Financial Literacy 2020 Legislation

Heather Morton 12/20/2020

Woman Holding Calculator in Front of Laptop

The financial world 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.

Thirty-three states and Puerto Rico had pending financial literacy legislation in the 2020 legislative session.

Arizona enacted a bill to permit the Department of Economic Security (DES) to allow a course in financial literacy and personal finance to qualify as a work activity as it relates to assistance and required the state treasurer to promote and raise awareness of financial literacy. Florida requires intercollegiate athletes to earn compensation for the use of their names, images, or likenesses. The new law requires each postsecondary institution to conduct a financial literacy and life skills workshop for intercollegiate athletes. Idaho adopted a resolution stating findings of the legislature and encouraging Idaho high schools, colleges, and universities to offer credit-bearing personal finance classes to their students. Michigan and Rhode Island recognized April 2020 as Financial Literacy Month. New York directed the New York state department of financial services and the New York state department of state's consumer protection division to conduct a study on consumer awareness and financial education in New York state and to make recommendations for a consumer awareness and financial education program.

Financial Literacy 2020 Legislation
State: Bill Number: Bill Summary:
Alabama HB 414

This bill allows local boards of education to offer instruction in the life skills of personal finance literacy, personal rights, and good citizenship in grades six to 12 as an elective course or as a component in the health education and physical education state courses of study.

Alaska None  
Arizona HB 2010

The state board shall require a separate personal finance course that meets the requirements of §15-720.02 for the purpose of the graduation of pupils from high school. Appropriates the sum of $1 million from the state general fund in fiscal year 2020-2021 to the department of education for distribution to school districts and charter schools to provide personal finance courses as prescribed in §§15-701.01 and 15-720.02, Arizona Revised Statutes, as amended by this act.

Arizona HB 2695

Signed by governor 3/23/20, Chapter 23

Permits the Department of Economic Security (DES) to allow a course in financial literacy and personal finance to qualify as a work activity as it relates to assistance.

Arizona SB 1292

Signed by governor 6/5/20, Chapter 76

Requires the state treasurer to promote and raise awareness of financial literacy. Establishes the Treasurer's Financial Literacy Fund.

Arizona SB 1362

Relates to erroneous conviction; relates to damages; relates to tuition assistance. Claimants may be awarded other nonmonetary relief as sought in the complaint, including counseling, housing assistance and personal financial literacy assistance, as appropriate.

Arizona SB 1647

Authorizes the presiding judge of the superior court, or a judge designated by the presiding judge, in consultation with the presiding juvenile court judge and criminal court judges, and together with the prosecuting attorney and the public defender or the contracted criminal defense office that provides the services of a public defender, may agree in writing to establish and conduct a pretrial diversion program for primary caregivers. While a defendant is in the primary caregiver diversion program criminal proceedings are suspended without a plea of guilty for a period of not less than six months and not more than 24 months. The primary caregiver diversion program may include all of the following components: 1. Parenting classes. 2. Family and individual counseling. 3. Mental health screening, education and treatment. 4. Family case management services. 5. Drug and alcohol treatment. 6. Domestic violence education and prevention. 7.  Physical and sexual abuse counseling. 8. Anger management. 9. Vocational and educational services. 10. Job training and placement. 11. Affordable and safe housing assistance. 12. Financial literacy courses.

Arkansas None  
California AB 1087

Died pursuant to Art. IV, Sec. 10(c) of the Constitution 2/3/20

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

California AB 1647

Died at desk 2/3/20

Existing law expresses findings and declarations of the Legislature regarding financial literacy in the state. Existing law expresses the intent of the Legislature to enact legislation that would result in the education of all Californians regarding the prospect of becoming an “aging” state, including education as to, among other subjects, the importance of saving and financial planning. This bill revises the findings and declarations to delete specific references to “boomers,” and adds the importance of estate planning to the subjects, as described above.

California AB 2187

This bill authorizes a school district or charter school to incorporate a financial literacy program into an economics course offered by the local educational agency and authorizes the curriculum for the financial literacy program to include specified topics. The bill authorizes a local educational agency that chooses to establish the financial literacy program to collaborate with a financial institution, as defined, at no cost to the local educational agency.

