries between individual development account holders and financial institutions holding account funds; provides that the gross household income of individual retirement account holders may not exceed 200 percent of the poverty level and the account holder's net worth may not exceed $10,000; requires individuals opening an individual development account to enter into an agreement with a fiduciary organization; provides that the fiduciary organization shall provide matching funds for amount contributed to the individual development account by the individual development account holder; limits the amount of matching funds that may be provided for an individual development account; provides the purposes for which individual development accounts may be utilized; provides civil penalties for the withdrawal of individual development account funds for purposes other than those authorized under this act; requires fiduciary organizations to make quarterly reports to the department of human services containing certain information; provides that funds deposited in an individual development account, shall not be counted as income, assets or resources of the individual in determining financial eligibility for assistance or services pursuant to any federal, federally assisted, state or municipal program based on need; authorizes a credit against state income tax liability for taxpayers who contribute matching funds to a fiduciary organization; limits the amount of such credit; amends §27-7-15 to exclude from gross income interest or dividend earned on an individual development account. The agreement shall provide for the amount of the savings deposits, the match fund rate, the asset goal, and the financial literacy classes to be completed, any additional training specific to the asset, and financial counseling the individual will attend, as well as other services designed to increase the independence of the person through the achievement of the account's approved purpose.
Mississippi	S.B. 2761 Died in committee 2/3/15	Creates the family empowerment initiative. Authorizes the creation of individual development accounts for low-income individuals that may be utilized by the account holder for certain purposes. Authorizes the Department of Human Services to contract with fiduciary organizations to serve as intermediaries between individual development account holders and financial institutions holding account funds. Provides that the gross household income of individual retirement account holders may not exceed 185 percent of the poverty level and the account holder's net worth may not exceed $10,000. Requires individuals opening an individual development account to enter into an agreement with a fiduciary organization. Provides that the fiduciary organization shall provide matching funds for amount contributed to the individual development account by the individual development account holder. Limits the amount of matching funds that may be provided for an individual development account. Provides the purposes for which individual development accounts may be utilized. Provides civil penalties for the withdrawal of individual development account funds for purposes other that those authorized under this act. Requires fiduciary organizations to make quarterly reports to the Department of Human Services containing certain information. Provides that funds deposited in an individual development account shall not be counted as income, assets or resources of the individual in determining financial eligibility for assistance or services pursuant to any federal, federally assisted, state or municipal program based on need. Authorizes a credit against state income tax liability for taxpayers who contribute matching funds to a fiduciary organization. Limits the amount of such credit. Amends §27-7-15 to exclude from gross income interest or dividend earned on an individual development account and any money withdrawn from an individual development account that is used for a qualified purpose. Before becoming eligible to receive matching funds to pay for qualified purposes, individual development account owners shall complete a financial literacy education course offered by a qualified financial institution, a qualified fiduciary organization, or a governmental entity in accordance with federal guidelines.
Missouri	S.B. 45	This act creates a new program to distribute empowerment microgrants to persons living in impoverished areas and who engage in entrepreneurial activities or continuing adult education. The program will be administered by a board whose members will be appointed from each congressional district by the governor with the advice and consent of the Senate. For persons seeking a grant for entrepreneurial activity, such person shall submit to the board a business plan and any other documents the board may require. Continuing adult education shall include but not be limited to classes on financial literacy, adult literacy, family literacy, and career transition and retraining.
Montana	None
Nevada	S.B. 220	Requires instruction on financial literacy for pupils enrolled in middle school and junior high school in each school district and in each charter school that operates as a middle school or junior high school; creates the Account for Instruction on Financial Literacy in the State General Fund.
New Hampshire	None
New Jersey	A.B. 4214 S.B. 2749	Requires students enrolled in public institutions of higher education to complete course on financial literacy.
New Mexico	H.B. 533	Makes an appropriation to purchase and implement curricula related to work force readiness, entrepreneurship and financial literacy.
New Mexico	S.B. 28	Makes an appropriation for a statewide pre-purchase homebuyer education program.
