CS for SB 392 Second Engrossed 2017392e2 1 A bill to be entitled 2 An act relating to high school graduation 3 requirements; providing a short title; amending s. 4 1003.41, F.S.; revising the requirements for the Next 5 Generation Sunshine State Standards to include 6 financial literacy; amending s. 1003.4282, F.S.; 7 revising the required credits for a standard high 8 school diploma to include one-half credit of 9 instruction in personal financial literacy and money 10 management and seven and one-half, rather than eight, 11 credits in electives; providing an 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. This act may be cited as the “Dorothy L. Hukill 35 Financial Literacy Education Act.” 36 Section 2. Paragraph (d) of subsection (2) of section 37 1003.41, Florida Statutes, is amended and paragraph (f) is added 38 to that subsection, to read: 39 1003.41 Next Generation Sunshine State Standards.— 40 (2) Next Generation Sunshine State Standards must meet the 41 following requirements: 42 (d) Social Studies standards must establish specific 43 curricular content for, at a minimum, geography, United States 44 and world history, government, civics, humanities, and 45 economics, including financial literacy. Financial literacy 46 includes the knowledge, understanding, skills, behaviors, 47 attitudes, and values that will enable a student to make 48 responsible and effective financial decisions on a daily basis. 49 Financial literacy instruction shall be an integral part of 50 instruction throughout the entire economics course and include 51 information regarding earning income; buying goods and services; 52 saving and financial investing; taxes; the use of credit and 53 credit cards; budgeting and debt management, including student 54 loans and secured loans; banking and financial services; 55 planning for one’s financial future, including higher education 56 and career planning; credit reports and scores; and fraud and 57 identity theft prevention. The requirements for financial 58 literacy specified under this paragraph do not apply to students 59 entering grade 9 in the 2017-2018 school year and thereafter. 60 (f) Effective for students entering grade 9 in the 2017 61 2018 school year and thereafter, financial literacy standards 62 must establish specific curricular content for, at a minimum, 63 personal financial literacy and money management. Financial 64 literacy includes instruction in the areas specified in s. 65 1003.4282(3)(h). 66 Section 3. Paragraphs (d) and (g) of subsection (3) of 67 section 1003.4282, Florida Statutes, are amended, and paragraph 68 (h) is added to that subsection, to read: 69 1003.4282 Requirements for a standard high school diploma.— 70 (3) STANDARD HIGH SCHOOL DIPLOMA; COURSE AND ASSESSMENT 71 REQUIREMENTS.— 72 (d) Three credits in social studies.—A student must earn 73 one credit in United States History; one credit in World 74 History; one-half credit in economics, which must include 75 financial literacy; and one-half credit in United States 76 Government. The United States History EOC assessment constitutes 77 30 percent of the student’s final course grade. However, for a 78 student entering grade 9 in the 2017-2018 school year or 79 thereafter, financial literacy is not a required component of 80 the one-half credit in economics. 81 (g)
EightCredits in Electives.—School districts must 82 develop and offer coordinated electives so that a student may 83 develop knowledge and skills in his or her area of interest, 84 such as electives with a STEM or liberal arts focus. Such 85 electives must include opportunities for students to earn 86 college credit, including industry-certified career education 87 programs or series of career-themed courses that result in 88 industry certification or articulate into the award of college 89 credit, or career education courses for which there is a 90 statewide or local articulation agreement and which lead to 91 college credit. A student entering grade 9 before the 2017-2018 92 school year must earn eight credits in electives. A student 93 entering grade 9 in the 2017-2018 school year or thereafter must 94 earn seven and one-half credits in electives. 95 (h) One-half credit in personal financial literacy. 96 Beginning with students entering grade 9 in the 2017-2018 school 97 year, each student shall earn one-half credit in personal 98 financial literacy and money management. This instruction must 99 include discussion of or instruction in the following: 100 1. Types of bank accounts offered, opening and managing a 101 bank account, and assessing the quality of a depository 102 institution’s services. 103 2. Balancing a checkbook. 104 3. Basic principles of money management, such as spending, 105 credit, credit scores, and managing debt, including retail and 106 credit card debt. 107 4. Completing a loan application. 108 5. Receiving an inheritance and related implications. 109 6. Basic principles of personal insurance policies. 110 7. Computing federal income taxes. 111 8. Local tax assessments. 112 9. Computing interest rates by various mechanisms. 113 10. Simple contracts. 114 11. Contesting an incorrect billing statement. 115 12. Types of savings and investments. 116 13. State and federal laws concerning finance. 117 Section 4. This act shall take effect July 1, 2017.