California AB 2633

Existing law, the Banking Law, authorizes a bank to participate in a financial education program that involves receiving deposits or paying withdrawals on the premises of, or at a facility used by, a school, subject to specified conditions, including that the bank employees work at the site only to participate in the program. The law requires a bank account by or in the name of a minor to be held for the exclusive right and benefit of the minor. This bill authorizes a bank to participate in a financial education program described above on the premises of a youth agency, as defined. The bill also prohibits a bank from denying a checking or savings account to a person because the person is a minor or from requiring that minor to provide a cosignor or guarantor as a condition of opening a checking or savings account, except as provided. The bill defines “noncustodial account” to mean a checking or savings account that is held by a minor who is 14 years old and on which a person other than the minor is not a cosignor or guarantor. The bill prohibits a bank from engaging in specified practices with respect to a noncustodial account, including by prohibiting a bank from charging a regular monthly fee or inactivity fee on the account or requiring the minor to provide a Social Security number as a condition of opening the account. The bill also requires a bank to collect specified demographic and income information related to noncustodial accounts and to annually report that information to the Commissioner of Business Oversight. Existing law establishes the Bank on California Program, which is a voluntary collaborative initiative that assists Californians in opening a bank or credit union account and saving for the future. This bill requires the program to develop and implement a plan to improve youth financial literacy, access to financial institutions, and awareness of noncustodial accounts.

Colorado SB 184

Passed Senate 3/11/20

The bill directs the state board of education (state board) to review, during the first review of standards performed after July 1, 2021, standards relating to the knowledge and skills that a student should acquire in school to ensure that the financial literacy standards for ninth through twelfth grade include an understanding of the costs associated with obtaining a postsecondary degree or credential and how to budget for and manage the payment for those costs, including managing student loan debt; understanding credit cards and credit card debt; and understanding retirement plans, including investments and retirement benefits. The bill adds to the resources contained in the existing financial literacy resource bank created and maintained by the state board specific references relating to assessing the affordability of higher education and how to budget and pay for higher education, as well as how to manage student loan debt; understanding credit cards and credit card debt; and understanding retirement plans, including investments and retirement benefits. Under current law, school districts are encouraged to adopt a financial literacy curriculum and to make completion of a course in financial literacy a graduation requirement. The bill adds assessing the affordability of higher education and how to budget and pay for higher education, as well as how to manage student loan debt, to the suggested financial literacy curriculum, as well as familiarizing students with the process and required forms to apply for financial aid, grants, and scholarships.

Colorado SB 193
Postponed indefinitely 5/26/20

The bill creates the financial empowerment office (office) and the director of the office (director) in the department of law to grow the financial resilience and well-being of Coloradans through specified community-derived goals and strategies. The director is appointed by the Colorado attorney general and may hire staff as necessary to perform the duties and functions of the office. The office is authorized to partner with governmental bodies, community organizations, financial institutions, local service providers, and philanthropic organizations to achieve the purposes of the office. The office is also authorized to develop: methods to increase access to safe and affordable financial products; tools and resources that advance, increase, and improve Colorado residents' financial management; and community-informed policies and systems that dismantle systemic barriers to building ownership and wealth for all, especially low-income communities and communities of color. The financial empowerment office is required to: support the organization of community coalitions to define and lead financial resilience strategies; align, support, and build ties to build financial education and well-being in communities across the state; establish a statewide coalition to assist the director in increasing access to safe and affordable banking products that help improve the financial stability of Colorado residents; work with stakeholders to increase access to low-cost, credit-building loans and financial products; work with state authorities and other stakeholders to expand access to safe and affordable banking products with low fees and easy account access; develop technical assistance to launch or expand local financial coaching and counseling efforts; raise money to support coaching, safe and affordable banking, and potential loan funds; collaborate with the office of the state treasurer on the creation and management of a loan fund to support small credit-building loans; and track community feedback on consumer financial abuses and coordinate with the enforcement teams at various state agencies, connect consumers with existing resources, and educate the public on their related consumer rights. Requires the office to submit an annual report to the general assembly regarding the activities of the office and the state of affordable banking access in Colorado.

