senate Bill S3040A

2013-2014 Legislative Session

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

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Archive: Last Bill Status - In Committee


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

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Actions

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Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Feb 06, 2014 print number 3040a
amend and recommit to education
Jan 08, 2014 referred to education
Jan 29, 2013 referred to education

Bill Amendments

Original
A (Active)
Original
A (Active)

S3040 - Bill Details

See Assembly Version of this Bill:
A4142A
Current Committee:
Senate Education
Law Section:
Education Law
Laws Affected:
Amd §305, Ed L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1525A, A9802
2009-2010: S6345

S3040 - Bill Texts

view summary

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

view 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.

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                    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

S3040A (ACTIVE) - Bill Details

See Assembly Version of this Bill:
A4142A
Current Committee:
Senate Education
Law Section:
Education Law
Laws Affected:
Amd §305, Ed L
Versions Introduced in Previous Legislative Sessions:
2011-2012: S1525A, A9802
2009-2010: S6345

S3040A (ACTIVE) - Bill Texts

view summary

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

view sponsor memo
BILL NUMBER:S3040A

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 44 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 (Heast-
ie) Ref. to Education

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS: None.

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

view full text
download pdf
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 3040--A

                       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  --  recommitted
  to the Committee on Education in accordance with Senate Rule 6, sec. 8
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

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 44 to read as follows:
  44. 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.
                                                           LBD07708-02-4

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