NY State Senate Bill 2015-S2899A

Senate Bill S2899A

2015-2016 Legislative Session

Provides that juniors and seniors at secondary schools must take a financial literacy and personal finances course

download bill text pdf

Archive: Last Bill Status - In Senate Committee Education Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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Actions

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 28, 2016	print number 2899a
Jan 28, 2016	amend and recommit to education
Jan 06, 2016	referred to education
Jan 30, 2015	referred to education

Bill Amendments

Original

A (Active)

2015-S2899 - Details

See Assembly Version of this Bill:: A9238
Current Committee:: Senate Education
Law Section:: Education Law
Laws Affected:: Amd §305, Ed L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S6345
2011-2012: S1525, A9802
2013-2014: S3040, A4142, A1505
2017-2018: S8460, A4620
2019-2020: S2400, A4684
2021-2022: S5827
2023-2024: S4860

2015-S2899 - Summary

Provides that juniors and seniors at secondary schools must take a financial literacy and personal finances course.

2015-S2899 - Sponsor Memo

                                BILL NUMBER:S2899

TITLE OF BILL:

An act to amend the education law, in relation to requiring secondary
school students to complete a financial literacy and personal finances
course

PURPOSE OR GENERAL IDEA OF BILL:

Provides that juniors and seniors at secondary schools must take a
financial literacy and personal finances 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
subdivision 44 to authorize the Commissioner of Education to develop a
course or courses in financial literacy and personal finances. Such
course in financial literacy shall be completed by juniors or seniors
in secondary schools. The course shall include, but need not be
limited to, instruction on obtaining and using checking, debit and
savings accounts, understanding the use of credit and credit cards for
both large and small purchases, investing, saving, and planning for
retirement.

Section 2: Effective Date

JUSTIFICATION:

In certain instances, the lack of financial literacy and a working
knowledge about personal finances may lead many unsuspecting
individuals to enter into home or condo purchases, auto loans,
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
2012: S. 1525 Referred to Education A.9802 (Reastie) Ref. to Education
2014: S. 3040 Referred to Education A.  4142 Referred to Education.

FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

None.

EFFECTIVE DATE:

This act shall take effect September 1 the year after it shall have
become law.

2015-S2899 - Bill Text download pdf

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

                                  2899

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 30, 2015
                               ___________

Introduced  by  Sen.  KLEIN  -- 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  requiring  secondary
  school students to complete a financial literacy and personal finances
  course

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

  Section 1. Section 305 of the education law is amended by adding a new
subdivision 53 to read as follows:
  53. THE COMMISSIONER IS AUTHORIZED AND DIRECTED TO DEVELOP  A  CONCISE
COURSE  OF  INSTRUCTION IN FINANCIAL LITERACY AND PERSONAL FINANCES, AND
REQUIRE THAT SUCH COURSE BE COMPLETED BY PUPILS  IN  GRADES  ELEVEN  AND
TWELVE.  SUCH COURSE OF INSTRUCTION MAY BE INCORPORATED INTO OTHER CLASS
WORK OR COURSES OF INSTRUCTION PROVIDED TO SUCH PUPILS.   THE  FINANCIAL
LITERACY  COURSE  MAY INCLUDE, BUT NEED NOT BE LIMITED TO INSTRUCTION ON
USING CHECKING AND SAVINGS ACCOUNTS, OBTAINING SHORT OR LONG TERM  CRED-
IT,  SECURING  A  LOAN  FOR HIGH COST ITEMS SUCH AS A MOTOR VEHICLE OR A
HOME, OBTAINING AND USING CREDIT AND DEBIT CARDS, INVESTING  AND  SAVING
MONEY, AND PLANNING FOR RETIREMENT.
  S  2.  This  act  shall  take  effect on the first of September in the
calendar year commencing after the date it shall have become a law;  and
the  commissioner of education is immediately authorized and directed to
promulgate, amend and/or repeal any rules and regulations  necessary  to
implement the provisions of this act on its effective date.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03943-01-5

2015-S2899A (ACTIVE) - Details

See Assembly Version of this Bill:: A9238
Current Committee:: Senate Education
Law Section:: Education Law
Laws Affected:: Amd §305, Ed L
Versions Introduced in Other Legislative Sessions:: 2009-2010: S6345
2011-2012: S1525, A9802
2013-2014: S3040, A4142, A1505
2017-2018: S8460, A4620
2019-2020: S2400, A4684
2021-2022: S5827
2023-2024: S4860

2015-S2899A (ACTIVE) - Summary

Provides that juniors and seniors at secondary schools must take a financial literacy and personal finances course.

