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A06234 Summary:

Add §817, Ed L
Requires all public and private schools to provide financial literacy education to pupils in grade eleven; directs that certain topics be covered in such educational program.
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A06234 Text:

                STATE OF NEW YORK
                               2021-2022 Regular Sessions
                   IN ASSEMBLY
                                     March 10, 2021
        Introduced by M. of A. JENSEN -- read once and referred to the Committee
          on Education
        AN  ACT  to amend the education law, in relation to requiring all public
          and private schools to provide financial literacy education to certain
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section 1. The education law is amended by adding a new section 817 to
     2  read as follows:
     3    §  817.  Instruction relating to financial literacy. 1. The department
     4  and board of regents shall require that all public and  private  schools
     5  in  the state incorporate a course or full unit of instruction in finan-
     6  cial education delivered by means of a comprehensive financial  literacy
     7  program  for  all  pupils  in grade eleven who intend to graduate with a
     8  regents, local, or advanced designation regents diploma.
     9    2. The requirements of this  section  may  be  fulfilled  through  (a)
    10  incorporating  financial  literacy  coursework  into an existing course,
    11  provided that such  coursework  shall  be  apportioned  appropriate  and
    12  substantial  time  to  ensure  that the enumerated topics are adequately
    13  covered; or (b) establishing a new course solely dedicated to  financial
    14  literacy.
    15    3.  The  board of education or trustees of each school is charged with
    16  developing and maintaining a financial literacy program  for  pupils  in
    17  grade  eleven  that shall include, but not be limited to, instruction in
    18  the following topics:
    19    (a) Taxes;
    20    (b) Student loans;
    21    (c) Car loans and leases;
    22    (d) Mortgages and rent;
    23    (e) Debt;
    24    (f) Interest rates;
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 6234                             2
     1    (g) Credit cards;
     2    (h) Building credit;
     3    (i) Bank accounts and debit cards;
     4    (j) Specialized bank accounts, IRAs, 504 Plans and CDs;
     5    (k) Online banking;
     6    (l) Budgeting;
     7    (m) Stocks, bonds and investing;
     8    (n) Long term saving and retirement accounts; and
     9    (o) Foreclosure, bankruptcy, and eviction.
    10    4.  Each  school shall retain the ability to determine the appropriate
    11  order, method, and structure  of  the  curriculum  beyond  the  required
    12  topics.
    13    5.  The commissioner shall provide all public and private schools with
    14  pupils in grade eleven with sample instructional materials and resources
    15  that may be used to support the implementation of the financial literacy
    16  instruction requirement.
    17    § 2. This act shall take effect on the one hundred eightieth day after
    18  it shall have become a law. Effective immediately, the addition,  amend-
    19  ment and/or repeal of any rule or regulation necessary for the implemen-
    20  tation  of  this act on its effective date are authorized to be made and
    21  completed on or before such effective date.
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