Senate Bill S9644

2023-2024 Legislative Session

Establishes a course of study in financial education for certain students

download bill text pdf

Sponsored By

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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2023-S9644 (ACTIVE) - Details

See Assembly Version of this Bill:
A6217
Current Committee:
Senate Education
Law Section:
Education Law
Laws Affected:
Add §803-c, Ed L

2023-S9644 (ACTIVE) - Summary

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.

2023-S9644 (ACTIVE) - Sponsor Memo

2023-S9644 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   9644
 
                             I N  S E N A T E
 
                               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:

   Section 1. The education law is amended by adding a new section  803-c
 to read as follows:
   §  803-C.  COURSES  OF  STUDY IN FINANCIAL EDUCATION. 1. ALL PUPILS IN
 GRADES NINE, TEN, ELEVEN AND  TWELVE  SHALL  BE  OFFERED  A  HALF-CREDIT
 COURSE  IN  FINANCIAL  EDUCATION  DELIVERED  BY MEANS OF A COMPREHENSIVE
 FINANCIAL LITERACY PROGRAM.
   2. THE COMMISSIONER, IN CONSULTATION WITH THE DEPARTMENT OF  FINANCIAL
 SERVICES, SHALL DEVELOP A CURRICULUM FOR THE STUDY OF FINANCIAL LITERACY
 PURSUANT  TO  SUBDIVISION  ONE  OF  THIS  SECTION. SUCH CURRICULUM SHALL
 INCLUDE, BUT NOT BE LIMITED TO, INSTRUCTION IN THE FOLLOWING:
   A. OPENING AND MAINTAINING AN ACCOUNT AT A FINANCIAL INSTITUTION;
   B. TYPES OF FINANCIAL PRODUCTS OFFERED INCLUDING INSURANCE;
   C. UNDERSTANDING  LOANS  INCLUDING  AUTO  LOANS,  STUDENT  LOANS,  AND
 PERSONAL LOANS;
   D. ON-GOING MONITORING OF EXPENDITURES AND DEPOSITS;
   E.  BASIC  PRINCIPLES  OF  MONEY MANAGEMENT, SUCH AS SPENDING, CREDIT,
 CREDIT SCORES, AND MANAGING DEBT;
   F. TAXES;
   G. COMPUTING INTEREST RATES BY VARIOUS MECHANISMS;
   H. SIMPLE CONTRACTS;
   I. UNDERSTANDING BILLING STATEMENTS;
   J. TYPES OF SAVINGS AND INVESTMENTS;
   K. STATE AND FEDERAL LAWS CONCERNING FINANCE;
   L. FINANCIAL PLANNING; AND
   M. UNDERSTANDING THE PRESENT VALUE OF MONEY.
   § 2. This act shall take effect on the one hundred twentieth day after
 it shall have become a law. Effective immediately, the addition,  amend-
 ment and/or repeal of any rule or regulation necessary for the implemen-
 tation  of  this act on its effective date are authorized to be made and
 completed on or before such effective date.

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