Florida Senate - 2017 SENATOR AMENDMENT Bill No. CS/HB 833, 1st Eng. Ì480300\Î480300 LEGISLATIVE ACTION Senate . House . . . Floor: 2/AD/2R . 05/04/2017 05:08 PM . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— Senator Hukill moved the following: 1 Senate Amendment (with title amendment) 2 3 Between lines 221 and 222 4 insert: 5 Section 8. The amendments made by this act to ss. 1003.41 6 and 1003.4284, Florida Statutes, may be cited as the “Dorothy L. 7 Hukill Financial Literacy Education Act.” 8 Section 9. Paragraph (d) of subsection (2) of section 9 1003.41, Florida Statutes, is amended, and paragraph (f) is 10 added to that subsection, to read: 11 1003.41 Next Generation Sunshine State Standards.— 12 (2) Next Generation Sunshine State Standards must meet the 13 following requirements: 14 (d) Social Studies standards must establish specific 15 curricular content for, at a minimum, geography, United States 16 and world history, government, civics, humanities, and 17 economics, including financial literacy. Financial literacy 18 includes the knowledge, understanding, skills, behaviors, 19 attitudes, and values that will enable a student to make 20 responsible and effective financial decisions on a daily basis. 21 Financial literacy instruction shall be an integral part of 22 instruction throughout the entire economics course and include 23 information regarding earning income; buying goods and services; 24 saving and financial investing; taxes; the use of credit and 25 credit cards; budgeting and debt management, including student 26 loans and secured loans; banking and financial services; 27 planning for one’s financial future, including higher education 28 and career planning; credit reports and scores; and fraud and 29 identity theft prevention. The requirements for financial 30 literacy specified under this paragraph do not apply to students 31 entering grade 9 in the 2017-2018 school year and thereafter. 32 (f) Effective for students entering grade 9 in the 2017 33 2018 school year and thereafter, financial literacy standards 34 must establish specific curricular content for, at a minimum, 35 personal financial literacy and money management. Financial 36 literacy includes instruction in the areas specified in s. 37 1003.4282(3)(h). 38 Section 10. Paragraphs (d) and (g) of subsection (3) of 39 section 1003.4282, Florida Statutes, are amended, and paragraph 40 (h) is added to that subsection, to read: 41 1003.4282 Requirements for a standard high school diploma.— 42 (3) STANDARD HIGH SCHOOL DIPLOMA; COURSE AND ASSESSMENT 43 REQUIREMENTS.— 44 (d) Three credits in social studies.—A student must earn 45 one credit in United States History; one credit in World 46 History; one-half credit in economics, which must include 47 financial literacy; and one-half credit in United States 48 Government. The United States History EOC assessment constitutes 49 30 percent of the student’s final course grade. However, for a 50 student entering grade 9 in the 2017-2018 school year or 51 thereafter, financial literacy is not a required component of 52 the one-half credit in economics. 53 (g)EightCredits in Electives.—School districts must 54 develop and offer coordinated electives so that a student may 55 develop knowledge and skills in his or her area of interest, 56 such as electives with a STEM or liberal arts focus. Such 57 electives must include opportunities for students to earn 58 college credit, including industry-certified career education 59 programs or series of career-themed courses that result in 60 industry certification or articulate into the award of college 61 credit, or career education courses for which there is a 62 statewide or local articulation agreement and which lead to 63 college credit. A student entering grade 9 before the 2017-2018 64 school year must earn eight credits in electives. A student 65 entering grade 9 in the 2017-2018 school year or thereafter must 66 earn seven and one-half credits in electives. 67 (h) One-half credit in personal financial literacy. 68 Beginning with students entering grade 9 in the 2017-2018 school 69 year, each student shall earn one-half credit in personal 70 financial literacy and money management. This instruction must 71 include discussion of or instruction in the following: 72 1. Types of bank accounts offered, opening and managing a 73 bank account, and assessing the quality of a depository 74 institution’s services. 75 2. Balancing a checkbook. 76 3. Basic principles of money management, such as spending, 77 credit, credit scores, and managing debt, including retail and 78 credit card debt. 79 4. Completing a loan application. 80 5. Receiving an inheritance and related implications. 81 6. Basic principles of personal insurance policies. 82 7. Computing federal income taxes. 83 8. Local tax assessments. 84 9. Computing interest rates by various mechanisms. 85 10. Simple contracts. 86 11. Contesting an incorrect billing statement. 87 12. Types of savings and investments. 88 13. State and federal laws concerning finance. 89 90 ================= T I T L E A M E N D M E N T ================ 91 And the title is amended as follows: 92 Delete lines 21 - 22 93 and insert: 94 cross-references to changes made by the act; providing 95 a short title; amending s. 1003.41, F.S.; revising the 96 requirements for the Next Generation Sunshine State 97 Standards to include financial literacy; amending s. 98 1003.4282, F.S.; revising the required credits for a 99 standard high school diploma to include one-half 100 credit of instruction in personal financial literacy 101 and money management and seven and one-half, rather 102 than eight, credits in electives; providing an 103 effective date. 104 105 WHEREAS, many young people in this state graduate from high 106 school without having a basic knowledge of financial literacy 107 and money management, and 108 WHEREAS, the Legislature finds that, in light of the recent 109 economic challenges nationwide, sound financial management 110 skills are vitally important to all Floridians, particularly 111 high school students, and 112 WHEREAS, the Legislature also finds that requiring 113 educational instruction in financial literacy and money 114 management as a prerequisite to high school graduation will 115 better prepare young people in this state for adulthood by 116 providing them with the requisite knowledge to achieve financial 117 stability and independence, and 118 WHEREAS, adoption of this act will make Florida the 18th 119 state in the nation to require financial literacy instruction as 120 a prerequisite for high school graduation and a standard high 121 school diploma, NOW, THEREFORE,