Colorado

SB 200
Signed by governor 7/14/20, Chapter 295

Creates and implements the Colorado secure savings program (program). The bill specifies the powers and duties of the board in connection with the creation and administration of the program and updates the criteria to which the board is required to adhere in developing the program. The board is required to adopt rules regarding enrollment in the program, contributions to and withdrawals from program accounts, the process for employer exemptions from offering the program, and required disclosures. Includes financial education as a part of the secure savings program implementation to the extent feasible given available resources.

Connecticut HB 5434

Includes instruction of personal financial management in the public school curriculum and as part of the high school graduation requirements; requires the development of a course in personal financial management and a model curriculum for grades kindergarten to 8 that includes personal financial management; and establishes a personal financial management pilot program.

Connecticut SB 392

Establishes a pilot program for the teaching of a personal financial management course in certain school districts.

Delaware None  
District of Columbia None

 

Florida HB 1423

Died in committee 3/14/20

Relates to courses of study for elementary students; amends §1003.02, F.S.; requiring district school boards to provide age-appropriate courses of study in health education and financial literacy for specified students.

Florida HB 7051

Authorizes certain student athletes to earn compensation for their name, image, likeness, or persona; provides requirements for such compensation, student athletes, postsecondary educational institutions, athlete agents and attorneys; provides health and disability insurance requirements relating to student athletes and postsecondary educational institutions. Requires a financial literacy and life skills workshop for a minimum of 5 hours at the beginning of the intercollegiate athlete's first and third academic years. The workshop shall, at a minimum, include information concerning financial aid, debt management, and a recommended budget for full and partial grant-in-aid intercollegiate athletes based on the current academic year's cost of attendance. The workshop shall also include information on time management skills necessary for success as an intercollegiate athlete and available academic resources. The workshop may not include any marketing, advertising, referral, or solicitation by providers of financial products or services.

Florida SB 646

Signed by governor 6/12/20, Chapter 28

Authorizes certain intercollegiate athletes to earn compensation for the use of their names, images, or likenesses; prohibits a postsecondary educational institution and other entities, institutions, and their employees from compensating intercollegiate athletes or prospective intercollegiate athletes for the use of their names, images, or likenesses; prohibits the revocation or reduction of certain aid as a result of intercollegiate athletes earning certain compensation or obtaining specified representation; provides requirements for certain athlete agents, etc. Requires each postsecondary institution to conduct a financial literacy and life skills workshop for intercollegiate athletes.

Georgia HB 1091

Relates to competencies and core curriculum; requires all students attending secondary schools that receive state funds to complete and pass a separate semester course focused solely on economics and personal finance; provides that the state Board of Education shall prescribe the method and manner of providing the required course; provides for curriculum content and teacher training by the Department of Education and local school boards, as appropriate; provides for applicability.

Guam Not available  
Hawaii HB 1816

Requires HHFDC to establish a homebuyers' club program and provide financial aid to participants. Establishes a full-time permanent position to administer the program. Authorizes DHS to offer long-term case management for low-income individuals and families and individuals and families that are were homeless or at-risk for homelessness and accept financial aid for rent. In providing long-term case management services, the department may include financial counseling and education as part of the case management services. Appropriates funds.

Hawaii HB 2066

Passed House 2/27/20

Creates a down payment guarantee program for certain first-time homebuyers. Appropriates funds. Requires successful completion of a financial education program provided by a financial education agency approved by the corporation to be eligible.

Hawaii HCR 188
HR 166

Urges the department of education to implement a financial literacy curriculum for high school students.

Hawaii SB 2552

Requires the state to match up to $100,000 per calendar year for college savings account funds deposited within a student-run financial institution; provided that the account holder completes a financial education program. Appropriates funds.

Hawaii SB 3126

Passed Senate 3/3/20

Establishes a working group within the department of public safety to study the feasibility of a pilot program to reduce recidivism, focusing on providing inmates with vocational training, in addition to business, entrepreneurial, and financial literacy education. Requires a report to the legislature.

