S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8459
 
                             I N  S E N A T E
 
                                May 8, 2018
                                ___________
 
 Introduced  by  Sen.  COMRIE -- 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 courses  of  study  in
   consumer awareness and financial education
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section 1. The education law is amended by adding a new section  814-a
 to read as follows:
   §  814-A.  COURSES OF STUDY IN CONSUMER AWARENESS AND FINANCIAL EDUCA-
 TION. 1. ANY SCHOOL DISTRICT IN THE STATE SHALL PROVIDE,  TO  PUPILS  IN
 GRADES  NINE  THROUGH  TWELVE,  ONE FULL UNIT OF INSTRUCTION DESIGNED TO
 PROMOTE CONSUMER AWARENESS AND FINANCIAL EDUCATION.
   2. THE COMMISSIONER SHALL PROVIDE TECHNICAL ASSISTANCE  TO  RECEIVE  A
 COURSE  OR  FULL UNIT OF INSTRUCTION IN CONSUMER AWARENESS AND FINANCIAL
 EDUCATION.
   3. THE REQUIREMENTS OF THIS  SECTION  MAY  BE  FULFILLED  THROUGH  THE
 FINANCE  UNIT  OF  THE  REQUIRED HIGH SCHOOL ECONOMICS OR HOME ECONOMICS
 COURSE OR THE CONTINUATION OF  FINANCIAL  MANAGEMENT  COURSES  CURRENTLY
 BEING TAUGHT IN PUBLIC SECONDARY SCHOOLS.
   4.  THE  BOARD  OF  EDUCATION  OR  TRUSTEES  OF THE SCHOOL DISTRICT IS
 CHARGED WITH DEVELOPING AND MAINTAINING A CONSUMER AWARENESS AND  FINAN-
 CIAL  EDUCATION  PROGRAM FOR SECONDARY SCHOOL PUPILS THAT SHALL INCLUDE,
 BUT NOT BE LIMITED TO, INSTRUCTION IN THE FOLLOWING:
   A. SETTING FINANCIAL GOALS AND DEVELOPING A BUDGET;
   B. UNDERSTANDING BASIC BANKING SERVICES  SUCH  AS  CHECKING  ACCOUNTS,
 SAVINGS ACCOUNTS AND CERTIFICATES OF DEPOSIT;
   C.  UNDERSTANDING  THE CONSUMER IMPACT AND RISKS ASSOCIATED WITH CHECK
 CASHING AND OTHER TOOLS AVAILABLE TO CONSUMERS FOR IMMEDIATE  ACCESS  TO
 FUNDS;
   D.  UNDERSTANDING VARIOUS INVESTMENT TOOLS AND RISKS INCLUDING BUT NOT
 LIMITED TO COLLEGE SAVINGS PLANS, MUTUAL FUNDS, INSURANCE POLICIES,  THE
 STOCK MARKET AND OTHER INVESTMENT TYPES;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD13463-01-7
              

 S. 8459                             2
 
   E. UNDERSTANDING INSURANCE PRODUCTS AND RISKS INCLUDING BUT NOT LIMIT-
 ED  TO  LIFE  INSURANCE, AUTO INSURANCE, HEALTH INSURANCE, HOMEOWNER AND
 RENTAL INSURANCE;
   F.  UNDERSTANDING  THE USE AND RISK ASSOCIATED WITH CREDIT, BORROWING,
 CREDIT SCORING, AND CREDIT CARD DEBT;
   G. HOW TO MANAGE DEBT, INCLUDING  HOME,  AUTOMOTIVE  AND  CREDIT  CARD
 DEBT;
   H. HOW TO UNDERSTAND AND CALCULATE INTEREST RATES;
   I.  HOW  TO UNDERSTAND RETIREMENT PLANNING OPTIONS AND RISKS INCLUDING
 BUT NOT LIMITED TO DEFERRED COMPENSATION, SOCIAL SECURITY, IRA, ROTH IRA
 AND OTHER RETIREMENT PLANNING OPTIONS; AND
   J. A REVIEW OF STATE AGENCIES AND LAWS TO ASSIST CONSUMERS IN  BANKING
 AND CONSUMER TRANSACTIONS.
   5.  THE  COMMISSIONER  SHALL PROVIDE ASSISTANCE FOR THE DEVELOPMENT OF
 CURRICULA FOR SUCH COURSES OF STUDY WHICH SHALL BE AGE  APPROPRIATE  AND
 DEVELOPED  ACCORDING  TO  THE  NEEDS AND ABILITIES OF PUPILS IN ORDER TO
 PROVIDE CONSUMER AWARENESS AND FINANCIAL EDUCATION, SKILLS,  INFORMATION
 AND SUPPORT.
   §  2. This act shall take effect one year after it shall have become a
 law.