Bill Text: NY S09644 | 2023-2024 | General Assembly | Introduced
Bill Title: Establishes a half-credit course in financial education delivered by means of a comprehensive financial literacy program for all pupils in grades nine, ten, eleven or twelve.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2024-05-16 - REFERRED TO EDUCATION [S09644 Detail]
Download: New_York-2023-S09644-Introduced.html
STATE OF NEW YORK ________________________________________________________________________ 9644 IN SENATE May 16, 2024 ___________ Introduced by Sen. CHU -- 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 establishing a course of study in financial education for certain students 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 803-c 2 to read as follows: 3 § 803-c. Courses of study in financial education. 1. All pupils in 4 grades nine, ten, eleven and twelve shall be offered a half-credit 5 course in financial education delivered by means of a comprehensive 6 financial literacy program. 7 2. The commissioner, in consultation with the department of financial 8 services, shall develop a curriculum for the study of financial literacy 9 pursuant to subdivision one of this section. Such curriculum shall 10 include, but not be limited to, instruction in the following: 11 a. opening and maintaining an account at a financial institution; 12 b. types of financial products offered including insurance; 13 c. understanding loans including auto loans, student loans, and 14 personal loans; 15 d. on-going monitoring of expenditures and deposits; 16 e. basic principles of money management, such as spending, credit, 17 credit scores, and managing debt; 18 f. taxes; 19 g. computing interest rates by various mechanisms; 20 h. simple contracts; 21 i. understanding billing statements; 22 j. types of savings and investments; 23 k. state and federal laws concerning finance; 24 l. financial planning; and 25 m. understanding the present value of money. 26 § 2. This act shall take effect on the one hundred twentieth day after 27 it shall have become a law. Effective immediately, the addition, amend- 28 ment and/or repeal of any rule or regulation necessary for the implemen- 29 tation of this act on its effective date are authorized to be made and 30 completed on or before such effective date. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [] is old law to be omitted. LBD10470-01-3