Hawaii SCR 153

Urges the department of education to implement a financial literacy curriculum for high school students.

Hawaii SR 116

Urges the department of education to implement a financial literacy curriculum for high school students.

Idaho SCR 128

Adopted 3/18/20

States findings of the legislature and encourages Idaho high schools, colleges, and universities to offer credit-bearing personal finance classes to their students.

Illinois HB 5186

Amends the School Code to require a school district to provide instruction to and a student enrolled in grades 6 through 8 to take a unit of instruction in family and consumer science. Sets forth what topics the instruction must include.

Illinois HR 768

Declares April 2020 as Financial Literacy Month in the state of Illinois.

Illinois SR 1069

Declares April 2020 as Financial Literacy Month in the state of Illinois.

Indiana SB 328

Establishes a personal financial responsibility program (program) and personal financial responsibility fund (fund) to award grants, after June 30, 2021, to eligible entities to implement teacher professional development programs for training in teaching personal financial responsibility. Requires the state board of education to: (1) administer the program and fund; and (2) develop guidelines to award grants from the fund to eligible entities. Makes teachers eligible for a supplemental payment if they successfully complete personal financial responsibility training. Expands instruction concerning personal financial responsibility to include entrepreneurship and free market economic systems. Requires the department of education (department) to create or approve the criteria for a personal financial responsibility certificate. Allows a student to receive a Core 40 academic honors designation if the student successfully earns the certificate. Requires the department to post resources and best practices about personal financial responsibility on its internet web site.

Iowa None

 

Kansas None

 

Kentucky HB 301

Amends KRS 158.1411 to require successful completion of a one-half credit course on financial literacy as a requirement for high school graduation.

Louisiana None  
Maine None  
Maryland HB 508

Requires the State Board of Education to develop curriculum content for a half-semester-long course in financial literacy; requires each county board of education to implement the financial literacy curriculum content in every public high school in the county; and requires students to complete a course in financial literacy in order to graduate from a public high school.

Maryland HB 644
SB 617

Requires the State Department of Education to report to the Senate Education, Health, and Environmental Affairs Committee and the House Committee on Ways and Means, on or before Dec. 1 each year, on the implementation by local school systems of certain standards and objectives in the program of instruction in financial literacy specified in COMAR 13A.04.06.

Maryland HB 1099
SB 822

Alters homebuyer education requirements for a loan recipient in the Down Payment and Settlement Expense Loan Program in the Department of Housing and Community Development to require the loan recipient to take a homebuyer education course or complete online homebuyer education with a HUD-approved product and require the recipient to receive one-on-one counseling for at least 1 hour, in person or by phone; and requiring the secretary of Housing and Community Development to make a certain annual report by Dec. 31.

Maryland HB 1499

Requires the State Board of Education to develop curriculum content for a semester-long course in financial literacy and to establish criteria for a student to demonstrate financial literacy competency; requires each county board of education to implement the financial literacy curriculum content and to require students to demonstrate financial literacy competency in order to graduate from a public high school in the county; etc.

Massachusetts HB 42

Submits recommendations of the Department of the State Treasurer as relates to financial literacy.

Massachusetts HB 114

Provides financial literacy services to persons receiving financial assistance.

Massachusetts HB 118

Relates to children in the care, protection, and custody of the commonwealth. Requires the department, in consultation with the area boards created in §13 of chapter 18B and the statewide advisory council created in §16 of chapter 18B, shall create 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. The curriculum shall be approved by the secretary of health and human services and shall include a timeframe and cost analysis of implementation within three years of implementation of this act.

Massachusetts HB 179

Relates to the establishment of an interagency council to address inequality, promote opportunity and end poverty. In order to qualify as a community action agency, such agency must be one which is community based and operated as set forth in this section which includes, but is not limited to, programs to assist low income participants, including the elderly poor, such as programs to: secure and maintain meaningful employment, attain an adequate education; provide and maintain adequate housing and a suitable living environment; receive energy assistance and weatherization services; obtain financial education; avoid homelessness; develop assets; obtain emergency assistance through loans or grants to meet immediate and urgent individual and family needs, including the need for health services, nutritious food, housing and employment-related assistance; remove obstacles and solve personal and family problems which block the achievement of self-sufficiency; and achieve greater participation in the affairs of the community.