New Mexico	S.B. 627	Makes an appropriation to purchase and implement curricula related to work force readiness, entrepreneurship and financial literacy.
New York	A.B. 27	Establishes that instruction in financial education be provided to pupils in grades nine through 12; establishes what should be included in such curriculum including the basics of financial planning, budgeting, borrowing, interest rates, personal insurance policies, etc.
New York	A.B. 1101 S.B. 2150 Passed Senate 6/18/15	Authorizes social services districts to offer participants in public assistance employment programs an option to complete a course of instruction in financial literacy and personal finance. Authorizes local social services districts to cooperate with the Department of Labor in providing workforce guidance and information.
New York	A.B. 6881	Relates to community service requirements and job training opportunities associated with the New York city housing authority. The authority shall ensure that residents who are required to perform community service are aware of all options available by displaying a list of qualifying opportunities in each facility and publishing such opportunities on the authority's website. The authority shall further ensure that among the community service or economic self-sufficiency activities available to residents, a financial literacy component shall be included. The authority shall ensure that among the job training, employment and contracting opportunities available to residents who qualify under §3 of the Housing and Urban Development Act of 1968, a financial literacy component shall be included.
New York	A.B. 6953	Ensures that certain businesses provide financial literacy opportunities to employees.
New York	A.B. 7560	Relates to the establishment of various programs for students in pre-kindergarten through third grade including programs for literacy, career readiness and financial literacy.
New York	A.B. 8057	Requires institutions of higher education to determine and report on the number of students who withdraw because of credit card debt, provides new students a course of instruction on the implications of establishing a bad credit rating, and authorizes such institutions to regulate the on campus activities of credit card issuers.
New York	S.B. 1725	Provides that there shall be no solicitation for credit card holders through state or city university of NY unless credit education courses are provided.
New York	S.B. 2899	Provides that juniors and seniors at secondary schools must take a financial literacy and personal finances course.
North Carolina	H.B. 756	Establishes a program of financial literacy and life skills instruction to be offered by community colleges.
North Carolina	H.B. 775	Establishes a pilot program on teaching financial literacy in the public schools.
North Dakota	None
N. Mariana Islads	Not available
Ohio	None
Oklahoma	H.B. 1268 Signed by governor 5/4/15, Chapter 239	Relates to schools. Amends 70 O.S. 2011, §11-103.6h, which relates to the Passport to Financial Literacy Act. Deletes obsolete language. Adds an alternative method of demonstrating satisfactory knowledge for certain students. Requires the State Department of Education to provide certain resources and materials. Encourages school districts to make certain teaching assignments.
Oregon	H.B. 2960 Signed by governor 6/25/15, Chapter 557	Creates the Oregon Retirement Savings Board in office of the state treasurer. Requires the board to report to the governor and the appropriate committee or interim committee of the Legislative Assembly. The report must include recommendations to the Legislative Assembly regarding ways to increase financial literacy in this state.
Oregon	S.B. 615	Creates the Oregon Retirement Savings Board in office of the state treasurer. Requires the board to report to the governor and the appropriate committee or interim committee of the Legislative Assembly. The report must include recommendations to the Legislative Assembly regarding ways to increase financial literacy in this state.
Pennsylvania	H.B. 328	Provides for capstone course in personal finance as graduation requirement.
Pennsylvania	H.R. 205 Adopted 3/30/15	Recognizes the month of April 2015 as "Financial Literacy Month" in Pennsylvania.
Pennsylvania	S.B. 101	Amends the act of March 10, 1949 (P.L.30, No.14), known as the Public School Code of 1949, in terms and courses of study, further provides for subjects of instruction and flag code and for economic education and personal financial literacy programs; provides for personal finance instruction and for capstone course in personal finance as graduation requirement; establishes the Personal Finance Education Fund; and makes an appropriation.
Pennsylvania	S.R. 22	Directs the Legislative Budget and Finance Committee to study the costs associated with the state's establishment K-12 academic standards for the instruction of personal finance education and conduct a study of the funding models used by other states with comparable programs.
