NY State Senate Bill 2017-S8460

Senate Bill S8460

2017-2018 Legislative Session

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

download bill text pdf

Archive: Last Bill Status - In Senate Committee Education Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
May 08, 2018	referred to education

2017-S8460 (ACTIVE) - Details

Current Committee:: Senate Education
Law Section:: Education Law
Laws Affected:: Amd §305, Ed L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S6345
2011-2012: S1525
2013-2014: S3040
2015-2016: S2899
2019-2020: S2400
2021-2022: S5827
2023-2024: S4860

2017-S8460 (ACTIVE) - Summary

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

2017-S8460 (ACTIVE) - Sponsor Memo

                                
 
BILL NUMBER: S8460

SPONSOR: COMRIE
 
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 or be given course mate-
rials in other already existing classes to better prepare themselves to
prudently manage their finances in the future. Such information can be
incorporated in already existing classes to reduce any burden placed on
requiring additional mandates on the school day.

 
SUMMARY OF SPECIFIC PROVISIONS:

,Section 1. Education Law Section 305 is amended by adding a new subdi-
vision 55 to authorize the Commissioner of Education to develop a course
or courses in financial literacy and personal finances. Such course in

financial literacy can be completed by juniors or seniors in secondary
schools. The course can include, but need not be limited to, instruction
on obtaining and using checking, debit and savings accounts, understand-
ing the use of credit and credit cards for both large and small
purchases, investing, saving, and planning for retirement. In addition,
the instruction of financial literacy, if not offered in one class,
could be offered in an integrated manner in other already existing
course work to minimize any burdens placed on adding additional required
course work during the school day. This amendment made in 2016 was done
to conform to Chapter Laws that were enacted in 2015.

Section 2: Effective Date

 
JUSTIFICATION:

In certain instances, the lack of financial literacy and a working know-
ledge about personal finances may lead many unsuspecting individuals to
enter into home or condo purchases, auto loans, mortgages, other finan-
cial arrangements, or to select investments or retirement 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)Referred to Education
2014  S.3040 Referred to Education/A.4142 Referred to Education
2015-16 A.9238 Referred to Education / S.2899-A Referred 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.

2017-S8460 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8460
 
                             I N  S E N A T E
 
                                May 8, 2018
                                ___________
 
 Introduced  by  Sen.  COMRIE -- 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 57 to read as follows:
   57. 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.
   §  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.
                                                            LBD00416-03-8

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