Massachusetts HB 438

Relates to establishing a personal financial literacy curriculum in schools.

Massachusetts HB 472

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

Massachusetts HB 1224

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

Massachusetts HB 4255

Establishes a statewide Financial Literacy Commission.

Massachusetts HB 4488

Establishes pilot program for youth development. Programs and activities shall be designed based on youth development research findings, with emphasis directed toward the development and enhancement of social emotional development, anti-violent and anti-gang behaviors, positive social behaviors, local and statewide labor pools, job opportunities and career options, civic engagement , financial literacy, and positive future outlook, community-building, the performing and creative arts, and preventing teen-age pregnancies.

Massachusetts SB 27

Relates to children in the care, protection, and custody of the commonwealth. Requires the department, in consultation with the area boards created in §13 of chapter 18B and the statewide advisory council created in §16 of chapter 18B, shall create 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. The curriculum shall be approved by the secretary of health and human services and shall include a timeframe and cost analysis of implementation within three years of implementation of this act.

Massachusetts SB 262

Relates to mandating a curriculum in the public schools on personal financial literacy.

Michigan HB 4271

Revises requirement for State merit curriculum. The bill retains the four-credit math requirement but would allow a student to fulfill the algebra II requirement by completing a statistics course or the financial literacy course described in §1165 of the School Code, as long as that course aligned with the subject area content expectations for math developed by the Michigan Department of Education (MDE) and approved by the State Board of Education. The bill also incorporates the option of taking statistics or financial literacy as an alternative to algebra II into the mathematics options under a personal curriculum under the same circumstances.

Michigan

SR 110
Adopted 4/30/20

Recognizes April 2020 as Financial Literacy Month.

Minnesota HF 3583
SF 3246
Relates to education finance; appropriates money for Girls in Action programming grant.
Minnesota HF 3650
SF 3867

Relates to education finance; increases and makes permanent funding for the Minnesota Council on Economic Education; appropriates money.

Minnesota HF 4047
SF 3009

Relates to housing; appropriates money to Wright County Community Action for homeownership education, counseling, and training services.

Minnesota HF 4429
SF 3422

Indefinitely postponed 5/13/20

Relates to economic development; modifies the pay-for-performance grant program. Includes that the program must provide education and training in: basic skills, such as reading, writing, financial literacy, digital literacy, mathematics, and communications.

Minnesota SF 3219

Relates to education finance; appropriates money for financial literacy instruction grants.

Minnesota SF 3788

Relates to education; requires an online personal finance class for high school graduation.

Mississippi HB 336

Passed House 3/4/20

Creates the Mississippi workforce development study committee; provides that the Mississippi workforce development study committee shall review the curriculum in k-12 schools that is designed to promote workforce development and preparation and shall develop and design a curriculum that meets the workforce development needs of the state of Mississippi; provides for the membership of the Mississippi workforce development study committee; requires the Mississippi workforce development study committee to submit a report of its findings to the legislature and governor no later than Nov. 30, 2020.

Mississippi HB 537

Died in committee 3/3/20

Creates the state employee loan program to be administered by the department of finance and administration; provides that a loan applicant may receive no more than two loans per year; provides that the loan shall be in an amount that is no more than $600, and may be made in $100 increments; provides that the loan shall be repaid over a three-month term; requires an applicant to complete an online financial literacy course within three months after receiving his or her first loan; requires that to be eligible for a loan, an applicant must be an active, full-time employee who has a minimum of 12 consecutive months of employment with the state of Mississippi; provides for a processing fee that is charged for each loan; provides a penalty for a recipient who defaults on repayment of his or her loan; authorize the department to make monthly withholdings from the recipient's paycheck until the loan is repaid.