Pennsylvania	S.R. 86 Adopted 4/20/15	Recognizes the month of April 2015 as "Financial Literacy Month."
Puerto Rico	H.B. 178	Amends Law 149 of 1999, known as the Department of Education Act; provides that the secretary includes an upper level grade curriculum requirement of financial education courses with respect to academic offerings or integrated academic programs.
Puerto Rico	S.B. 69	Amends Law 149 of 1999 for the purposes of imposing an obligation on the Department of Education to include in its curriculum, topics on financial management, in coordination with the Institute of Financial Education of Puerto Rico.
Puerto Rico	S.B. 1131 Signed by governor 9/18/15, Chapter 152	Amends Reorganization Plan 5 of 2010; directs the secretary of Education of the Commonwealth to include a financial literacy program within the mandatory mathematics curriculum for students of middle and high school public education system; amends Law 47 of 1991 known as the Business Corporation Act of Training and Work; creates a National Alliance for Financial Empowerment for establishing and implementing initiatives and educational programs on financial responsibility in our correctional population.
Rhode Island	H.B. 5161	This bill requires that individuals receiving or seeking financial assistance under the "Rhode Island Works Program" and/or the "Public Assistance Act" attend and complete a seminar relating to financial literacy developed and conducted by the department of human services within 45 days of receipt of said assistance and/or any extension, hardship or recertification and imposing a 10 percent reduction of financial assistance for failure to attend and complete the seminar.
Rhode Island	H.B. 5894	This bill requires the Department of Elementary and Secondary Education, pursuant to rules promulgated by the commissioner of elementary and secondary education, to develop curricular material on financial literacy.
Rhode Island	H.R. 6115 Adopted 4/28/15, Resolution 233 S.R. 853 Adopted 4/16/15, Resolution 224	Designates April 2015, as "financial literacy month" in the state of Rhode Island.
Rhode Island	S.B. 401	This bill requires the Department of Elementary and Secondary Education, pursuant to rules promulgated by the commissioner of elementary and secondary education, to develop curricular material on financial literacy.
South Carolina	None
South Dakota	None
Tennessee	None
Texas	H.B. 980	Relates to a personal financial literacy component in a statistics course offered for public high school graduation.
Texas	H.B. 3824	Relates to the regulation of certain short-term consumer loans. Imposes an assessment and fees. Adding provisions subject to a criminal penalty. Requires an occupational license. Creates the Financial Literacy Fund to be administered by the finance commission to support statewide financial education and consumer credit-building activities and programs, including: (1) production and dissemination of approved financial education materials at licensed locations; (2) advertising, marketing, and public awareness campaigns to improve the credit profiles and credit scores of consumers in this state; (3) school- and youth-based financial literacy and capability; (4) credit building and credit repair; (5) financial coaching and consumer counseling; (6) bank account enrollment and incentives for personal savings; and (7) other consumer financial education and asset-building initiatives as considered appropriate by the finance commission.
Texas	H.B. 3967	Relates to a pilot program to increase the financial independence of foster children who are transitioning to independent living.
Texas	H.B. 3987 Signed by governor 6/20/15 S.B. 1858	Allows school districts and open-enrollment charter schools to establish school-based savings programs to offer in conjunction with the required personal finance literacy courses. The bill requires school districts or schools that elected to implement a savings program to partner with appropriate institutions able to offer certain savings accounts or instruments, as well as institutions such as public sector entities, private businesses, nonprofit organizations, or philanthropic organizations in the community. These partners would be able to provide a structure for the management of these programs or provide incentives to encourage students and their families to contribute to the accounts, including matching funds or seed funding.
Utah	None
Vermont	H.B. 393	This bill proposes to create a financial literacy commission.
