Florida Senate - 2017                                     SB 392
       
       
        
       By Senator Hukill
       
       14-00058-17                                            2017392__
    1                        A bill to be entitled                      
    2         An act relating to high school graduation
    3         requirements; amending s. 1003.41, F.S.; revising the
    4         requirements for the Next Generation Sunshine State
    5         Standards to include financial literacy; amending s.
    6         1003.4282, F.S.; revising the required credits for a
    7         standard high school diploma to include one-half
    8         credit of instruction in personal financial literacy
    9         and money management and seven and one-half, rather
   10         than eight, credits in electives; providing an
   11         effective date.
   12  
   13         WHEREAS, many young people in this state graduate from high
   14  school without having a basic knowledge of financial literacy
   15  and money management, and
   16         WHEREAS, the Legislature finds that, in light of the recent
   17  economic challenges nationwide, sound financial management
   18  skills are vitally important to all Floridians, particularly
   19  high school students, and
   20         WHEREAS, the Legislature also finds that requiring
   21  educational instruction in financial literacy and money
   22  management as a prerequisite to high school graduation will
   23  better prepare young people in this state for adulthood by
   24  providing them with the requisite knowledge to achieve financial
   25  stability and independence, and
   26         WHEREAS, adoption of this act, which may be cited as the
   27  “Personal Financial Literacy Education Act,” will make Florida
   28  the 18th state in the nation to require financial literacy
   29  instruction as a prerequisite for high school graduation and a
   30  standard high school diploma, NOW, THEREFORE,
   31  
   32  Be It Enacted by the Legislature of the State of Florida:
   33  
   34         Section 1. Paragraph (f) is added to subsection (2) of
   35  section 1003.41, Florida Statutes, to read:
   36         1003.41 Next Generation Sunshine State Standards.—
   37         (2) Next Generation Sunshine State Standards must meet the
   38  following requirements:
   39         (f) Effective for students entering grade 9 in the 2017
   40  2018 school year and thereafter, financial literacy standards
   41  must establish specific curricular content for, at a minimum,
   42  personal financial literacy and money management. Financial
   43  literacy includes instruction in the areas specified in s.
   44  1003.4282(3)(h).
   45         Section 2. Paragraphs (d) and (g) of subsection (3) of
   46  section 1003.4282, Florida Statutes, are amended, and paragraph
   47  (h) is added to that subsection, to read:
   48         1003.4282 Requirements for a standard high school diploma.—
   49         (3) STANDARD HIGH SCHOOL DIPLOMA; COURSE AND ASSESSMENT
   50  REQUIREMENTS.—
   51         (d) Three credits in social studies.—Beginning with
   52  students entering grade 9 in the 2017-2018 school year, a
   53  student must earn one credit in United States History,; one
   54  credit in World History,; one-half credit in economics, which
   55  must include financial literacy; and one-half credit in United
   56  States Government. The United States History EOC assessment
   57  constitutes 30 percent of the student’s final course grade.
   58         (g) Seven and one-half Eight credits in electives.
   59  Beginning with students entering grade 9 in the 2017-2018 school
   60  year, each school district shall School districts must develop
   61  and offer coordinated electives so that a student may develop
   62  knowledge and skills in his or her area of interest, such as
   63  electives with a STEM or liberal arts focus. Such electives must
   64  include opportunities for students to earn college credit,
   65  including industry-certified career education programs or series
   66  of career-themed courses that result in industry certification
   67  or articulate into the award of college credit, or career
   68  education courses for which there is a statewide or local
   69  articulation agreement and which lead to college credit.
   70         (h) One-half credit in personal financial literacy.
   71  Beginning with students entering grade 9 in the 2017-2018 school
   72  year, each student shall take one-half credit in personal
   73  financial literacy and money management. This instruction must
   74  include discussion of or instruction in the following:
   75         1. Types of bank accounts offered, opening and managing a
   76  bank account, and assessing the quality of a depository
   77  institution’s services.
   78         2. Balancing a checkbook.
   79         3. Basic principles of money management, such as spending,
   80  credit, credit scores, and managing debt, including retail and
   81  credit card debt.
   82         4. Completing a loan application.
   83         5. Receiving an inheritance and related implications.
   84         6. Basic principles of personal insurance policies.
   85         7. Computing federal income taxes.
   86         8. Local tax assessments.
   87         9. Computing interest rates by various mechanisms.
   88         10. Simple contracts.
   89         11. Contesting an incorrect billing statement.
   90         12. Types of savings and investments.
   91         13. State and federal laws concerning finance.
   92         Section 3. This act shall take effect July 1, 2017.