Bill Text: NY S02382 | 2019-2020 | General Assembly | Introduced

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Bill Title: Requires 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO EDUCATION [S02382 Detail]

Download: New_York-2019-S02382-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          2382
                               2019-2020 Regular Sessions
                    IN SENATE
                                    January 24, 2019
                                       ___________
        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:
     1    Section 1. The education law is amended by adding a new section  814-a
     2  to read as follows:
     3    §  814-a.  Courses of study in consumer awareness and financial educa-
     4  tion. 1. Any school district in the state shall provide,  to  pupils  in
     5  grades  nine  through  twelve,  one full unit of instruction designed to
     6  promote consumer awareness and financial education.
     7    2. The commissioner shall provide technical assistance  to  receive  a
     8  course  or  full unit of instruction in consumer awareness and financial
     9  education.
    10    3. The requirements of this  section  may  be  fulfilled  through  the
    11  finance  unit  of  the  required high school economics or home economics
    12  course or the continuation of  financial  management  courses  currently
    13  being taught in public secondary schools.
    14    4.  The  board  of  education  or  trustees  of the school district is
    15  charged with developing and maintaining a consumer awareness and  finan-
    16  cial  education  program for secondary school pupils that shall include,
    17  but not be limited to, instruction in the following:
    18    a. setting financial goals and developing a budget;
    19    b. understanding basic banking services  such  as  checking  accounts,
    20  savings accounts and certificates of deposit;
    21    c.  understanding  the consumer impact and risks associated with check
    22  cashing and other tools available to consumers for immediate  access  to
    23  funds;
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD08697-01-9
        S. 2382                             2
     1    d.  understanding various investment tools and risks including but not
     2  limited to college savings plans, mutual funds, insurance policies,  the
     3  stock market and other investment types;
     4    e. understanding insurance products and risks including but not limit-
     5  ed  to  life  insurance, auto insurance, health insurance, homeowner and
     6  rental insurance;
     7    f. understanding the use and risk associated with  credit,  borrowing,
     8  credit scoring, and credit card debt;
     9    g.  how  to  manage  debt,  including home, automotive and credit card
    10  debt;
    11    h. how to understand and calculate interest rates;
    12    i. how to understand retirement planning options and  risks  including
    13  but not limited to deferred compensation, social security, IRA, ROTH IRA
    14  and other retirement planning options; and
    15    j.  a review of state agencies and laws to assist consumers in banking
    16  and consumer transactions.
    17    5. The commissioner shall provide assistance for  the  development  of
    18  curricula  for  such courses of study which shall be age appropriate and
    19  developed according to the needs and abilities of  pupils  in  order  to
    20  provide  consumer awareness and financial education, skills, information
    21  and support.
    22    § 2. This act shall take effect one year after it shall have become  a
    23  law.