Mississippi SB 2589
Died in committee 6/3/20

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%. 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 HB 2361

Currently, a person who was wrongfully convicted and subsequently exonerated through DNA evidence may receive restitution for every day the person was incarcerated for the wrongful conviction. However, the person has no civil cause of action. This bill repeals the language regarding restitution and provides a civil cause of action for any person who was incarcerated for a wrongful conviction, regardless of how that person was subsequently exonerated. In addition to the damages, the claimant may also be awarded other nonmonetary relief as sought in the complaint including, but not limited to, counseling, housing assistance, and personal financial literacy assistance, as appropriate.

Missouri SB 1062

This bill allows for money in the "State Legal Expense Fund" to be used for the payment of any claim of any amount required by any final judgment rendered by a court for the purposes of paying judgments arising from claims of individuals who were wrongfully convicted. In addition to the damages, the claimant may also be awarded other nonmonetary relief as sought in the complaint including, but not limited to, counseling, housing assistance, and personal financial literacy assistance, as appropriate.

Montana No regular 2020 session  
Nebraska LB 1063

Specifies that it shall be the duty of the state treasurer to promote financial literacy.

Nebraska LB 1209

Authorizes counties to expand their diversion programs to include caregiver diversion programs, which allow offenders to rehabilitate themselves while still supporting their children and families. A caregiver diversion program may include, but is not limited to, the following components: (a) Parenting classes; (b) Family and individual counseling; (c) Mental health screening, education, and treatment; (d) Family case management services; (e) Drug and alcohol treatment; (f) Domestic violence education and prevention; (g) Physical and sexual abuse counseling; (h) Anger management; (i) Vocational and educational services; (j) Job training and placement; (k) Affordable and safe housing assistance; and (l) Financial literacy courses.

Nevada No regular 2020 session  
New Hampshire HB 1501

Passed House 3/12/20

This bill establishes a commission to study financial literacy in New Hampshire and to make recommendations for a multi-generational approach to financial education.

New Jersey AB 1282
SB 792

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

New Jersey AB 3062
SB 1196

Establishes three-year Financial Empowerment Pilot Program. The purpose of the pilot program shall be to address financial literacy and empowerment issues for economically vulnerable individuals in the State through municipal financial empowerment centers.

New Jersey AJR 46

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

New Jersey AR 62

Urges State Board of Education to require school districts to incorporate financial literary instruction into mathematics and social studies curriculum.

New Mexico None  
New York

AB 3421
Enacting clause stricken 1/15/20

SB 1589

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

New York AB 6070

Signed by governor 12/15/20, Chapter 324

SB 2397
Substituted 7/23/20

Directs the New York state department of financial services and the New York state department of state's consumer protection division to conduct a study on consumer awareness and financial education in New York state and to make recommendations for a consumer awareness and financial education program.

New York AB 9141
SB 1589

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

New York

SB 2397
Passed Senate 1/27/20

Directs the New York state department of financial services and the New York state department of state's consumer protection division to conduct a study on consumer awareness and financial education in New York state and to make recommendations for a consumer awareness and financial education program.

North Carolina None  
North Dakota No regular 2020 session  
N. Mariana Islands Not available  
Ohio HB 519

Enacts §5.266 of the Revised Code to designate April as "Financial Literacy Month" in Ohio.

Ohio SB 342

Amends §§3313.603, 3314.03, and 3326.11 and enacts §§121.086, 3319.238, and 3319.239 of the Revised Code relating to teaching financial literacy in high school.

Oklahoma HB 3002

Relates to schools; relates to the Passport to Financial Literacy Act; requires high school seniors to complete the Free Application for Federal Student Aid.

Oklahoma

HB 3389
Passed House 3/3/20

Relates to schools; requires study and recommendations to the legislature regarding certain graduation standards, including financial literacy; provides study purpose; provides study contents; requires engagement with stakeholders in crafting recommendations; requires submission of recommendations by certain time.

Oklahoma SB 1693

Relates to workforce development; creates the Oklahoma Workforce and Economic Development Act; provides short title; creates a division in the Department of Labor; names division the Oklahoma Office of Workforce Development; requires financial literacy programs and materials.

