Florida Senate - 2017                          SENATOR AMENDMENT
       Bill No. CS/HB 833, 1st Eng.
                              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)
    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.—
   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) Eight Credits 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.
   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.
  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,