BILL NO A01505
SAME AS No same as
SPONSOR Heastie (MS)
COSPNSR Jaffee, Rosenthal, Millman
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.
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.
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