Vermont	S.B. 44 Signed by governor 6/1/15, Act 45	Creates flexibility in early college enrollment numbers and creates the Vermont Universal Children's Higher Education Savings Account Program; provides that one or two of specified State Colleges may enroll more than 18 students in one academic year, provided that the total enrollment among specified colleges in that year does not exceed a certain number; provides for certain higher education investment plan accounts and for matching allocations to such accounts for certain families. State agencies and offices, including the agencies of Education and of Human Services and the Office of the State Treasurer, in collaboration with existing statewide community partners and nonprofit partners that specialize in financial education delivery and have developed an available infrastructure to support financial education across multiple sectors, shall develop and support programs to encourage the financial literacy of Program beneficiaries and their families and legal guardians throughout the duration of the Program via mail, mass media, and in-person delivery methods.
Vermont	S.B. 73 Signed by governor 6/9/15, Act 55	Creates the Vermont Financial Literacy Commission to measurably improve the financial literacy and financial capability of Vermont’s citizens.
Virginia	H.B. 1627 Tabled 2/2/15	Requires the Board of Education, in establishing course and credit requirements for a high school diploma, to award one standard unit of credit to and exempt from the requirement to receive instruction in economics education and financial literacy any student who demonstrates mastery of the subject by achieving a satisfactory score on an assessment developed or adopted by the Board.
Virginia	S.B. 846 Signed by governor 3/23/15, Chapter 521	Directs the Department of Social Services, in consultation with the Virginia Employment Commission and Virginia Community College System, to develop and implement a plan under which citizens receiving public assistance will be provided information on free financial literacy courses.
Virgin Islands	Not available
Washington	H.B. 1121 Passed House 3/2/15	Changes the composition and duties of the financial education public-private partnership. Authorizes teachers appointed as members by the superintendent of public instruction to be paid travel expenses from funds available in the financial education public-private partnership account. Requires the office of the superintendent of public instruction to: (1) Integrate financial education skills and content knowledge into the state learning standards; and (2) After consulting with the partnership, make available to all school districts a list of materials that align with the financial education standards integrated into the state learning standards. Requires school districts to provide students in grades nine through 12 the opportunity to access the financial education standards. Adopts standards in K-12 personal finance education developed by a national coalition for personal financial literacy that includes partners from business, finance, government, academia, education, and state affiliates as the state financial education learning standards.
Washington	H.B. 1922 S.B. 5899 Passed Senate 3/10/15	Establishes the small consumer installment loan act. For each small consumer installment loan that is made, a licensee must remit $1 to the department of financial institutions for the purpose of financial literacy and education programs authorized under RCW 43.320.150.
Washington	S.B. 5202 Signed by governor 5/8/15, Chapter 211	Changes the composition and duties of the financial education public-private partnership. Authorizes teachers appointed as members by the superintendent of public instruction to be paid travel expenses from funds available in the financial education public-private partnership account. Requires the office of the superintendent of public instruction to: (1) Integrate financial education skills and content knowledge into the state essential academic learning requirements; and (2) After consulting with the partnership, make available to all school districts a list of courses that align with the financial education standards integrated into the state essential academic learning requirements. Requires school districts to provide students in grades nine through 12 the opportunity to access the financial education standards.
West Virginia	None
Wisconsin	A.B. 248	This bill directs each school board to incorporate the state’s model academic standards for financial literacy into the curriculum in grades kindergarten to 12. The bill also requires the statewide standardized examinations to assess a pupil’s financial literacy to the same extent that they assess a pupil’s knowledge of mathematics, science, reading and writing, geography, or history. Finally, the bill requires that each institution and campus within the University of Wisconsin System, and each technical college district board, incorporate in its orientation program for newly entering students information on financial literacy.
Wisconsin	S.B. 177	This bill directs each school board to incorporate the state’s model academic standards for financial literacy into the curriculum in grades kindergarten to 12. The bill also requires the statewide standardized examinations to assess a pupil’s financial literacy to the same extent that they assess a pupil’s knowledge of mathematics, science, reading and writing, geography, or history. Finally, the bill requires that each institution and campus within the University of Wisconsin System, and each technical college district board, incorporate in its orientation program for newly entering students information on financial literacy.
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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