senate Bill S3040

Amended

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

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Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
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actions

  • 29 / Jan / 2013
    • REFERRED TO EDUCATION
  • 08 / Jan / 2014
    • REFERRED TO EDUCATION
  • 06 / Feb / 2014
    • AMEND AND RECOMMIT TO EDUCATION
  • 06 / Feb / 2014
    • PRINT NUMBER 3040A

Summary

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

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Bill Details

See Assembly Version of this Bill:
A4142
Versions:
S3040
S3040A
Legislative Cycle:
2013-2014
Current Committee:
Senate Education
Law Section:
Education Law
Laws Affected:
Amd ยง305, Ed L
Versions Introduced in Previous Legislative Cycles:
2011-2012: S1525A, A9802
2009-2010: S6345, S6345
2007-2008: A11813, A11813

Sponsor Memo

BILL NUMBER:S3040

TITLE OF BILL: An act to amend the education law, in relation to
requiring secondary school students to complete a financial literacy and
personal finances course

PURPOSE OR GENERAL IDEA OF BILL: Provides that juniors and seniors at
secondary schools must take a financial literacy and personal finances
course to better prepare themselves to prudently manage their finances
in the future.

SUMMARY OF SPECIFIC PROVISIONS:

Section 1. Education Law Section 305 is amended by adding a new subdivi-
sion 43 to authorize the Commissioner of Education to develop a course
or courses in financial literacy and personal finances. Such course in
financial literacy shall be completed by juniors or seniors in secondary
schools. The course shall include, but need not be limited to, instruc-
tion on obtaining and using checking, debit and savings accounts, under-
standing the use of credit and credit cards for both large and small
purchases, investing, saving, and planning for retirement.

Section 2: Effective Date

JUSTIFICATION: In certain instances, the lack of financial literacy and
a working knowledge about personal finances may lead many unsuspecting
individuals to enter into home or condo purchases, auto loans, mort-
gages, other financial arrangements, or to select investments or retire-
ment plans that they were later to regret. The purpose of this bill is
to increase the financial literacy of our students and to give them a
better base of information to prudently manage their financial affairs
and to save for the future for themselves and their families.

PRIOR LEGISLATIVE HISTORY: 2010: S. 6345 Referred to Education - A.5506
Referred to Education 2012: S. 1525 Referred to Education - A.9802
(Heastie) Ref. to Education

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: None.

EFFECTIVE DATE: This act shall take effect on September 1st after it
shall have become law.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  3040

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 29, 2013
                               ___________

Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Education

AN ACT to amend the education law, in relation  to  requiring  secondary
  school students to complete a financial literacy and personal finances
  course

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 305 of the education law is amended by adding a new
subdivision 43 to read as follows:
  43. THE COMMISSIONER IS AUTHORIZED AND DIRECTED TO DEVELOP  A  CONCISE
COURSE  OF  INSTRUCTION IN FINANCIAL LITERACY AND PERSONAL FINANCES, AND
REQUIRE THAT SUCH COURSE BE COMPLETED BY PUPILS  IN  GRADES  ELEVEN  AND
TWELVE.  SUCH COURSE OF INSTRUCTION MAY BE INCORPORATED INTO OTHER CLASS
WORK OR COURSES OF INSTRUCTION PROVIDED TO SUCH PUPILS.   THE  FINANCIAL
LITERACY  COURSE  MAY INCLUDE, BUT NEED NOT BE LIMITED TO INSTRUCTION ON
USING CHECKING AND SAVINGS ACCOUNTS, OBTAINING SHORT OR LONG TERM  CRED-
IT,  SECURING  A  LOAN  FOR HIGH COST ITEMS SUCH AS A MOTOR VEHICLE OR A
HOME, OBTAINING AND USING CREDIT AND DEBIT CARDS, INVESTING  AND  SAVING
MONEY, AND PLANNING FOR RETIREMENT.
  S  2.  This  act  shall  take  effect on the first of September in the
calendar year commencing after the date it shall have become a law;  and
the  commissioner of education is immediately authorized and directed to
promulgate, amend and/or repeal any rules and regulations  necessary  to
implement the provisions of this act on its effective date.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD07708-01-3

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