A01505 Summary:

BILL NO    A01505 

SAME AS    No same as 

SPONSOR    Heastie (MS)

COSPNSR    Jaffee, Rosenthal, Millman, Perry

MLTSPNSR   Crespo, Dinowitz, Hooper

Amd S305, Ed L

Provides that juniors and seniors at secondary schools and students at the
state and city universities of New York must take a financial literacy course.
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A01505 Actions:

BILL NO    A01505 

01/09/2013 referred to education
01/08/2014 referred to education
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A01505 Votes:

There are no votes for this bill in this legislative session.
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A01505 Memo:

BILL NUMBER:A1505

TITLE  OF  BILL:    An  act  to  amend the education law, in relation to
requiring that secondary school students and students  enrolled  at  the
state university of New York or the city university of New York complete
a financial literacy course

PURPOSE OR GENERAL IDEA OF BILL:
Provides  that  juniors and seniors at secondary schools and students at
the state and city universities of New York must take a financial liter-
acy 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.  Such  course  in  financial  literacy
shall  be  completed  by  juniors  or  seniors  in secondary schools and
students enrolled at the state  university  of  New  York  or  the  city
university  of  New York in order to graduate. The course shall include,
but not be limited to, instruction on obtaining  and  using  credit  and
credit cards, investing, saving, and planning for retirement.

Section 2: Effective Date

JUSTIFICATION:
In  certain  instances,  the lack of financial literacy lead many unsus-
pecting individuals to enter into home or  condo  purchases,  mortgages,
other  financial  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.
A9802 of 2011-0212 legislative session

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None.

EFFECTIVE DATE:
This act shall take effect immediately.
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A01505 Text:

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

                                         1505

                              2013-2014 Regular Sessions

                                 I N  A S S E M B L Y

                                      (PREFILED)

                                    January 9, 2013
                                      ___________

       Introduced  by  M.  of  A. HEASTIE, JAFFEE, ROSENTHAL, MILLMAN -- Multi-
         Sponsored by -- M. of A.  CRESPO, DINOWITZ, HOOPER --  read  once  and
         referred to the Committee on Education

       AN ACT to amend the education law, in relation to requiring that second-
         ary  school  students and students enrolled at the state university of
         New York or the city university  of  New  York  complete  a  financial
         literacy course

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

    1    Section 1. Section 305 of the education law is amended by adding a new
    2  subdivision 43 to read as follows:
    3    43. THE COMMISSIONER IS AUTHORIZED AND DIRECTED TO DEVELOP A COURSE OR
    4  COURSES IN FINANCIAL LITERACY AND REQUIRE THAT  A  COURSE  IN  FINANCIAL
    5  LITERACY  BE  COMPLETED  BY  JUNIORS OR SENIORS IN SECONDARY SCHOOLS AND
    6  STUDENTS ENROLLED AT THE STATE  UNIVERSITY  OF  NEW  YORK  OR  THE  CITY
    7  UNIVERSITY  OF  NEW YORK IN ORDER TO GRADUATE. THE COURSE SHALL INCLUDE,
    8  BUT SHALL NOT BE LIMITED TO INSTRUCTION ON OBTAINING  AND  USING  CREDIT
    9  AND CREDIT CARDS, INVESTING, SAVING AND PLANNING FOR RETIREMENT.
   10    S  2.  This  act shall take effect immediately and the commissioner of
   11  education is immediately authorized and directed  to  promulgate,  amend
   12  and/or  repeal  any  rules  and  regulations  necessary to implement the
   13  provisions of this act on its effective date.



        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD04296-01-3
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