Oregon HB 4003

Authorizes the Housing and Community Services Department to provide grants, loans and technical assistance to organizations increasing homeownership program access to persons of color. The Housing and Community Services Department, in consultation with the Oregon Housing Stability Council, shall provide grants, loans and technical assistance to organizations that, in working with households with income at or below area median income, attempt to increase access for persons of color to programs and services that assist with homeownership, including counseling, financial literacy, post-purchase counseling and down payment assistance.

Pennsylvania HR 943 Designates September 2020 as Financial Planning Month.
Puerto Rico HB 2393

Amends the Law of the Office of the Commissioner of Financial Institutions, for the purpose of grouping and consolidating into a single law, the functions, faculties and duties of the Institute of Financial Education of Puerto Rico; arranges the transfer of all property, documents, unspent amounts of the allocations, items and other funds held and in the custody of the aforementioned Institute, to the Office of the Commissioner of Financial Institutions.

Rhode Island HB 7605

This bill provides that the council on elementary and secondary education be encouraged to maintain, publish and update statewide standards for instruction of personal finance in public high schools.

Rhode Island SB 2380

This bill requires the council on elementary and secondary education, in consultation with the Rhode Island department of education, to develop and approve statewide academic standards for the instruction of consumer education in public high schools by no later than Dec. 31, 2020.

Rhode Island

SB 2881
Adopted 6/18/20, Resolution 227

Proclaims April 2020, to be "Financial Literacy Month" in the state of Rhode Island.

A. Samoa Not available  
South Carolina HB 3199
Passed House 1/22/20

Amends §59-29-410, relating to instructional topics required in high school financial literacy programs, so as to also require instruction on the topics of college and education loans, key loan terms, monthly payment obligations, repayment options, credit, and education loan debt.

South Carolina HB 4749

Adds chapter 33 to title 37 entitled the "South Carolina predatory practice protection act" so as to prohibit an agent of a for-profit college from advertising without providing certain information, requires the South Carolina department of consumer affairs to conduct an annual audit of a for-profit college, provides that the debt a student incurs at a for-profit college cannot be used against a public college or technical school for accreditation purposes, requires a short-term loan lender to provide a financial literacy course before making a short-term loan or undertaking collection actions after a default on a short-term loan, requires a lender to establish a good faith belief that the borrower can afford the short-term loan based on certain factors, sets a limit for the annual percentage rate for a short-term loan, and provides penalties.

South Carolina SB 419
Passed Senate 3/5/20

Adds §59-29-17 to provide that each high school shall offer a one-half credit course in personal finance as an elective that students may use to complete graduation requirements. The curriculum for this course option as a partial graduation requirement shall incorporate competencies pursuant to Financial Literacy Instruction in Act 38 of 2005.

South Carolina SB 935

Amends title 59 of the 1976 code, relating to education, by adding chapter 157, to provide that a student athlete may receive compensation for the use of his name, image, or likeness and to provide for limitations and disclosure requirements; amends chapter 101, title 59 of the 1976 code, relating to colleges and institutions of higher learning generally, by adding article 9, to provide that participating institutions in this state shall annually award stipends to a student athlete who participates in an intercollegiate sport and maintains a good academic standing during the previous year and to provide conditions for the receipt of stipends; amends chapter 101, title 59, relating to colleges and institutions of higher learning generally, by adding article 10, to provide that participating institutions in this state shall create a student athlete trust fund and fund the trust with a percentage of the intercollegiate sport gross revenue, to provide that $5,000 will be deposited into the fund on a student athlete's behalf for each year that he maintains good academic standing, to provide that the total trust fund amount may not exceed $25,000 per student athlete, to provide that a participating institution shall provide a one-time payment to each student athlete in the full amount deposited in the fund on his behalf after the fulfillment of all academic requirements for graduation and completion of a state-approved financial literacy course, and provides conditions for a receipt of trust fund payment; and defines necessary terms.

