TO AMEND SECTION 59-29-410, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO INSTRUCTIONAL TOPICS REQUIRED IN HIGH SCHOOL FINANCIAL LITERACY PROGRAMS, SO AS TO ALSO REQUIRE INSTRUCTION ON THE TOPICS OF COLLEGE AND EDUCATION LOANS, KEY LOAN TERMS, MONTHLY PAYMENT OBLIGATIONS, REPAYMENT OPTIONS, CREDIT, AND EDUCATION LOAN DEBT.

Be it enacted by the General Assembly of the State of South Carolina:

SECTION    1.    Section 59-29-410(B) of the 1976 Code is amended to read:

"(B)    The financial literacy program shall include, but not be limited to, instruction in the following areas:

(1)    opening a deposit account and assessing the quality of a depository institution's services;

(2)    balancing a check book;

(3)    spending, credit, credit scoring, and managing debt, including retail and credit card debt;

(4)    completing a loan application;

(5)    the implications of an inheritance;

(6)    the basic principles of personal insurance policies;

(7)    computing state and federal income taxes;

(8)    local tax assessments;

(9)    computing interest rates by various mechanisms;

(10)    understanding simple contracts;

(11)    contesting an incorrect billing statement;

(12)    savings and investing; and

(13)    state and federal laws concerning finance; and

(14)    college and education loans, key loan terms, monthly payment obligations, repayment options, credit, and education loan debt."

SECTION    2.    This act takes effect upon approval by the Governor.