S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2873
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2023
                                ___________
 
 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 courses  of  study  in
   consumer awareness and financial education
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The education law is amended by adding a new section  814-a
 to read as follows:
   §  814-A.  COURSES OF STUDY IN CONSUMER AWARENESS AND FINANCIAL EDUCA-
 TION. 1. ANY SCHOOL DISTRICT IN THE STATE SHALL PROVIDE,  TO  PUPILS  IN
 GRADES  NINE  THROUGH  TWELVE,  ONE FULL UNIT OF INSTRUCTION DESIGNED TO
 PROMOTE CONSUMER AWARENESS AND FINANCIAL EDUCATION.
   2. THE COMMISSIONER SHALL PROVIDE TECHNICAL ASSISTANCE  TO  RECEIVE  A
 COURSE  OR  FULL UNIT OF INSTRUCTION IN CONSUMER AWARENESS AND FINANCIAL
 EDUCATION.
   3. THE REQUIREMENTS OF THIS  SECTION  MAY  BE  FULFILLED  THROUGH  THE
 FINANCE  UNIT  OF  THE  REQUIRED HIGH SCHOOL ECONOMICS OR HOME ECONOMICS
 COURSE OR THE CONTINUATION OF  FINANCIAL  MANAGEMENT  COURSES  CURRENTLY
 BEING TAUGHT IN PUBLIC SECONDARY SCHOOLS.
   4.  THE  BOARD  OF  EDUCATION  OR  TRUSTEES  OF THE SCHOOL DISTRICT IS
 CHARGED WITH DEVELOPING AND MAINTAINING A CONSUMER AWARENESS AND  FINAN-
 CIAL  EDUCATION  PROGRAM FOR SECONDARY SCHOOL PUPILS THAT SHALL INCLUDE,
 BUT NOT BE LIMITED TO, INSTRUCTION IN THE FOLLOWING:
   A. SETTING FINANCIAL GOALS AND DEVELOPING A BUDGET;
   B. UNDERSTANDING BASIC BANKING SERVICES  SUCH  AS  CHECKING  ACCOUNTS,
 SAVINGS ACCOUNTS AND CERTIFICATES OF DEPOSIT;
   C.  UNDERSTANDING  THE CONSUMER IMPACT AND RISKS ASSOCIATED WITH CHECK
 CASHING AND OTHER TOOLS AVAILABLE TO CONSUMERS FOR IMMEDIATE  ACCESS  TO
 FUNDS;

  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD00404-01-3
 S. 2873                             2
 
              

   D.  UNDERSTANDING VARIOUS INVESTMENT TOOLS AND RISKS INCLUDING BUT NOT
 LIMITED TO COLLEGE SAVINGS PLANS, MUTUAL FUNDS, INSURANCE POLICIES,  THE
 STOCK MARKET AND OTHER INVESTMENT TYPES;
   E. UNDERSTANDING INSURANCE PRODUCTS AND RISKS INCLUDING BUT NOT LIMIT-
 ED  TO  LIFE  INSURANCE, AUTO INSURANCE, HEALTH INSURANCE, HOMEOWNER AND
 RENTAL INSURANCE;
   F. UNDERSTANDING THE USE AND RISK ASSOCIATED WITH  CREDIT,  BORROWING,
 CREDIT SCORING, AND CREDIT CARD DEBT;
   G.  HOW  TO  MANAGE  DEBT,  INCLUDING HOME, AUTOMOTIVE AND CREDIT CARD
 DEBT;
   H. HOW TO UNDERSTAND AND CALCULATE INTEREST RATES;
   I. HOW TO UNDERSTAND RETIREMENT PLANNING OPTIONS AND  RISKS  INCLUDING
 BUT NOT LIMITED TO DEFERRED COMPENSATION, SOCIAL SECURITY, IRA, ROTH IRA
 AND OTHER RETIREMENT PLANNING OPTIONS; AND
   J.  A REVIEW OF STATE AGENCIES AND LAWS TO ASSIST CONSUMERS IN BANKING
 AND CONSUMER TRANSACTIONS.
   5. THE COMMISSIONER SHALL PROVIDE ASSISTANCE FOR  THE  DEVELOPMENT  OF
 CURRICULA  FOR  SUCH COURSES OF STUDY WHICH SHALL BE AGE APPROPRIATE AND
 DEVELOPED ACCORDING TO THE NEEDS AND ABILITIES OF  PUPILS  IN  ORDER  TO
 PROVIDE  CONSUMER AWARENESS AND FINANCIAL EDUCATION, SKILLS, INFORMATION
 AND SUPPORT.
   § 2. This act shall take effect one year after it shall have become  a
 law.