South Dakota HB 1062

Increases the financial empowerment of state residents. Creates the financial empowerment fund. Requires the state treasurer to support the development of and promote curricula to increase the financial empowerment of all residents, with special emphasis on the empowerment of: (1) Students attending an institution of higher education in this state; (2) Students enrolled in an elementary or high school in this state; (3) Individuals with disabilities; (4) Individuals and families below the federal poverty level; (5) Military veterans; (6) Active duty personnel stationed in this state; and (7) Retirees or individuals eligible to retire.

Tennessee HB 2399
SB 2315

Requires the Tennessee financial literacy commission's annual report on its activities to be filed with the office of research and education accountability, in addition to the general assembly.

Tennessee HB 2581
SB 2609

Requires the Tennessee financial literacy commission to post its annual report on the department of the treasury website.

Texas No regular 2020 session  
Utah None  
Vermont HB 804

This bill proposes to facilitate and provide funding for the implementation of community schools that provide all students with equitable access to a high-quality education. Provides that community schools include active family and community engagement, which brings students’ families and the community into the school as partners in children’s education and makes the school a neighborhood hub, providing adults with a facility to access educational opportunities they want, including coordinating services with outside providers to offer English as a second language classes; green card or citizenship preparation; computer skills; art; financial literacy; career counseling; job skills training; services for addiction prevention, treatment, and recovery; and other programs that bring community members into the building for meetings or events.

Virginia HB 148

Requires the director of the Department of Housing and Community Development to prepare a notice form, to be made available on the Department's website, for signature by the parties to a contract for the sale of residential real estate, advising the purchaser to avail himself of educational programs established, administered, or promoted by the director. The bill also requires that the owner of residential real property provide such notice to the purchaser prior to the ratification of a real estate purchase contract.

Virginia HB 197

Requires the Department of Education to determine and report to the General Assembly no later than Dec. 1, 2020, the feasibility of incorporating the Board of Education's student financial literacy objectives into the appropriate pre-high school mathematics Standards of Learning.

U.S. Virgin Islands None  
Washington None  
West Virginia HB 2775
Passed House 2/18/20

Amends and reenacts §18-2-7c of the Code of West Virginia, 1931, as amended, relating to requiring each high school student to complete a one credit course of study in personal finance as a requirement for high school graduation; end-of-course examination; state board development of standards.

West Virginia HB 3008

Amends the Code of West Virginia, 1931, as amended, by adding thereto a new article, and nine new sections designated §25-8-1, §25-8-2. §25-8-3, §25-8-4, §25-8-5, §25-8-6, §25-8-7, §25-8-8, and §25-8-9; all relating to creation of a task force to provide comprehensive reentry transitional services to offenders reentering communities. The task force shall create a program to provide and coordinate the delivery of community services to juvenile and adult offenders, including: (1) Housing assistance; (2) Literacy and education; (3) Job training and job placement; (4) Conflict resolution skills training; (5) Batterer intervention programs; (6) Health and nutrition information, including mental health treatment; (7) Personal finance and consumer skills; and (8) Other appropriate social services, including, but not limited to, (i) Release requirements and procedures, (ii) drug and alcohol testing and assessment for treatment, and (iii) additional community resources.

West Virginia HB 4036

Amends and reenacts §18-2-7c, of the Code of West Virginia, 1931, as amended, relating to requiring the State Board of Education to develop curriculum content for a semester-long financial literacy course; requiring all county boards of education implement the financial literacy course in all high schools in the particular county; and require all students to satisfactorily complete a course in financial literacy as a graduation requirement.

West Virginia SB 107

Amends and reenacts §18-2-9 of the Code of West Virginia, 1931, as amended, relating to requiring satisfactory completion of a class in personal finance to graduate from high school.

West Virginia SB 299

Amends and reenacts §18-2-7c of the Code of West Virginia, 1931, as amended, relating to requiring the State Board of Education to develop curriculum content for a semester-long financial literacy course; requiring all county boards of education implement the financial literacy course in all high schools in the particular county; and requiring all students to satisfactorily complete a course in financial literacy as a graduation requirement.

Wisconsin None  
Wyoming None  

 

 

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

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