NY State Senate Bill 2023-S4601

Senate Bill S4601

2023-2024 Legislative Session

Establishes that instruction in financial education be provided to pupils in grades nine, ten, eleven or twelve

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Current 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
May 20, 2024	print number 4601a
May 20, 2024	amend and recommit to education
Jan 03, 2024	referred to education
Feb 13, 2023	referred to education

Bill Amendments

Original

A (Active)

co-Sponsors

2023-S4601 - Details

Current Committee:: Senate Education
Law Section:: Education Law
Laws Affected:: Add §803-c, Ed L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S8198
2019-2020: S2542
2021-2022: S5820
2025-2026: S95

2023-S4601 - Summary

Establishes that instruction in financial education be provided to pupils in grades nine through twelve; establishes what should be included in such curriculum including the basics of financial planning, budgeting, borrowing, interest rates, personal insurance policies, etc.

2023-S4601 - Sponsor Memo

                                 
BILL NUMBER: S4601

SPONSOR: COMRIE
 
TITLE OF BILL:

An act to amend the education law, in relation to establishing a
requirement that instruction in financial education be provided to all
pupils in grades nine, ten, eleven or twelve

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill would require that high school students have financial educa-
tion integrated into their curricula for high school students, including
personal financial planning and budgeting, understanding Of the income
and property tax systems, and understanding state and federal laws
concerning personal and commercial finance.

 
SUMMARY OF SPECIFIC PROVISIONS:

Adds a new section 803-b to the education law which would establishing a
requirement that instruction in financial education be provided to all
pupils in grades nine, ten, eleven or twelve.

 
JUSTIFICATION:

The present times have shown that young adults, more and more, are being
required to be more financially independent in their daily lives, By the
time they leave high school and go to college, many teens already have a
job, pay taxes, have a checking account, a credit card, and some level
of debt. At the same time of this expanding responsibility, there has
not been an increase in the knowledge about finance issues among these
young adults. They may have a checking account and credit card, but do
not fully understand the implications of using both, or even the process
that these financing mechanisms involve. Often times, when asked what a
credit card does, many teens respond that the card offers free money
with which to make purchases, not realizing that it is actually a loan
at a high level of interest. By integrating a more detailed financial
education into the high school curricula (either in existing classes or
by creating new ones), students will be better equipped to understand
how to maintain a personal budget, manage debt, and realize the mechan-
ics and implications of collection and uses of various kinds of taxes.

 
PRIOR LEGISLATIVE HISTORY:

2022 S5820 Comrie/ A731 D Rosenthal

2020 S 2542 COMRIE Same as A 1357 Rosenthal D

201H S 8198 COMRIE Same a A9752 Rosenthal D

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect on the one hundred twentieth day after it
shall have become a law.

2023-S4601 - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4601
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 13, 2023
                                ___________
 
 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  establishing  a
   requirement that instruction in financial education be provided to all
   pupils in grades nine, ten, eleven or twelve

   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  803-c
 to read as follows:
   § 803-C. INSTRUCTION RELATING TO FINANCIAL EDUCATION. 1. ALL PUPILS IN
 GRADES  NINE,  TEN,  ELEVEN OR TWELVE IN ALL PUBLIC SCHOOLS IN THE STATE
 SHALL RECEIVE A COURSE OR FULL UNIT OF INSTRUCTION IN  FINANCIAL  EDUCA-
 TION DELIVERED BY MEANS OF A COMPREHENSIVE FINANCIAL LITERACY PROGRAM.
   2.  THE  REQUIREMENTS  OF  THIS  SECTION  MAY BE FULFILLED THROUGH THE
 FINANCE UNIT OF THE REQUIRED HIGH SCHOOL ECONOMICS COURSE OR THE CONTIN-
 UATION OF FINANCIAL MANAGEMENT COURSES CURRENTLY BEING TAUGHT IN  PUBLIC
 SECONDARY SCHOOLS. ADDITIONAL COURSES ARE ENCOURAGED TO BE DEVELOPED AND
 APPROVED AT THE LOCAL LEVEL.
   3.  THE  BOARD  OF  EDUCATION  OR  TRUSTEES  OF THE SCHOOL DISTRICT IS
 CHARGED WITH DEVELOPING AND MAINTAINING A FINANCIAL LITERACY PROGRAM FOR
 SECONDARY SCHOOL PUPILS THAT SHALL  INCLUDE,  BUT  NOT  BE  LIMITED  TO,
 INSTRUCTION IN THE FOLLOWING:
   A. RECOGNIZING THE RELATIONSHIP BETWEEN FINANCIAL PLANNING AND ATTAIN-
 ING FINANCIAL GOALS;
   B. OPENING AND MAINTAINING BANKING AND CHECKING ACCOUNTS AND ASSESSING
 THE QUALITY OF BANKING SERVICES;
   C. DEVELOPING A PERSONAL BUDGET;
   D. ANALYZING SPENDING, CREDIT PURCHASING, CREDIT SCORING, AND MANAGING
 DEBT, INCLUDING RETAIL AND CREDIT CARD DEBT;
   E. CALCULATING INTEREST RATES BY VARIOUS METHODS;
   F. EVALUATING BORROWING OPTIONS;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04617-01-3

