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A07220 Summary:

COSPNSRTaylor, Cruz
Add §802-b, Ed L
Requires senior high schools to provide a course in financial literacy; requires students to complete such course as a condition of graduation.
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A07220 Text:

                STATE OF NEW YORK
                               2021-2022 Regular Sessions
                   IN ASSEMBLY
                                     April 29, 2021
        Introduced by M. of A. JACOBSON, TAYLOR -- read once and referred to the
          Committee on Education -- recommitted to the Committee on Education in
          accordance  with Assembly Rule 3, sec. 2 -- committee discharged, bill
          amended, ordered reprinted as amended and recommitted to said  commit-

        AN  ACT to amend the education law, in relation to requiring senior high
          schools to provide  a  course  in  financial  literacy  and  requiring
          students to complete such course as a condition of graduation
          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  802-b
     2  to read as follows:
     3    §  802-b.  Instruction  relating to financial literacy. 1. The commis-
     4  sioner is hereby directed to provide and prescribe a course of  instruc-
     5  tion  on  financial literacy for senior high school students which shall
     6  include, but not be limited to the teaching of personal budgeting, wages
     7  and taxes, self-employment, savings and investments (stocks,  bonds  and
     8  mutual  funds), debt management, checking accounts, credit cards, credit
     9  scores, saving for education and retirement, insurance, rights and obli-
    10  gations as a tenant, basic concepts on borrowing including the  purchas-
    11  ing  of  automobiles and homes, benefits and drawbacks of leasing and/or
    12  purchasing of automobiles, and the benefits  and  drawbacks  of  renting
    13  and/or  purchasing  a  home.  The  course shall be taught on a pass/fail
    14  basis and shall not affect the student's grade point average.
    15    2. School authorities shall provide the needed  facilities,  time  and
    16  place  for  the  instruction set forth in this section and shall provide
    17  learning aids and curriculum  resource  materials  which  contribute  to
    18  effective teaching methods and learning.
    19    3.  As  a  condition  of graduation from senior high school, a student
    20  shall attend and pass the course on financial literacy; provided, howev-
    21  er, that with respect to students who have individual  education  plans,
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        A. 7220--A                          2
     1  the  completion of such course shall not be a requirement for graduation
     2  if it is not specifically included as a  requirement  in  the  student's
     3  individual  education  plan recommended by the school district committee
     4  on  the  handicapped and such student is a student with a disability, as
     5  defined in section forty-four hundred one of this chapter.
     6    § 2. This act shall take effect on the first of July  next  succeeding
     7  the date on which it shall have become a law.
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