SB 1054                                          First Engrossed
    1                        A bill to be entitled                      
    2         An act relating to financial literacy instruction in
    3         public schools; providing a short title; amending s.
    4         1003.41, F.S.; revising the requirements regarding
    5         financial literacy for the Next Generation Sunshine
    6         State Standards; amending s. 1003.4282, F.S.; revising
    7         the required credits for a standard high school
    8         diploma to include one-half credit of instruction in
    9         personal financial literacy and money management and
   10         seven and one-half, rather than eight, credits in
   11         electives; specifying the requirements of the one-half
   12         credit of instruction in personal financial literacy
   13         and money management; modifying the requirements for
   14         the career and technical education graduation pathway
   15         option; amending s. 1002.3105, F.S.; modifying the
   16         requirements for the award of a standard high school
   17         diploma for Academically Challenging Curriculum to
   18         Enhance Learning options; providing an effective date.
   20         WHEREAS, many young people in this state graduate from high
   21  school without having basic financial literacy or money
   22  management skills, and
   23         WHEREAS, the Legislature finds that, in light of economic
   24  challenges nationwide, sound financial management skills are
   25  vitally important to all Floridians, particularly high school
   26  students, and
   27         WHEREAS, the Legislature also finds that requiring
   28  educational instruction in financial literacy and money
   29  management as a prerequisite to high school graduation will
   30  better prepare young people in this state for adulthood by
   31  providing them with the requisite knowledge to achieve financial
   32  stability and independence, and
   33         WHEREAS, 21 states in the nation require financial literacy
   34  instruction as a prerequisite for high school graduation and a
   35  standard high school diploma, and the adoption of this act will
   36  make Florida the seventh state in the nation to require a stand
   37  alone course in personal financial literacy as a prerequisite
   38  for high school graduation and a standard high school diploma,
   41  Be It Enacted by the Legislature of the State of Florida:
   43         Section 1. This act may be cited as the “Dorothy L. Hukill
   44  Financial Literacy Act.”
   45         Section 2. Paragraph (d) of subsection (2) of section
   46  1003.41, Florida Statutes, is amended to read:
   47         1003.41 Next Generation Sunshine State Standards.—
   48         (2) Next Generation Sunshine State Standards must meet the
   49  following requirements:
   50         (d) Social Studies standards must establish specific
   51  curricular content for, at a minimum, geography, United States
   52  and world history, government, civics, humanities, economics,
   53  and financial literacy. Effective for students entering grade 9
   54  in the 2023-2024 school year and thereafter, financial literacy
   55  standards must establish specific curricular content for, at a
   56  minimum, personal financial literacy and money management and
   57  include instruction in the areas specified in s.
   58  1003.4282(3)(h).
   59         Section 3. Paragraph (g) of subsection (3) and paragraph
   60  (a) of subsection (10) of section 1003.4282, Florida Statutes,
   61  are amended, and paragraph (h) is added to subsection (3) of
   62  that section, to read:
   63         1003.4282 Requirements for a standard high school diploma.—
   66         (g) Eight Credits in electives.—School districts must
   67  develop and offer coordinated electives so that a student may
   68  develop knowledge and skills in his or her area of interest,
   69  such as electives with a STEM or liberal arts focus. Such
   70  electives must include opportunities for students to earn
   71  college credit, including industry-certified career education
   72  programs or series of career-themed courses that result in
   73  industry certification or articulate into the award of college
   74  credit, or career education courses for which there is a
   75  statewide or local articulation agreement and which lead to
   76  college credit. A student entering grade 9 before the 2023-2024
   77  school year must earn eight credits in electives. A student
   78  entering grade 9 in the 2023-2024 school year or thereafter must
   79  earn seven and one-half credits in electives Beginning with the
   80  2019-2020 school year, all school districts must offer a
   81  financial literacy course consisting of at least one-half credit
   82  as an elective.
   83         (h) One-half credit in personal financial literacy.
   84  Beginning with students entering grade 9 in the 2023-2024 school
   85  year, each student must earn one-half credit in personal
   86  financial literacy and money management. This instruction must
   87  include discussion of or instruction in all of the following:
   88         1. Types of bank accounts offered, opening and managing a
   89  bank account, and assessing the quality of a depository
   90  institution’s services.
   91         2. Balancing a checkbook.
   92         3. Basic principles of money management, such as spending,
   93  credit, credit scores, and managing debt, including retail and
   94  credit card debt.
   95         4. Completing a loan application.
   96         5. Receiving an inheritance and related implications.
   97         6. Basic principles of personal insurance policies.
   98         7. Computing federal income taxes.
   99         8. Local tax assessments.
  100         9. Computing interest rates by various mechanisms.
  101         10. Simple contracts.
  102         11. Contesting an incorrect billing statement.
  103         12. Types of savings and investments.
  104         13. State and federal laws concerning finance.
  106  OPTION.—Beginning with the 2019-2020 school year, a student is
  107  eligible to complete an alternative pathway to earning a
  108  standard high school diploma through the Career and Technical
  109  Education (CTE) pathway option. Receipt of a standard high
  110  school diploma awarded through the CTE pathway option requires
  111  the student’s successful completion of at least 18 credits. A
  112  student completing the CTE pathway option must earn at least a
  113  cumulative grade point average (GPA) of 2.0 on a 4.0 scale.
  114         (a) In order for a student to satisfy the requirements of
  115  the CTE pathway option, he or she must meet the GPA requirement
  116  and:
  117         1. Meet the requirements in paragraphs (3)(a) through (d)
  118  and, additionally, for students entering grade 9 in the 2023
  119  2024 school year and thereafter, paragraph (3)(h);
  120         2. Complete two credits in career and technical education.
  121  The courses must result in a program completion and an industry
  122  certification; and
  123         3.a.For a student who enters grade 9 before the 2023-2024
  124  school year, complete two credits in electives or work-based
  125  learning programs. A one-half credit in financial literacy may
  126  be included in the two credits of electives; or
  127         b. For a student who enters grade 9 in the 2023-2024 school
  128  year and thereafter, complete one and one-half credits in
  129  electives or work-based learning programs Complete two credits
  130  in work-based learning programs. A student may substitute up to
  131  two credits of electives, including one-half credit in financial
  132  literacy, for work-based learning program courses to fulfill
  133  this requirement.
  134         Section 4. Subsection (5) of section 1002.3105, Florida
  135  Statutes, is amended to read:
  136         1002.3105 Academically Challenging Curriculum to Enhance
  137  Learning (ACCEL) options.—
  138         (5) AWARD OF A STANDARD HIGH SCHOOL DIPLOMA.—A student who
  139  meets the following applicable grade 9 cohort graduation
  140  requirements of s. 1003.4282(3)(a)-(e), earns three credits in
  141  electives, and earns a cumulative grade point average (GPA) of
  142  2.0 on a 4.0 scale shall be awarded a standard high school
  143  diploma in a form prescribed by the State Board of Education:
  144         (a)The applicable grade 9 cohort graduation requirements
  145  of s. 1003.4282(3)(a)-(e);
  146         (b)1.For a student who enters grade 9 before the 2023-2024
  147  school year, earn three credits in electives; or
  148         2.For a student who enters grade 9 in the 2023-2024 school
  149  year and thereafter, earn two and one-half credits in electives
  150  and one-half credit in financial literacy; and
  151         (c)Earn a cumulative grade point average (GPA) of 2.0 on a
  152  4.0 scale.
  153         Section 5. This act shall take effect July 1, 2022.