 S. 4601                             2
 
   G. ASSESSING THE IMPLICATIONS OF AN INHERITANCE;
   H.  COMPUTING STATE AND FEDERAL INCOME TAXES, UNDERSTANDING NET VERSUS
 GROSS INCOME AND REQUIRED TAX DEDUCTIONS;
   I. ANALYZING LOCAL TAX ASSESSMENTS;
   J. ASSESSING DIFFERENT TYPES OF INVESTMENTS AND HOW  INVESTMENTS  HELP
 TO ACHIEVE PERSONAL GOALS;
   K.  RECOGNIZING  HOW  INVESTMENTS  HELP  TO  ACHIEVE  FINANCIAL  GOALS
 THROUGHOUT THE STAGES OF AN INDIVIDUAL'S LIFE;
   L. ANALYZING STATE AND FEDERAL LAWS CONCERNING FINANCE;
   M. RECOGNIZING THE BASIC PRINCIPLES OF PERSONAL INSURANCE POLICIES;
   N. ANALYZING REGULATORY AGENCIES AND THEIR ROLE; AND
   O. RECOGNIZING THE IMPORTANCE OF PLANNING FOR RETIREMENT AND ANALYZING
 RETIREMENT PLANNING OPTIONS.
   4. THE COMMISSIONER SHALL PROVIDE ASSISTANCE AT THE LOCAL LEVEL TO AID
 IN THE DEVELOPMENT OF CURRICULA FOR COURSES OF STUDY WHICH SHALL BE  AGE
 APPROPRIATE AND DEVELOPED ACCORDING TO THE NEEDS AND ABILITIES OF PUPILS
 IN GRADES NINE, TEN, ELEVEN OR TWELVE.
   § 2. This act shall take effect on the one hundred twentieth day after
 it shall have become a law.

co-Sponsors

2023-S4601A (ACTIVE) - Details

Current Committee:: Senate Education
Law Section:: Education Law
Laws Affected:: Add §803-c, Ed L
Versions Introduced in Other Legislative Sessions:: 2017-2018: S8198
2019-2020: S2542
2021-2022: S5820
2025-2026: S95

2023-S4601A (ACTIVE) - Summary

2023-S4601A (ACTIVE) - Sponsor Memo

                                 
BILL NUMBER: S4601A

SPONSOR: COMRIE
 
TITLE OF BILL:

An act to amend the education law, in relation to establishing a
requirement that instruction in financial education be provided to all
pupils in grades nine, ten, eleven or twelve

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill will require financial literacy instruction to high school
students at any time during their high school tenure, developed and
maintained by the district's board.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1 Adds a new section 803-b to the education law to require high
school students have financial education integrated into their curricula
for high school students, including personal finance, budgeting, under-
standing income and property tax systems, personal and insurance poli-
cies and commercial finance.

Section 2 is the effective date.

 
JUSTIFICATION:

The present times have shown that young adults, more and more, are being
required to be more financially independent in their daily lives. By the
time they leave high school and go to college, many teens already have a
job, pay taxes, have a checking account, a credit card, and some level
of debt. At the same time of this expanding responsibility, there has
not been an increase in the knowledge about finance issues among these
young adults. They may have a checking account and credit card, but do
not fully understand the implications of using both, or even the process
that these financing mechanisms involve. Often, when asked what a credit
card does, many teens respond that the card offers free money with which
to make purchases, not realizing that it is actually a loan at a high
level of interest. By integrating a more detailed financial education
into the high school curricula (either in existing classes or by creat-
ing new ones), students will be better equipped to understand how to
maintain a personal budget, manage debt, and realize the mechanics and
implications of collection and uses of various kinds of taxes.

 
AMENDED VERSION:

Amended to include information on recognizing the basic information of
personal insurance policies

 
PRIOR LEGISLATIVE HISTORY:

2005-2016: Referred to Education

2017: A1174-Referred to Education

2018: A9752-Referred to Education

2020: A1357-Referred to Education

2023: A5430-Referred to Education

2023: A5430-Stricken

2024: A8216-Referred to Education

2024: A8216A- Amended

 
FISCAL IMPLICATIONS:

None.

 
EFFECTIVE DATE:
This act shall take effect on the one hundred twentieth day after it
shall have become a law.

