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