2015-S2899A (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S2899A

 TITLE OF BILL :

An act to amend the education law, in relation to requiring secondary
school students to complete a financial literacy and personal finances
course

 PURPOSE OR GENERAL IDEA OF BILL :

Provides that juniors and seniors at secondary schools must take a
financial literacy and personal finances course or be given course
materials in other already existing classes to better prepare
themselves to prudently manage their finances in the future. Such
information can be incorporated in already existing classes to reduce
any burden placed on requiring additional mandates on the school day.

 SUMMARY OF SPECIFIC PROVISIONS :

Section 1. Education Law Section 305 is amended by adding a new
subdivision 55 to authorize the Commissioner of Education to develop a
course or courses in financial literacy and personal finances. Such
course in financial literacy can be completed by juniors or seniors in
secondary schools. The course can include, but need not be limited to,
instruction on obtaining and using checking, debit and savings
accounts, understanding the use of credit and credit cards for both

large and small purchases, investing, saving, and planning for
retirement. In addition, the instruction of financial literacy, if not
offered in one class, could be offered in an integrated manner in
other already existing course work to minimize any burdens placed on
adding additional required course work during the school day. This
amendment made in 2016 was done to conform to Chapter Laws that were
enacted in 2015.

Section 2: Effective Date

 JUSTIFICATION :

In certain instances, the lack of financial literacy and a working
knowledge about personal finances may lead many unsuspecting
individuals to enter into home or condo purchases, auto loans,
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
2012: S.1525 Referred to Education A.9802 (Heastie) Ref. to Education
2014: S.3040 Referred to Education A.4142 Referred to Education.

 FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS :

None.

 EFFECTIVE DATE :
This act shall take effect September 1 the year after it shall have
become law.

2015-S2899A (ACTIVE) - Bill Text download pdf

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

                                 2899--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                            January 30, 2015
                               ___________

Introduced  by  Sen.  KLEIN  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Education  --  recommitted
  to the Committee on Education in accordance with Senate Rule 6, sec. 8
  --  committee  discharged,  bill amended, ordered reprinted as amended
  and recommitted to said committee

AN ACT to amend the education law, in relation  to  requiring  secondary
  school students to complete a financial literacy and personal finances
  course

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

  Section 1. Section 305 of the education law is amended by adding a new
subdivision 55 to read as follows:
  55. THE COMMISSIONER IS AUTHORIZED AND DIRECTED TO DEVELOP  A  CONCISE
COURSE  OF  INSTRUCTION IN FINANCIAL LITERACY AND PERSONAL FINANCES, AND
REQUIRE THAT SUCH COURSE BE COMPLETED BY PUPILS  IN  GRADES  ELEVEN  AND
TWELVE.  SUCH COURSE OF INSTRUCTION MAY BE INCORPORATED INTO OTHER CLASS
WORK OR COURSES OF INSTRUCTION PROVIDED TO SUCH PUPILS.   THE  FINANCIAL
LITERACY  COURSE  MAY INCLUDE, BUT NEED NOT BE LIMITED TO INSTRUCTION ON
USING CHECKING AND SAVINGS ACCOUNTS, OBTAINING SHORT OR LONG TERM  CRED-
IT,  SECURING  A  LOAN  FOR HIGH COST ITEMS SUCH AS A MOTOR VEHICLE OR A
HOME, OBTAINING AND USING CREDIT AND DEBIT CARDS, INVESTING  AND  SAVING
MONEY, AND PLANNING FOR RETIREMENT.
  S  2.  This  act  shall  take  effect on the first of September in the
calendar year commencing after the date it shall have become a law;  and
the  commissioner of education is immediately authorized and directed to
promulgate, amend and/or repeal any rules and regulations  necessary  to
implement the provisions of this act on its effective date.


 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD03943-03-6

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