2023-S4601A (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                  4601--A
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 13, 2023
                                ___________
 
 Introduced  by Sens. COMRIE, HARCKHAM -- 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 establishing a
   requirement that instruction in financial education be provided to all
   pupils in grades nine, ten, eleven or twelve
 
   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 803-c
 to read as follows:
   § 803-C. INSTRUCTION RELATING TO FINANCIAL EDUCATION. 1. ALL PUPILS IN
 GRADES NINE, TEN, ELEVEN OR TWELVE IN ALL PUBLIC SCHOOLS  IN  THE  STATE
 SHALL  RECEIVE  A COURSE OR FULL UNIT OF INSTRUCTION IN FINANCIAL EDUCA-
 TION DELIVERED BY MEANS OF A COMPREHENSIVE FINANCIAL LITERACY PROGRAM.
   2. THE REQUIREMENTS OF THIS  SECTION  MAY  BE  FULFILLED  THROUGH  THE
 FINANCE UNIT OF THE REQUIRED HIGH SCHOOL ECONOMICS COURSE OR THE CONTIN-
 UATION  OF FINANCIAL MANAGEMENT COURSES CURRENTLY BEING TAUGHT IN PUBLIC
 SECONDARY SCHOOLS. ADDITIONAL COURSES ARE ENCOURAGED TO BE DEVELOPED AND
 APPROVED AT THE LOCAL LEVEL.
   3. THE BOARD OF EDUCATION  OR  TRUSTEES  OF  THE  SCHOOL  DISTRICT  IS
 CHARGED WITH DEVELOPING AND MAINTAINING A FINANCIAL LITERACY PROGRAM FOR
 SECONDARY  SCHOOL  PUPILS  THAT  SHALL  INCLUDE,  BUT NOT BE LIMITED TO,
 INSTRUCTION IN THE FOLLOWING:
   A. RECOGNIZING THE RELATIONSHIP BETWEEN FINANCIAL PLANNING AND ATTAIN-
 ING FINANCIAL GOALS;
   B. OPENING AND MAINTAINING BANKING AND CHECKING ACCOUNTS AND ASSESSING
 THE QUALITY OF BANKING SERVICES;
   C. DEVELOPING A PERSONAL BUDGET;
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD04617-05-4
 S. 4601--A                          2

 
   D. ANALYZING SPENDING, CREDIT PURCHASING, CREDIT SCORING, AND MANAGING
 DEBT, INCLUDING RETAIL AND CREDIT CARD DEBT;
   E. CALCULATING INTEREST RATES BY VARIOUS METHODS;
   F. EVALUATING BORROWING OPTIONS;
   G. ASSESSING THE IMPLICATIONS OF AN INHERITANCE;
   H.  COMPUTING STATE AND FEDERAL INCOME TAXES, UNDERSTANDING NET VERSUS
 GROSS INCOME AND REQUIRED TAX DEDUCTIONS;
   I. ANALYZING LOCAL TAX ASSESSMENTS;
   J. ASSESSING DIFFERENT TYPES OF INVESTMENTS AND HOW  INVESTMENTS  HELP
 TO ACHIEVE PERSONAL GOALS;
   K.  RECOGNIZING  HOW  INVESTMENTS  HELP  TO  ACHIEVE  FINANCIAL  GOALS
 THROUGHOUT THE STAGES OF AN INDIVIDUAL'S LIFE;
   L. ANALYZING STATE AND FEDERAL LAWS CONCERNING FINANCE;
   M. RECOGNIZING THE BASIC PRINCIPLES OF PERSONAL INSURANCE POLICIES;
   N. ANALYZING REGULATORY AGENCIES AND THEIR ROLE;
   O. RECOGNIZING THE IMPORTANCE OF PLANNING FOR RETIREMENT AND ANALYZING
 RETIREMENT PLANNING OPTIONS; AND
   P. RECOGNIZING THE IMPORTANCE OF INSURANCE AS AN ESSENTIAL ELEMENT  OF
 FINANCIAL SECURITY.
   4. THE COMMISSIONER SHALL PROVIDE ASSISTANCE AT THE LOCAL LEVEL TO AID
 IN  THE DEVELOPMENT OF CURRICULA FOR COURSES OF STUDY WHICH SHALL BE AGE
 APPROPRIATE AND DEVELOPED ACCORDING TO THE NEEDS AND ABILITIES OF PUPILS
 IN GRADES NINE, TEN, ELEVEN OR TWELVE.
   § 2. This act shall take effect on the one hundred twentieth day after
 it shall have become a law.

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Senate Bill S4601

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Sponsored By

Leroy Comrie

Current Bill Status - In Senate Committee Education Committee

Bill Amendments

co-Sponsors

Pete Harckham

2023-S4601 - Details

2023-S4601 - Summary

2023-S4601 - Sponsor Memo

2023-S4601 - Bill Text download pdf

co-Sponsors

Pete Harckham

2023-S4601A (ACTIVE) - Details

2023-S4601A (ACTIVE) - Summary

2023-S4601A (ACTIVE) - Sponsor Memo

2023-S4601A (ACTIVE) - Bill Text download pdf

Comments